First IBL Modaraba — Interim / Quarterly Report 2026

Apr 24, 2026

QUARTERLY REPORT (UN-AUDITED) MARCH, 2026

FIRST IBL MODARABA

Corporate Information

Modaraba Management Company	IBL Modaraba Management (Pvt.) Limited
Board of Directors	Mr. Ibrahim Hasan Murad Mr. Arslan Khan Khakwani Mr. Salman Ahmad Ms. Faiza Jabeen Mr. Muhammad Ibrahim Qazi	Chairman Director Independent Director Female director Chief Executive
Company Secretary	Mr. Hassan Fareed
Chief Financial Officer	Mr. Muhammad Ibrahim Butt
Shari'ah Advisor	Dr. Salman Ahmed Khan
Legal Advisor	M/s. Holscott International [Legal services]
Bankers	Meezan Bank Limited MCB Islamic Bank Limited The Bank of Punjab – Taqwa
Auditors to the Modaraba	Rizwan & Co. Chartered Accountants
Share Registrar	Corp Tec Associates (Pvt.) Limited 503 E, Johar Town, Lahore. Telephone No. 042-35170335 - 37
Registered/ Principal Office	Office No.4-L, Main Ferozepur Road, Gulberg3, Lahore. Telephone No. 042-35969435 & 36 www.firstibl.com

DIRECTORS' REPORT

The Board of Directors of IBL Modaraba Management (Private) Limited [IBLMM], the Management Company of First IBL Modaraba [FIBLM], is pleased to present the quarterly results of First IBL Modaraba for the quarter ended March 31, 2026 along with directors' report to its certificate holders.

Economic Review

From July 2025 to March 2026, Pakistan's economy moved gradually from a phase of acute stabilization toward a measured and cautious recovery. During this period, key macroeconomic indicators showed improvement: inflation was brought under relative control through prudent monetary policy, economic growth resumed at a steady though still modest pace, and overall macroeconomic management became more disciplined, particularly in the areas of fiscal consolidation and external account management. Despite these encouraging signs, the recovery remained fragile and uneven.

Economic momentum continued to face constraints from structural weaknesses, limited fiscal space, and subdued investment activity. Moreover, the sustainability of this recovery was highly dependent on several critical factors, including the government's commitment to ongoing structural reforms, timely inflows of external financing (particularly under IMF and bilateral arrangements), and a stable political environment. In addition, global economic conditions such as commodity prices, interest rates, and external demand also posed significant risks to maintaining this fragile economic progress.

Modaraba's Performance

I am pleased to report that, despite a challenging operating environment, the Modaraba achieved a satisfactory performance for the quarter ended March 31, 2026. Most key performance indicators remained largely unchanged compared to the previous quarter, indicating stable operational momentum.

Income from core business activities, comprising Ijarah and Musharakah, amounted to Rs. 22.81 million, contributing 63.55% to an aggregate income of Rs. 34.74 million for the period. Effective cost controls resulted in a significant reduction of 27.94% in operating expenses, thereby strengthening overall profitability.

Total assets of the Modaraba stood at Rs. 282.168 million as at March 31, 2026, compared with Rs. 267.834 million as reported in the audited financial statements for the year ending June 30, 2025, reflecting continued balance sheet growth. Total liabilities amounted to Rs. 32.24million as at March 31, 2026, as against Rs. 29.64 million reported in the audited financial statements for the year ending June 30, 2025, representing a measured increase in line with business expansion.

Major Development

The Securities and Exchange Commission of Pakistan, through its letter dated February 10, 2026, has approved the change in management control of First IBL Modaraba and its Management Company in favour of the acquirer, M/s. ZTP (Private) Limited, subject to compliance with all applicable legal and regulatory requirements. The process for effecting this change is at an advanced stage, and it is expected to be completed in the near future.

Acknowledgement

The Board remains thankful to Securities and Exchange Commission of Pakistan, Registrar Modaraba, State Bank of Pakistan, and NBFI & Modaraba Association of Pakistan for providing us their usual support and guidance.

The Board appreciates and pays gratitude to the certificate holders and customers for entrusting their confidence on us and we assure them to maintain adequate internal controls, providing personalized services and an ideal environment of good corporate governance in all areas of the activities.

The Board appreciates the dedication and hard work of the management and all staff members of First IBL Modaraba.

for & On behalf of The Board of Directors of IBL Modaraba Management (Pvt.) Limited

Muhammad Ibrahim Qazi Ibrahim Hasan Murad Chief Executive Chairman April 23, 2026

_________________ ________________

ررٹکیز یک روپر ٹ ڈائ

ٹنمجنیمرپاویئ ی سآیئیبالی آیئ یب الی اضمرہب ڈٹیمل،وجف اضمرہب رٹکیزوکہیازعازاحلصےہہکوہ یکٹنمجنیمینپمکےہ،ےکوبرڈآفڈائ 31 امرچ 2026 وک متخ وہےن وایل ہس امیہ ےک ےیل ےلہپ آیئ یب الی اضمرہبےک ریغ آڈٹ دشہ امایلیت اتنجئ عمب رٹکیز ڈائ روپرٹ اےنپ رسٹیکفیٹ وہڈلرز وک شیپ رکےن رپ وخیش وسحمس رکتےہ.

ر ہ ااصتقدی اجئ

وجالیئ 2025 ےس امرچ 2026 یھ۔اسرعےص ،ت اتسکنیکتشیعمدتبرجیدش یااکحتسمےکرمےلحےسا تامیپشئاوراتحمطاحبیلیکرطف ئ ت اًرٹنکولںیمالت ایگ،اعمیش ت سب رویںںیمرتہبیداھکیئدی:اگنہمیئوکاتحمطامایلیتت یسیلےکذرےعین ےکدوران،دیلکیاعمیشاش ومن مکحتسم وہےن ےک یمواانککمٹنمجنیمزت دہمظنوطبضنبیئگ،اخصوطررپامایلیتااکحتسما ت ووجدومعمیلراتفرےسدوت رہرشوعوہیئ،اورومجمیع ور ریبوین اھکوتں ےک ااظتنم ےک وبعشں ںیم ومہارریہ۔ زکاورت انوحہلصازفاالعامتےکت ووجد،احبیلت

ی ئ ااصتقدی راتفر وک اسیتخ زمکورویں، دحمود امایلیت وماعق آں،اساحبیلیک ڑپا۔م ،اورمکرسامہیاکرییکرسرگویمںیکوہجےسراکووٹںاکاسانمرکت آدم یک ئوق اکزعم،ریبوینامیلااعی ت دیئاریاکااصحنریئکامہوعالمرپاھت،نجںیماجریڈاھہچناجیتاالصاحتےکےیلوکحم )اخص وطر رپ IMF لمںیہ۔اسےکالعوہ،اعیملااصتقدیاحالتےسیجہکاانجسیکںیتمیق، اوردورطہفااظتنامتےکتحت(،اورا تمکحتسمایسیساموحلش رشح وسد، اور اررےنھکےکےیلامہرطخاتالقحںیہ۔ زکااصتقدیشیپرتفوک ئف یھباست ریبوینامن

اضمرہب یک اکررکدگ

گآرپگنٹیاموحلےکت ووجد،اضمرہبےن ت ج ےھجمہیاتبےتوہےئوخیشوہریہےہہک،ا ت 31امرچ 2026وکمتخوہےنوایلہسامیہےکےیلا ت چت لن ےامیپےنرپدبتلیںیہنوہےئ،وجمکحتسم رےیلھچپہسامیہےکاقمےلبںیم ئ امہاکررکدگےکاش یلستشخباکررکدگاحلصیک۔زت دہئ آرپلنشی دنیہرکےتںیہ۔ راتفریکن

ااجرہاوراشمرہکرپلمتشماینبدیاکروت ریرسرگویمںےساحلصوہےنوایلآدمین22.81 نیلم روےپ ریھ وج ےک ومجمیع آدمین 34.74 نیلم روےپ اک 63.55 ااجتںیم رٹنکولےکےجیتنںیمآرپگنٹیاخ ےکؤمئ دصیفےہ۔اسدمتےکےیل۔الگ 27.94 دصیفیکامنت ںیمکواعقوہیئ، یلم۔ اسرطحومجمیعانمعفوکوقت ی

ہثاجت اضمرہبےکلکات 31امرچ 2026 وک متخ وہےن وایل ہس امیہ 282.168نیلم روےپ ھت وج ےک 267.834نیلمروےپاسیج ہک 30وجن 2025 ےہ۔لک یقیکاکعیسرکت یکلسلسمئ وکمتخوہےنواےلاسلےکآڈٹدشہامایلیتوگوشاروںںیمروپرٹایکایگےہ،وجسنلیبش

واابجت روےپ 31امرچ 2026 ت32.24نیلم روےپ ےک اقمےلب ںیم 30وجن 2025وک متخ وہےن واےل اسل ےک آڈٹ دشہ امایلیت وگوشاروں ںیم 29.64 ےپےئگااضےفیکامندنئگرکیتےہ۔ نیلمیکاالطعدییئگ،وجاکروت ریکوتعیسےکاحلظےست

مہ شیپ رتف ست کی ورزیٹاڈنیاجنیچسکینشیمکآفت اتسکنےناےنپطخومرہخ 10 وری س ^ف2026 آیئیبالی ےکذرےعیف اضمرہب اور اس یک ٹنمجنیم ینپمک ےک اسھت ٹنمجنیم رٹنکول دبتلی رکےن یک وظنمری دی ےہ، وج احلص دننکہ رسیمز زی یٹ یپ ( راویئ ی) ڈٹیمل ےک قح ںیم ےہ، رشبہکیط امتم ہقلعتم اقونین اور روگیرٹیلی اقتےض وپرے وہں۔ اس دبتیلی وک یلمع اجہم انہپےن اک لمع اجری ےہ، اور ادیم ےہ ہک ہی لمع یںیملمکموہاجےئاگ۔ لبقتسمف

ارتعاف:

وبرڈ نشیآفت اتسکناکرکش ست کی ورزیٹاڈنیاجنیچسکینشیمکآفت اتسکن،ررٹسجارومدرات ،اٹیٹسکنیبآفت اتسکن،اورانییبافیآیئاوراضمرہباوسییسا امہیک زگارےہوہنجںےنںیمہومعملیکدمداوررامنہیئف . وبرڈ رسٹیکفیٹ وہڈلرز اور اصرنیف وک مہ رپ اامتعد وسےنپن رپ رسااتہ ےہ اور ان اک رکشہی ادا امہرکںیےگاوررسرگویمںےکامتموبعش امتف اررںیھکےگ،ذایتخ ےہاورمہاںیہننیقیدالےتںیہہکوہانم سدایلخرٹنکول ئف رکت ں ںیم وگرسنناکاثمیلاموحلف س ایھچاکروپر ی امہ رکںی ےگ. آیئیبالیاضمرہبیکااظتنہیماورامتمےلمعےکاراکنیکنگلاورتنحموکرسااتہےہ۔ وبرڈف

__________________________________ _____________________________

ےس وبرڈ یک اجی

دمحما ئامیہاقیض ا ئامیہنسحرماد فیچ ازگیوٹکی رئیچیم 23ارپلی2026

CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION (Un-audited) AS AT MARCH, 2026

Note Rupees Rupees ASSETS Current Assets Cash & Bank balances 184,307,167 182,027,614 Short term investments 3 3,217,793 3,217,793 Ijarah rentals receivable 4 4,727,552 2,215,680 Advances, prepayments and other receivables 5 3,997,557 1,671,134 Advance tax 6,715,303 4,193,736 Current portion of Musharakah receivable 43,670,136 16,706,050 246,635,507 210,032,007 Non-Current Assets Long term Musharakah receivables 14,492,172 31,772,278 Long term advances and deposits 3,000 3,000 Deferred Tax Assets 5,324,684 5,324,684 Fixed assets under Ijarah arrangements 6 15,680,077 20,669,211 Fixed assets under own use 7 32,933 32,933 35,532,866 57,802,106 Total Assets 282,168,373 267,834,113 LIABILITIES Current Liabilities Creditors, accrued and other liabilities 4,413,509 5,664,698 Musharaka finances payable - - Current portion securities deposits 8,623,749 8,106,249 Income Tax payable 7,382,592 4,410,169 Presented profit warrants 10,727,750 10,727,750 31,147,600 28,908,866 Non-Current Liabilities Long term security deposits 1,100,000 733,000 Deferred tax liability - - 1,100,000 733,000 Total Liabilities 32,247,600 29,641,866 NET ASSETS 249,920,774 238,192,247 REPRESENTED BY: Certificate capital 216,875,000 216,875,000 Statutory Reserves 56,199,464 53,853,759 Fair value reserve 2,384,236 2,384,236 Accumulated loss (25,537,926) (34,920,748) 249,920,774 238,192,247		March 2025	June 2025
			Restated

Contingencies and commitments

The annexed notes form an integral part of these financial statements.

CHIEF EXECUTIVE DIRECTOR DIRECTOR CHIEF FINANCIAL OFFICER

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

	Quarter ended		Nine months ended
	March 31, 2026	March 31, 2025	March 31, 2026	March 31, 2025
INCOME FROM OPERATIONS		"Rupees"
Income from Ijarah	6,030,340	5,692,760	14,897,390	14,417,855
Profit on Musharaka investments	2,103,128	3,620,275	7,183,797	5,592,145
	8,133,468	9,313,035	22,081,187	20,010,000
OTHER INCOME
Other income	-	1,488,172	-	1,561,980
Income from investment property	-	-	-	3,747,720
Income from short term investments	1,875	4,375	1,875	4,375
Gain on re-measurement of investments	-	-	-	258,424
Profit on deposits	4,149,971	2,391,267	12,660,829	13,072,402
	4,151,846	3,883,814	12,662,704	18,644,901
TOTAL INCOME	12,285,314	13,196,849	34,743,891	38,654,901
EXPENSES
Administrative expenses	1,245,340	(303,064)	5,051,272	7,009,895
Depreciation on assets under Ijarah	2,271,639	4,283,539	10,963,534	10,800,866
	3,516,979	3,980,475	16,014,806	17,810,761
Operating Profit	8,768,334	9,216,374	18,729,084	20,844,140
Charge of Modaraba management fee	(831,674)	(921,637)	(1,872,908)	(2,084,414)
Workers' welfare fund	(67,430)	(169,999)	(337,124)	(375,195)
Profit before taxation	7,869,231	8,124,738	16,519,053	18,384,531
Taxation
- Provision for levies	-	-	-	4,089,480
- Current Period	(3,133,771)	-	(4,790,525)	(1,744,103)
- Deferred Tax	-	2,754,210	-	(2,027,989)
Profit for the period	4,735,459	10,878,948	11,728,527	18,701,919
Profit per Modaraba Certificate - Basic and Diluted	0.22	0.50	0.54	0.86

The annexed notes form an integral part of these condensed interim financial information (un-audited).

CHIEF EXECUTIVE DIRECTOR DIRECTOR Chief Financial Officer

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

Particulars	Certificate Capital	Statutory reserve	Fair Value Reserve	Accumulated loss	Total Equity
			Rupees
Balance as at June 30, 2024 Comprehensive income for the year	216,875,000	49,686,655	1,748,795	(51,589,164)	216,721,286
Net profit for the year	-	-		20,835,520	20,835,520
Total comprehensive income for the year Transferred to statutory reserve	- -	- 4,167,104	635,441	- (4,167,104)	- 635,441
Balance as at June 30, 2025	216,875,000	53,853,759	2,384,236	(34,920,748)	238,192,247
Balance as at July 1, 2025 Comprehensive income for the period	216,875,000	53,853,759	2,384,236	(34,920,748)	238,192,247
Net profit for the period	-	-	-	11,728,527	11,728,527
Other comprehensive loss for the period	-	-		-	-
Total comprehensive loss for the period Transferred to statutory reserve	-	- 2,345,705	-	11,728,527 (2,345,705)	11,728,527 -
Balance as at March 31, 2026	216,875,000	56,199,464	2,384,236	(25,537,926)	249,920,774

The annexed notes form an integral part of these

CHIEF EXECUTIVE DIRECTOR DIRECTOR CHIEF FINANCIAL OFFICER

CONDENSED INTERIM CASH FLOW STATEMENT (UN-AUDITED) FOR THE NINE MONTHS PERIOD ENDED MARCH 31, 2026

	March 31, 2026	June 30, 2025
	Rupees	Rupees
Net profit for the period	11,728,527	23,661,310
Adjustments for:
Depreciation of fixed assets under own use	-	46,229
Depreciation of investment properties	-	2,500,014
Depreciation of fixed assets under Ijarah arrangements	10,963,534	15,301,964
Loss/(gain) on short term investments	-	(404,700)
Credit balances written back	-	(700,061)
Debit balances written off	-	18,166
Dividend income	1,875	-
Workers' Welfare fund	337,124	-
Gain on termination of Ijarah arrangements	-	(239,650)
Gain on disposal of investment properties	-	(3,916,520)
Profit on bank deposits	(12,660,829)	(18,781,561)
	(1,358,296)	(6,176,119)
Operating profit before working capital changes	10,370,231	17,485,191
Effect on cash flows due to working capital changes:
(Increase) / decrease in operating assets Advances, prepayments and other receivables	(2,326,423)	5,098,750
Ijarah rentals receivables - net	(2,511,872)	(1,731,183)
Increase / (decrease) in operating liabilities
Security deposits against ijarah assets	884,500	5,012,098
Musharakah finances	-	(700,000)
Trade and other payables	1,251,189	1,679,688
Cash used in working capital changes	(2,702,606)	9,359,353
Cash generated from operating activities	7,667,625	26,844,544
Income tax / levies paid	(4,790,525)	(8,677,466)
Profit received on bank deposits	(12,660,829)	18,781,561
Net cash generated from operating activities	(9,783,729)	36,948,639
Cash flows from investing activities
Purchase of assets under ijarah arrangements	(5,974,400)	(30,044,698)
Long term Musharakah receivables	18,066,864	(23,172,974)
Short term Musharakah receivables	-	44,000,000
Long term deposits	-	17,500
Proceeds from disposal of investment property	-	43,500,000
Proceeds from disposal of assets on termination / completion of Ijarah	-	4,637,050
Net cash generated from / (used in) investing activities	12,092,464	38,936,878
Cash flow from financing activities
Unclaimed dividend paid	-	(106,848)
Net cash (used in) financing activities	-	(106,848)
Net increase in cash and cash equivalents during the year	2,308,735	75,778,669
Cash and cash equivalents at the beginning of the period	182,027,614	106,248,945
Cash and Cash Equivalents at the end of the Period	184,336,349	182,027,614

The annexed notes form an integral part of these condensed interim financial information (un-audited).

For IBL Modaraba Management (Private) Limited (Modaraba Management Company)

CHIEF EXECUTIVE OFFICER DIRECTOR DIRECTOR CHIEF FINANCIAL OFFICER

FIRST IBL MODARABA NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENT (UN-AUDITED) FOR THE NINE MONTHS PERIOD ENDED MARCH 31, 2026

Note 1

The accounting policies adopted for the preparation of these financial statements are consistent with those applied for the preparation of preceding annual publishing accounts.

Note 2

These unaudited financial statements have been prepared and circulated under the directives of Securities and Exchange Commission of Pakistan.

Note 3		(Un-audited)	(Audited)
Short Term Investment		March	June
	Note	2026	2025
Available for sale	3.1	2,566,717	2,566,717
At fair value through profit or loss	3.2	651,076	651,076
		3,217,793	3,217,793

3.1 Available for sale

(Un-audited)	(Audited)
March 31,	June 30,	Name of entity
2026	2025

No. of shares/ Certificates

Holdings are in ordinary certificates / shares of Rupees 10 each.

29,267	29,267	The Searle Company Limited	2,566,717	2,566,717
29,267	29,267		2,566,717	2,566,717

3.2 At fair value through profit or loss

(Un-audited)	(Audited)
March 31,	June 30,	Name of entity	(Un-audited)	(Audited)
2026	2025		March	June
			2026	2025
No. of shares/ Certificates

Holdings are in ordinary certificates / shares of Rupees 10 each.

				"Rupees"
250	250	Attock Refinery Limited		169,855	169,855
100,000	100,000	First Punjab Modaraba		460,000	460,000
339	339	IBL Healthcare		21,221	21,221
100,589	100,589			651,076	651,076
Note 4
Ijarah Rentals Receivable				(Un-audited)	(Audited)
				March	June
				2026	2025
			Note
Considered good				4,727,552	2,215,680
Considered doubtful			4.1	3,852,318	3,852,318
				8,579,870	6,067,998
Accumulated impairment				(3,852,318)	(3,852,318)
				4,727,552	2,215,680

4.1 This represent rentals receivable against assets leased out under Ijarah arrangements.

4.2 Movement in accumulated impairment is as follows:

As at the beginning of the period / year	3,852,318	3,852,318
Recognized during the period / year	-	-
Reversed during the period / year	-	-
Provision written off during the period	-	-
	-	-
As at end of the period / year	3,852,318	3,852,318
Note 5
Advances, Prepayments and Other Receivables
Advance against employees	-	20,000
Prepayments	351,622	220,848
Accrued profit:
- Profit receivable on Musharaka receivables	3,711,062	1,607,947
- Less: Profit held in suspense account	(1,607,934)	(1,607,947)
	2,103,128	-
Accrued profit receivable on saving account	1,542,806	1,430,286
Dividend receivables	-	-
Other receivables	-	-
	3,997,557	1,671,134

Note 6	(Un-audited)	(Audited)
Fixed Assets Under Ijarah Arrangements	March	June
	2026	2025
Written down value at the beginning of the period / year	20,669,211	10,323,877
Additions at cost	5,974,400	30,044,698
Less: Written down value of assets disposed off	-	(4,397,400)
	26,643,611	35,971,175
Less: Depreciation charged/adjusted during the period / year	(10,963,534)	(15,301,964)
	15,680,077	20,669,211
Note 7
Fixed Assets Under Own Use
Written down value at the beginning of the period / year	32,933	79,162
Additions at cost	-	-
Less: Written down value of assets disposed off	-	-
	32,933	79,162
Less: Depreciation charged during the period / year	-	(46,229)
	32,933	32,933

Note 9

Contingencies and Commitments

9.1 Contingencies

There were no known contingencies as at March 31, 2026 (June 30, 2025: Nil).

9.2 Commitments

The Modaraba has not made any capital commitments as at March 31, 2026 (June 30, 2025 : Nil).

Note 10

RELATED PARTY TRANSACTIONS

The related parties of the Modaraba comprise of its Management Company, major certificate holders of the Modaraba and their close family members, directors of the management company and their close family members and entities with common directors or under common management.

Transactions during the period	Relationship	March 31, 2026	March 31, 2025
IBL Modaraba Management (Private) Limited
Management fee paid during the period	Management	2,629,034	2,434,992
Management fee accrued during the period	Company	1,872,908	2,084,414
University of Management & Technology Rent of library building accrued Rent of library building received	Common Management	- -	3,747,720 3,747,720
		March 31, 2026	March 31, 2025
Outstanding Balance: Payable to Management company		1,872,908	2,084,414

Note 11

Date of Authorization for Issue

These condensed interim financial statements (un-audited) have been approved by the Board of Directors of IBL Modaraba Management (Private) Limited and authorized for issuance on April 23, 2026.

Note 12

General

Corresponding figures have been rearranged, wherever necessary during the period. No material rearrangements were made in these financial statements.

CHIEF EXECUTIVE DIRECTOR DIRECTOR CHIEF FINANCIAL OFFICER