First IBL Modaraba — Interim / Quarterly Report 2026

Feb 24, 2026

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February 24, 2026

The General Manager Pakistan Stock Exchange Limited Karachi.

Dear Sir,

FINANCIAL RESULTS FOR THE PERIOD ENDED DECEMBER 31, 2025

We have to inform you that the Board of Directors of M/s. IBL Modaraba Management (Private) Limited, Management Company of First IBL Modaraba (FIBLM), in its board meeting held on February 24, 2026 at 11:00 a.m., at the Registered Office at 4-L, Gulberg-III, Main Ferozepur Road, Lahore, approved accounts for the period ended December 31, 2025 and recommended as the following:

Cash Dividend NIL Bonus Certificates NIL Right Certificates NIL Any Other Entitlement/ Corporate Action NIL Any Other Price- Sensitive Information NIL

The financial results of First IBL Modaraba are enclosed herewith.

The Financial Statements of the First IBL Modaraba for the period ended December 31, 2025 will be transmitted through PUCARS separately, within the specified time.

Thanking you.

Yours truly,

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________ Muhammad Ibrahim Qazi Chief Executive

4-L, G, Gulberg-III, Main Ferozepur Road, Lahore: Ph: 042-35969435-36

First IBL Modaraba Condensed Interim Statement of Financial Position (Un-audited) As at December 31, 2025

First IBL Modaraba Condensed Interim Statement of Financial Position (Un-audited) As at December 31, 2025
Note Assets Non-current assets Fixed assets under ijarah arrangements 4 Fixed assets under own use 5 Long term musharakah receivables 6 Long term deposits Deferred taxation Current assets Ijarah rentals receivable 7 Advances, prepayments and other receivables Current portion of long term musharakah receivables 6 Advance income tax Short term investments 8 Cash and bank balances 9 Equity and liabilities Capital and reserves Certificate capital Statutory reserve Fair value reserve Accumulated loss Non-current liabilities Long term security deposits Current liabilities Trade and other payables 10 Current portion of long term security deposits Provision for levies Income tax payable Unclaimed dividend	Restated (Un-audited) (Audited) December 31, 2025 June 30, 2025 Rupees
		20,669,211 32,933 31,772,278 3,000 5,324,684 57,802,106 2,215,680 1,671,134 16,706,050 4,193,736 3,217,793 182,027,614 210,032,007 267,834,113 216,875,000 53,853,759 2,384,236 (34,920,748) 238,192,247 733,000 5,664,698 8,106,249 - 4,410,169 10,727,750 28,908,866 267,834,113
	17,951,716 28,133 14,940,477 3,000 7,914,542	20,669,211 32,933 31,772,278 3,000 5,324,684
	40,837,868
	925,500 4,230,581 43,271,162 3,046,840 5,086,579 177,902,366	2,215,680 1,671,134 16,706,050 4,193,736 3,217,793 182,027,614
	234,463,028
	275,300,896
	216,875,000 55,342,653 3,802,684 (28,965,173)
	247,055,164
	1,033,000
	3,805,271 8,690,749 188 3,988,774 10,727,750	5,664,698 8,106,249 - 4,410,169 10,727,750
	27,212,732
	275,300,896

Contingencies and commitments

11

The annexed notes from 1 to 19 form an integral part of these condensed interim financial statements.

For IBL Modaraba Management (Private) Limited

(Modaraba Management Company)

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Chief Executive

Chief Financial Officer

Director

Director

First IBL Modaraba

Condensed interim statement of profit or loss and other comprehensive income (Un-audited) For the half year and quarter ended December 31, 2025

Note Income from operations Income from ijarah Profit on musharakah investments Other income Profit on deposits Rental income from investment property Other income Gain on re-measurement of investments Total income Expenses Administrative expenses Depreciation on assets under ijarah Operating profit Modaraba Management Company's fee Worker's welfare fund Profit before levies and income tax Provisions for levies 12 Profit before income tax Income tax expense 13 Profit after taxation for the period Other comprehensive income Related deferred tax Total comprehensive income for the period Earnings per Certificate - Basic and Diluted 14 Items that will not be subsequently reclassified in profit or loss: Unrealized gain on re-measurement of investments through OCI	2024 2024 Half year ended December 31, Quarter ended December 31, 2025 2025 Rupees	2024 2024 Half year ended December 31, Quarter ended December 31, 2025 2025 Rupees	2024 2024 Half year ended December 31, Quarter ended December 31, 2025 2025 Rupees	2024 2024 Half year ended December 31, Quarter ended December 31, 2025 2025 Rupees
	8,867,050 5,080,669	8,725,095 1,971,870	2,441,210 2,677,489	4,588,400 860,004
	13,947,719 8,510,858 - 1,251 450,338	10,696,965 10,681,135 3,747,720 73,808 258,424	5,118,699 4,288,788 - 1,251 450,338	5,448,404 5,237,674 1,873,860 73,808 258,424
	8,962,447	14,761,087	4,740,377	7,443,766
	22,910,166	25,458,052	9,859,076	12,892,170
	(3,805,932) (8,691,895)	(7,312,959) (6,517,327)	(2,188,191) (6,053,971)	(3,980,620) (3,471,076)
	(12,497,827) 10,412,339 (1,041,234) (269,694)	(13,830,286)	(8,242,162)	(7,451,696)
		11,627,766 (1,162,777) (205,196)	1,616,914 (161,692) (111,376)	5,440,474 (544,048) (93,825)
	9,101,411 (188)	10,259,793 (1,744,103)	1,343,846 (188)	4,802,601 (1,548,190)
	9,101,223 (1,656,754)	8,515,690 (692,719)	1,343,658 (1,346,451)	3,254,411 (692,719)
	7,444,469	7,822,971	(2,793)	2,561,692
	1,418,448 -	1,385,500 -	1,418,448 -	1,385,500 -
	1,418,448	1,385,500	1,418,448	1,385,500
	8,862,917	9,208,471	1,415,655	3,947,192
	0.3433	0.3607	(0.0001)	0.1181

The annexed notes from 1 to 19 form an integral part of these condensed interim financial statements.

For IBL Modaraba Management (Private) Limited

(Modaraba Management Company)

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Chief Executive
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Chief Financial Officer

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Director

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Director
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First IBL Modaraba Condensed Interim Statement of Cash Flows (Un-audited) For the half year ended December 31, 2025

Note Cash flows from operating activities Profit before levies and income tax Adjustments for non-cash charges / items: Depreciation of fixed assets under own use 5 Depreciation of investment property Depreciation of fixed assets under ijarah arrangements 4 Un-realised gain on investment at fair value through profit or loss Gain on termination of ijarah arrangements Profit on deposits Operating cash flows before working capital changes Effect on cash flows due to working capital changes: (Increase) / decrease in operating assets Advances, prepayments and other receivables Ijarah rentals receivable Increase / (decrease) in operating liabilities Security deposits against ijarah assets Trade and other payables Cash generated / (used) in working capital changes Cash generated from operating activities Income tax / levies paid Profit received on bank deposits Net cash generated from operating activities Cash flows from investing activities Purchase of assets under ijarah arrangements 4 Long term musharakah receivables Short term musharakah receivables Proceeds from disposal of assets on termination / completion of ijarahs Net cash (used in) investing activities Cash flow from financing activities Net increase/(decrease) in cash and cash equivalents Cash and cash equivalents at the beginning of the period Cash and cash equivalents at the end of the period 9	2024 Half year ended December 31, 2025 Rupees	2024 Half year ended December 31, 2025 Rupees
	9,101,411 4,800 - 8,691,895 (450,338) - (8,510,858)	10,259,793 43,279 2,500,014 6,517,327 (258,424) (70,683) (10,681,135)
	8,836,910	8,310,171
	(2,559,447) 1,290,180 884,500 (1,859,427)	4,934,543 (1,319,473) 4,760,799 214,938
	(2,244,194)	8,590,807
	6,592,716 (3,521,111) 8,510,858	16,900,978 (7,472,080) 10,681,135
	11,582,463 (5,974,400) (9,733,311) - -	20,110,033 (19,879,299) (28,739,704) 44,000,000 1,944,600
	(15,707,711) -	(2,674,403) -
	(4,125,248) 182,027,614	17,435,630 106,248,946
	177,902,366	123,684,576

The annexed notes from 1 to 19 form an integral part of these condensed interim financial statements.

For IBL Modaraba Management (Private) Limited

(Modaraba Management Company)

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Chief Executive

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Chief Financial Officer

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Director

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Director

First IBL Modaraba

Condensed Interim Statement of Changes in Equity (Un-audited) For the half year ended December 31, 2025

Balance as at June 30, 2024 - as reported Effect of restatement Balance as at June 30, 2024 - as restated Profit for the period Other comprehensive income for the period Total comprehensive income for the period Transfer to statutory reserve	Certificate capital	Statutory reserve	Fair value reserve	Accumulated loss	Total equity
	Rupees
	216,875,000 49,686,655 1,748,795 (57,650,506) 210,659,944 - - - 6,061,342 6,061,342
	216,875,000 49,686,655 1,748,795 (51,589,164) 216,721,286
	- - - 7,822,971 7,822,971 - - 1,385,500 - 1,385,500
	- - 1,385,500 7,822,971 9,208,471 - 1,564,594 - (1,564,594) -
Adjustments/transfers	- - (991,696) - (991,696)
Balance as at December 31, 2024 Balance as at June 30, 2025 - as reported
	216,875,000 51,251,249 2,142,599 (45,330,787) 224,938,061
	216,875,000 55,054,483 2,384,236 (30,117,850) 244,195,869
Effect of restatement (Note 2.9)	- (1,200,724) - (4,802,898) (6,003,622)
Balance as at June 30, 2025 - as restated Profit for the period Other comprehensive income for the period Total comprehensive income for the period Transfer to statutory reserve Balance as at December 31, 2025	216,875,000 53,853,759 2,384,236 (34,920,748) 238,192,247
	- - - 7,444,469 7,444,469 - - 1,418,448 - 1,418,448
	- - 1,418,448 7,444,469 8,862,917 - 1,488,894 - (1,488,894) -
	216,875,000 55,342,653 3,802,684 (28,965,173) 247,055,164

The annexed notes from 1 to 19 form an integral part of these condensed interim financial statements.

For IBL Modaraba Management (Private) Limited

(Modaraba Management Company)

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Chief Executive

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Chief Financial Officer

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Director

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Director