First Imrooz Modaraba — Interim / Quarterly Report 2026

Apr 29, 2026

QUARTERLY ACCOUNTS (UN-AUDITED) For the period ended March 31, 2026

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Managed By A R Management Services (Private) Limited

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REPORT OF THE DIRECTORS

The Board of Directors of A R Management Services (Private) Limited, the management company of First Imrooz Modaraba would like to present to its certificate holders their report along with unaudited financial statements for the third quarter and nine months period ended March 31, 2026.

1. Key Financial Highlights

	(Rupees in million)	(Rupees in million)
	Nine months ended
	31-Mar-26	31-Mar-25
Sales	822.21	889.71
Grossprofit	163.10	233.76
Operatingexpenses	95.63	100.51
Profit for theperiod	19.46	77.01
Earnings per certificate - basic & diluted (Rupees)	6.49	25.67

2. Review of Operations

During the nine months ended March 31, 2026, the Modaraba’s sales declined to Rs. 822.21 million from Rs. 889.71 million in the corresponding period last year. This decline is primarily attributable to ongoing geopolitical tensions and evolving global economic uncertainties, which have disrupted international trade flows, increased input and logistics costs, and adversely affected overall market demand.

Gross profit also decreased to Rs. 163.10 million as compared to Rs. 233.76 million in the same period last year, mainly due to continued pressure on margins.

Operating expenses were reduced to Rs. 95.63 million from Rs. 100.51 million, reflecting cost control measures. However, due to the factors mentioned above, profit for the period significantly declined to Rs. 19.46 million from Rs. 77.01 million, with earnings per certificate decreasing to Rs. 6.49 from Rs. 25.67.

Management remains focused on improving efficiency and profitability in the remaining period.

3. Acknowledgement

The Board wishes to express its thanks for continued guidance and support extended by the Registrar Modaraba and other officials of Securities and Exchange Commission of Pakistan. The Board also wishes to thank its certificate holders, colleagues, investors, bankers and business partners for their support.

For and on behalf of the Board

Naveed Riaz Chief Executive

Omar Mohammad Khan Director

April 20, 2026

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ڈائ ٹکیز یک روپرٹ ڈائآف رسف اتتخیم اضمرہب یک رسیتی ہس امیہ اور ون امہ یک اٹکیز وبرڈ )ڈٹیمل ےک رپاویئیاے آر ٹنمجنیم رسوزس( کمپنیظتنیم اضمرہب یک ارموز س 2026 ںیہ۔ رک ےت رسمت وسحمےک وحاےل ےس روپرٹ شیپ رکےت وہئ اتنئ ریغ آڈٹ دشہ امیل ء کے امرچ ،دمت31

نت م لت نی اں

		نی ںملتنت
)(م رپ م
ن مہ ک نئ
31-Mar-25	31-Mar- 6 2
889.71	822.21	وخ ف
233.76	163.10	مع مف
100.51	95.63	نم جت اخ
77.01	19.46	ن مہ ک مف
25.67	6.49	ف ک سٹ آمن (بدی اور ت شہ) روپ

رہ اجئ کدیگ اک اک 889.71 روخف 2026 31 نیلم روےپ ےس مک وہ ےک اقمےلب ںیم رعص ایس ےک زگہتش اسل ء وک متخ وہےن واےل ون امہ ےک دوران اضمرہب یک رچ ام ، لوقایم وہج ےس ےہ، سج یبصتقد ریغ ینیقی وصراحتل یک انتؤ اور اعیمل ی یفیئ ایسیس ی جغرپ اجر نیلم روےپ ریہ ہی۔ یمک یداینب وط کر822.21 ےہ۔ ی ر ایکرطح اتمئ اور امرٹیک یک ومجمیع بلط وک ئ رضہف ایک ںیم ئ یکت الگاور اسامن یک رلیس اخم امل میں خلل،رت اجت نیلم روےپ مک وہ رک163.10233.76نیلم روےپ ےس رعص ےک اقمےلب ںیم ایساسل ےک رپ لسلسم دی اؤ یک وہج ےس ومجم یع انمف یھب زگہتشرشح انمف راہ ۔

ز ئ رر رہاجئ ل وعالم ےک ی اعامہ، ذموکرہ ی یروےپ رہ ےئگ ۔ ملین نیلم ےس مک وہ رک95.63 میں100.51مت ےک ےجیتن ادق اخ ےکر الگجت ؤمئ ظتنیم کس ۔ ن ت ی ،ًیف ج ت روےپ راہ ملین نیلم روےپ ےس مک وہ رک19.46 کے77.01 زگہتش اسل ایس ےک دمت پ ںی ا وط مف امندمت ےک دورا ا ون امہ یک 25.67 روےپ ریہ ۔ روےپ ےس مک وہ رک6.49 اسل یک ایس دمت ںیم یھب زگہتشآدمین رسیکفیٹ

رپ رموکز ےہ۔ کدیگ اور انمف ںیم یرتہب ظتنہیم یک ہیقب وتہج دمت ےک دوران اک

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ام ارتعاف ی ےہ۔ وبرڈرکیہظر اک لسلسم رامنہیئ اور دمد ےک ےئل اےنپرکشت اکحم یکتسکن ےک درگی ٹسجار اضمرہب اور وکیسرزیٹ اڈنی اجنیچسکی نشیمک آف ی وبرڈ اس ومعق رپ ر ہے-ان س اک رکش زگا لئےن کے ےک اعتو ی انٹز رسامہی،اکروں اکنبروں اور اکروی اری ،اکر اماکلن، راقفئ اس ےک العوہ اےنپ رسیکفیٹ اجنمی وبرڈ

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ء202 20 ارپی6

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CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION AS AT MARCH 31, 2026

Note ASSETS NON CURRENT ASSETS Property and equipment Intangible assets Long term deposits CURRENT ASSETS Stock in trade Trade debtors Advances, deposits, prepayments and other receivables Taxation Cash and bank balances TOTAL ASSETS EQUITY AND LIABILITIES CAPITAL AND RESERVES Authorised capital 10,000,000 Modaraba certificates of Rs.10 each Issued, subscribed and paid-up certificate capital Statutory reserve Revenue reserve NON CURRENT LIABILITY Defined benefit plan - Staff gratuity Obligation under financing facilities - Secured CURRENT LIABILITIES Obligation under financing facilities - Secured Qard-e-Hasana from Modaraba Management Company Creditors, accrued and other liabilities TOTAL EQUITY AND LIABILITIES CONTINGENCIES AND COMMITMENTS 3	(Un-audited) March 31, 2026 Rupees 20,026,246 177,193 1,560,702 21,764,141 263,586,838 200,284,331 1,744,157 182,464 20,674,864 486,472,654 508,236,795 100,000,000 30,000,000 118,733,257 98,035,020 246,768,277 3,951,031 644,791 4,595,822 177,163,852 - 79,708,844 256,872,696 508,236,795	(Audited) June 30, 2025 Rupees 15,072,279 435,500 902,702 16,410,481 450,669,478 204,651,757 4,555,285 - 2,550,461 662,426,981 678,837,462 100,000,000 30,000,000 118,733,257 123,570,792 272,304,049 6,719,947 1,573,486 8,293,433 191,362,729 3,000,000 203,877,251 398,239,980 678,837,462

The annexed notes from 1 to 4 form an integral part of these condensed interim financial information.

For A R Management Services (Private) Limited

(Modaraba Management Company)

NAVEED RIAZ OMAR MUHAMMAD KHAN AMEED RIAZ SHEHERYAR ALI CHIEF EXECUTIVE OFFICER DIRECTOR DIRECTOR CHIEF FINANCIAL OFFICER

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CONDENSED INTERIM STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME (UN-AUDITED) FOR NINE MONTHS AND THIRD QUARTER ENDED MARCH 31, 2026

Sales Cost of sales Gross Profit Operating expenses Operating Profit Financial charges Other income Provision for Sindh Workers' Welfare Fund Profit before levy and taxation Levy Profit before income tax Taxation Profit for the period Other comprehensive income Total comprehensive income for the period Earnings per certificate - basic and diluted	March 31, March 31, 2026 2025 822,210,864 ### 889,712,014 ### (659,112,764) ### (655,954,196) ### 163,098,100 ### 233,757,818 ### (95,631,849) ### (100,517,279) ### 67,466,251 ### 133,240,539 ### (16,033,091) ### (19,804,421) ### 3,786,009 ### 5,057,692 ### 55,219,169 ### 118,493,810 ### - (2,369,876) ### 55,219,169 ### 116,123,934 ### (35,754,941) (39,113,443) 19,464,228 ### 77,010,491 ### - - 19,464,228 77,010,491 - - 19,464,228 ### 77,010,491 ### 6.49 25.67 Rupees Nine months ended	March 31, March 31, 2026 2025 235,577,352 ### 324,788,272 ### (185,160,075) ### (242,264,307) ### 50,417,277 ### 82,523,965 ### (29,793,780) ### (38,477,981) ### 20,623,497 ### 44,045,984 ### (4,913,363) ### (5,695,715) ### 848,421 ### 2,909,860 ### 16,558,555 ### 41,260,129 ### - (825,202) ### 16,558,555 ### 40,434,927 ### (4,390,187) (16,190,773) 12,168,368 ### 24,244,154 ### - - 12,168,368 24,244,154 - - 12,168,368 ### 24,244,154 ### 4.06 8.08 Third Quarter ended

The annexed notes from 1 to 4 form an integral part of these condensed interim financial information.

For A R Management Services (Private) Limited (Modaraba Management Company)

NAVEED RIAZ OMAR MUHAMMAD KHAN AMEED RIAZ SHEHERYAR ALI CHIEF EXECUTIVE OFFICER DIRECTOR DIRECTOR CHIEF FINANCIAL OFFICER

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CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY (UN-AUDITED) FOR NINE MONTHS AND THIRD QUARTER ENDED MARCH 31, 2026

Balance as at July 01, 2024 Transaction with owners Total comprehensive income Profit for the period - Jul 2024 to Mar 2025 Other comprehensive income Balance as at March 31, 2025 Total comprehensive income Profit for the period - Apr 2025 to Jun 2025 Other comprehensive income Transfer to statutory reserve Balance as at June 30, 2025 Transaction with owners Total comprehensive income Profit for the period - Jul 2025 to Mar 2026 Other comprehensive income Balance as at March 31, 2026 Profit distribution for the year ended June 30, 2024 @ Rs.15/- per certificate Profit distribution for the year ended June 30, 2025 @ Rs.15/- per certificate	30,000,000 - - - - 30,000,000 - - - 30,000,000 - - - - 30,000,000 -------- Paid-up certificate	Revenue reserve 118,733,257 73,124,705 - (45,000,000) - 77,010,491 - - - 77,010,491 118,733,257 105,135,196 - 18,435,596 - - - - 118,733,257 123,570,792 - (45,000,000) - 19,464,228 - - - 19,464,228 118,733,257 98,035,020 ------------------- (Rupees) ---------------- Statutory reserve Unappropriated profit	221,857,962 (45,000,000) 77,010,491 - 77,010,491 253,868,453 18,435,596 - - 272,304,049 (45,000,000) 19,464,228 - 19,464,228 246,768,277 -------- Total

The annexed notes from 1 to 4 form an integral part of these condensed interim financial information.

For A R Management Services (Private) Limited (Modaraba Management Company)

NAVEED RIAZ OMAR MUHAMMAD KHAN AMEED RIAZ SHEHERYAR ALI CHIEF EXECUTIVE OFFICER DIRECTOR DIRECTOR CHIEF FINANCIAL OFFICER

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CONDENSED INTERIM STATEMENT OF CASH FLOWS (UN-AUDITED) FOR NINE MONTHS AND THIRD QUARTER ENDED MARCH 31, 2026

A. CASH FLOWS FROM OPERATING ACTIVITIES Profit before taxation Adjustments for non-cash and other items: Depreciation Amortization on intangible assets Gain on disposal of property and equipment Financial charges Operating profit before working capital changes Changes in operating assets and liabilities (Increase) / Decrease in current assets Stock in trade Trade debtors Advances, deposits, prepayments & other receivables Increase / (Decrease) in current liabilities Creditors, accrued and other liabilities Cash generated from / (used in) operating activities Financial charges paid Income tax paid Gratuity paid Net cash generated from / (used in) operating activities B. CASH FLOWS FROM INVESTING ACTIVITIES Purchase of property and equipment Proceeds from disposal of property and equipment Net cash (used in) / generated from investing activities C. CASH FLOWS FROM FINANCING ACTIVITIES Dividend paid Receipts of Qard-e-Hasana from Modaraba Management Company Repayment of Qard-e-Hasana to Modaraba Management Company (Repayment) / Receipts of Musharaka finances Receipts of Musawamah finances Repayment of Musawamah finances Repayment of Morabaha finances Net cash (used in) / generated from financing activities Net increase / (decrease) in cash and cash equivalent (A+B+C) Cash and cash equivalent at the beginning of the period Cash and cash equivalent at the end of the period	Mar 31, 2026 55,219,169 4,797,526 258,307 (3,494,938) 16,033,091 17,593,986 72,813,155 187,082,640 4,367,426 2,153,128 193,603,194 (123,639,409) 142,776,940 (16,745,340) (35,937,405) (2,768,916) 87,325,279 (9,800,060) 3,543,505 (6,256,555) (44,816,749) 131,500,000 (134,500,000) (5,127,572) 470,000,000 (480,000,000) - (62,944,321) 18,124,403 2,550,461 20,674,864 Nine months	Mar 31, Mar 31, Mar 31, 2025 2026 2025 116,123,934 16,558,555 40,434,927 4,018,509 1,603,107 1,553,716 351,275 76,657 90,825 (4,129,463) (714,472) (2,630,000) 19,804,421 4,913,363 5,695,715 20,044,742 5,878,656 4,710,256 136,168,676 22,437,211 45,145,183 (103,654,881) 105,882,470 (86,137,449) (22,502,441) 21,959,161 29,162,786 (59,975,729) 10,413,993 (49,171,819) (186,133,051) 138,255,624 (106,146,482) 114,520,149 (129,129,781) 46,673,968 64,555,774 31,563,054 (14,327,331) (21,806,872) (5,315,629) (5,831,613) (39,113,443) (4,572,651) (16,190,772) - - - 3,635,459 21,674,774 (36,349,716) (10,692,698) (124,740) (3,173,018) 4,139,017 716,506 2,630,019 (6,553,681) 591,766 (542,999) (46,369,099) - (2,102,088) 86,000,000 10,000,000 - (86,000,000) (37,500,000) (30,000,000) 25,112,642 14,359,466 28,081,566 445,000,000 150,000,000 160,000,000 (425,000,000) (160,000,000) (125,000,000) - - (9,250,143) (1,256,457) (23,140,534) 21,729,335 (4,174,679) (873,994) (15,163,380) 6,419,338 21,548,858 17,408,040 2,244,659 20,674,864 2,244,659 ended Third Quarter ended Rupees

The annexed notes from 1 to 4 form an integral part of these condensed interim financial information.

For A R Management Services (Private) Limited (Modaraba Management Company)

NAVEED RIAZ OMAR MUHAMMAD KHAN AMEED RIAZ SHEHERYAR ALI CHIEF EXECUTIVE OFFICER DIRECTOR DIRECTOR CHIEF FINANCIAL OFFICER

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NOTES TO THE CONDENSED INTERIM FINANCIAL INFORMATION FOR NINE MONTHS AND THIRD QUARTER ENDED MARCH 31, 2026

1. LEGAL STATUS AND NATURE OF BUSINESS

• 1.1 First Imrooz Modaraba (the Modaraba) was formed on September 27, 1993 under the Modaraba Companies and Modaraba (Floatation and Control) Ordinance, 1980 (XXXI of 1980) and the Rules framed there under and is managed by A R Management Services (Private) Limited. The Modaraba commenced its commercial operations from March 01, 1994. The Modaraba is listed on Pakistan Stock Exchange.

• 1.2 The principal place of the business of the Modaraba is situated at Room No. 405, 4th Floor, Beaumont Plaza, Beaumont Road, Civil Lines Quarters, Karachi and its warehouses at C-28, S.I.T.E , Karachi and 125-S, Small Industrial Area, Kot Lakhpat, Lahore, in the provinces of Sindh & Punjab, Pakistan

• 1.3 It is a multi purpose, perpetual Modaraba and is mainly engaged in domestic and international trading activities. The Modaraba primarily trades in industrial raw materials, catering to numerous industries like paint, coatings, pharmaceuticals, food, agriculture, personal care, household, textile etc.

2. BASIS OF PREPARATION

• 2.1.1 This condensed interim financial information has been prepared in accordance with the accounting and reporting standards as applicable in Pakistan for interim financial reporting which comprised of International Accounting Standard (IAS) 34 - Interim Financial Reporting, Islamic Financial Accounting Standards (IFAS) as notified under the provisions of the Companies Act, 2017, Modaraba Companies and Modaraba (Floatation and Control) Ordinance, 1980, the Modaraba Companies and Modaraba Rules, 1981 and directives issued by the Securities and Exchange Commission of Pakistan ['the Modaraba Regulations'].

Wherever the requirements of 'the Modaraba Regulations' differ from the requirements of International Accounting Standard (IAS) 34 - Interim Financial Reporting and Islamic Financial Accounting Standards (IFAS), the requirements of 'the Modaraba Regulations' have been followed.

• 2.1.2 The disclosures made in this condensed interim financial information have been limited based on the requirements of IAS 34. This condensed interim financial information does not include all information and disclosures required in a full set of financial statements and should be read in conjunction with the annual published audited financial statements of the Modaraba for the year ended June 30, 2025.

• 2.1.3 The comparative statement of balance sheet presented in this condensed interim financial information has been extracted from the annual audited financial statements of the Modaraba for the year ended June 30, 2025, whereas the comparative condensed interim profit and loss account, condensed interim cash flow statement, condensed interim statement of changes in equity of the Modaraba are extracted from the unaudited condensed interim financial information for third quarter and nine months period ended March 31, 2025.

• 2.1.4 These financial statements have been prepared under the historical cost convention and have been prepared following accrual basis of accounting except for cash flow statement.

• 2.1.5 This condensed interim financial information is prepared in Pakistani Rupees which is the Modaraba's functional and presentation currency. The figures in this condensed interim financial information have been rounded off to the nearest rupee unless otherwise specified.

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NOTES TO THE CONDENSED INTERIM FINANCIAL INFORMATION FOR NINE MONTHS AND THIRD QUARTER ENDED MARCH 31, 2026

• 2.2 SIGNIFICANT ACCOUNTING AND RISK MANAGEMENT POLICIES, ACCOUNTING ESTIMATES, JUDGEMENT AND CHANGES THEREIN

The accounting policies adopted for the preparation of the condensed interim financial information are the same as those applied in the preparation of the annual audited financial statements of the Modaraba for the year ended June 30, 2025.

3. CONTINGENCIES AND COMMITMENTS

• 3.1.1 There are no major changes in the status and nature of contingencies and commitments as disclosed in the annual audited financial statements of the Modaraba for the year ended June 30, 2025, except for the following:

• 3.1.2 The Modaraba has issued post dated cheques to the Collector of Customs amounting to Rs. 13.159 million (June 30, 2025 : Rs. 113.162 million) on account of custom dues and taxes on goods at bonded warehouse.

• 3.1.3 Commitments in respect of outstanding letters of credit (LC) for trading stock amounting to Rs. 23.54 million (June 30, 2025 : Rs. Nil).

4. DATE OF AUTHORISATION FOR ISSUE

These condensed interim financial statements were authorised for issue on 20-04-2026 by the Board of Directors of the Modaraba Management Company M/s. A R Management Services (Private) Limited.

For A R Management Services (Private) Limited (Modaraba Management Company)

NAVEED RIAZ OMAR MUHAMMAD KHAN AMEED RIAZ SHEHERYAR ALI CHIEF EXECUTIVE OFFICER DIRECTOR DIRECTOR CHIEF FINANCIAL OFFICER