Image Reit — Interim / Quarterly Report 2026

Apr 30, 2026

Image REIT

April 30, 2026

The General Manager, Pakistan Stock Exchange Ltd., Stock Exchange Building, Karachi.

Dear Sir.

Subject: Financial Results for the Quarter ended 31.03.2026

We have to inform you that the Board of Directors of our RMC M/s. Sinolink REIT Management Company Ltd., in their meeting held on 30th April, 2026 at Karachi, recommended the following:

Cash dividend/Bonus/Rights/Any other entitlement: Nil

The required Statement of Financial Position, Statement of Profit & Loss, Statement of Changes in Equity & Statement of Cash Flows are attached.

The quarterly report of the Company for the quarter ended 31.03.2026 will be transmitted through PUCARS separately, within specified time.

You may inform the TREC holders accordingly.

Thanking you.

Yours truly, IMAGE REIT

Manager

Address: A/33, Central Commercial Area, Block 7/8, Main Shahrah-e-Faisal, Karachi -75350

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

	Unaudited	Audited June 30,
	March 31,
	2026	2025
	-----------Rupees-----------
ASSETS
Non-current assets
Capital work in progress	185,629,851
Investment property	2,654,036,000	2,379,036,000
Preliminary expenses and floatation costs	24,743,262
	2,864,409,113	2,379,036,000
Current assets
Receivables	31,569,356	6,178,600
Other receivables and deposits	5,871,629	134,452
Bank balances	655,951,147	34, 365, 118
	693,392,133	40,678,170
Total assets	3,557,801,246	2,419,714,170
UNIT HOLDERS' FUND AND LIABILITIES
Unit holders' fund
Represented By:
Issued, subscribed and paid-up units (275,858,500
units of Rs.10 each)	2,758,585,000	1,838,430,330
Capital reserves	772,122,650	496,247,239 63,848,806
Revenue reserve Total unit holders' fund	931,505 3,531,639,155	2,398,526,375
LIABILITIES
Current liabilities
Payable to REIT Management Company	13,525,363	3,881,170
Accrued expenses	8,732,728	13,402,625
Security deposit	3,904,000	3,904,000
Total liabilities	26,162,091	21,187,795
Total unit holders' fund and liabilities	3,557,801,246	2,419,714,170
Net assets value per unit	12.80	13.05
Contingencies and commitments

IMAGE REIT CONDENSED INTERIM STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME (UN-AUDITED)

FOR THE PERIOD ENDED MARCH 31, 2026

		Period ended		Quarter ended
		March 31, 2026	March 31, 2025	March 31, 2026	March 31, 2025
			--Rupees--
Revenue		84,685,980	59,147,976	29,464,380	26,785,800
Administrative expenses		(8,484,834)	(17, 568, 516)	(2,212,070)	(11,388,035)
Net operating profit		76,201,146	41,579,460	27,252,310	15,397,765
Other income Management fee Trustee fee Sindh sales tax on trustee fee		28,603,765 (27, 451, 189) (462, 200) (69, 330)	95,838	14,255,611 (10, 202, 986)	13,885
Profit before change in fair value of investment property		76,822,192	41,675,298	31,304,935	15,411,650
Unrealised gain on remeasurement of fair value of investment property Profit before tax		275,000,000 351,822,192	169,900,319 211,575,617	31,304,935	15,411,650
Taxation	16
Profit for the year		351,822,192	211,575,617	31,304,935	15,411,650
Other comprehensive income
Total comprehensive income for the period		351,822,192	211,575,617	31,304,935	15,411,650
Earning per unit - basic and diluted		1.275	1.151	0.113	0.084

IMAGE REIT CONDENSED INTERIM STATEMENT OF CHANGES IN UNIT HOLDERS' FUND (UN-AUDITED) FOR THE PERIOD ENDED MARCH 31, 2026

		Reserves
	Issued, subscribed		Capital reserves	Revenue reserves
	and paid-up units	Certificate Premium 12.1	Fair value reserve 12.2	Accumulated profit/(loss)	Total unit holders' fund
			-Rupees----
Balance as at June 30, 2024	1,838,430,330		199,944,920	34,389,269	2,072,764,519
Total comprehensive income for the year				357,934,387	357,934,387
Unrealised gain on remeasurement of fair value of investment property			296,302,319	(296, 302, 319)
Final dividend for the year ended June 30, 2024				(32, 172, 530)	(32, 172, 530)
Balance as at June 30, 2025	1,838,430,330		496,247,239	63,848,807	2,398,526,376
Profit for the period				351,822,192	351,822,192
Units issued during the period	920,154,670				920,154,670
Unrealised gain on remeasurement of fair value of investment property			275,000,000	(275,000,000)
Total comprehensive income for the period			275,000,000	76,822,192	351,822,192
Certificate premium		875,411			875,411
Final dividend for the year ended June 30, 2025				(60, 668, 200)	(60, 668, 200)
Interim dividend for the quarter ended September 30,
2025				(23,899,594)
Interim dividend for the quarter ended December 31,
2025				(55, 171, 700)	(55, 171, 700)
Balance as at March 31, 2026	2,758,585,000	875,411	771,247,239	931,505	3,555,538,749

IMAGE REIT

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

	March 31, 2026	March 31, 2025
	-----------Rupees-----
CASH FLOW FROM OPERATING ACTIVITIES
Profit for the year	351,822,192	211,575,617
Adjustment for non-cash and other items:
Unrealised gain on remeasurement of fair value of investment
property	(275,000,000)	(169,900,319)
	76,822,192	41,675,298
Working Capital Changes:
(Increase)/Decrease in current assets:
Other receivables and deposits	(5,737,176)	(104, 376)
Receivables	(25, 390, 756)	(788, 936)
Preliminary expenses and floatation costs	(24, 743, 262)
	(55,871,194)	(893, 312)
(Decrease)/Increase in current liabilities:
Payable to the REIT Management Company	9,644,193	975,615
Accrued expenses	(4,669,897)	2,868,223
Other liabilities		7,365,478
Security deposit		1,404,000
	4,974,296	12,613,316
Net cash generated from operating activities	25,925,293	53,395,303
CASH FLOW FROM INVESTING ACTIVITIES
Purchase of investment property		(31, 738, 681)
Addition to capital work in progress	(185, 629, 851)
Net cash used in investing activities	(185, 629, 851)	(31, 738, 681)
CASH FLOW FROM FINANCING ACTIVITIES
Issue of units	920,154,670
Certificate premium	875,411
Dividend paid	(139, 739, 494)	(32, 172, 530)
Net cash generated / (used) in financing activities	781,290,587	(32, 172, 530)
Net increase/(decrease) in cash and cash equivalents	621,586,029	(10, 515, 908)
Cash and cash equivalents at the beginning of the period	34, 365, 118	11,160,372
Cash and cash equivalents at the end of the year	655,951,147	644,464