OLP Modaraba - Interim / Quarterly Report 2026

Trusted Halal Solutions

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2026

CONTENTS
Modaraba Information	02
Directors’ Review	03
Condensed Interim Statement of Financial Position	09
Condensed Interim Profit and Loss Account and
Other Comprehensive Income (Un-audited)	10
Condensed Interim Statement of Cashflows (Un-audited)	11
Condensed Interim Statement of Changes in Equity	12
Notes to and Forming Part of the Condensed
Interim Financial Statements (Un-audited)	13

For the period ended March 31, 2026 / 01

MODARABA INFORMATION

Modaraba Company OLP Services Pakistan (Pvt) Limited

Directors of Modaraba Company	Directors of Modaraba Company
Mr. Nausherwan Adil	Chairman /
	Independent Director
Mr. Raheel Qamar Ahmad	Managing Director /
	Chief Executive Officer
Mr. Ramon Alfrey	Director
Mian Faysal Riaz Mr. Nadim D. Khan	Director Director
Ms. Naila Hasan	Female Independent Director

Bankers/ Financial Institutions

Standard Chartered Bank (Pakistan) Limited (Saadiq) Meezan Bank Limited United Bank Limited (UBL Ameen) Bank Alfalah Limited (Islamic banking) Allied Bank Limited (Islamic banking) Bank Al Habib Limited (Islamic banking) Habib Bank Limited (Islamic banking) Al - Barka Bank (Pakistan) Limited Pakistan Mortgage Refinance Company Limited MCB Islamic Bank Limited

Habib Metropolitan Bank Limited (Islamic Banking) Askari Bank Limited (Islamic Banking)

Legal Advisors

Company Secretary

Company Secretary
Mr. Muhammad Siddique
Audit Committee
Mr. Ramon Alfrey	Acting Chairman
Mr. Nausherwan Adil	Member
Mian Faysal Riaz	Member
Human Resource and Remuneration	(HR&R)
Committee
Ms. Naila Hasan	Chairperson
Mr. Ramon Alfrey	Member
Mr. Raheel Qamar Ahmad	Member
Risk Committee
Mian Faysal Riaz	Chairman
Mr. Nausherwan Adil	Member
Mr. Raheel Qamar Ahmad	Member
Mr. Ramon Alfrey	Member
Shariah Advisor
Mufti Faisal Ahmed

Auditors

KPMG Taseer Hadi & Co. Chartered Accountants

Haider Ali Khan Advocate High Court, Partner, Fazle Ghani Advocates

Modaraba Company Registered Office

OLP Building, Plot no. 16, Sector no. 24, Korangi Industrial Area Karachi.

Modaraba Head Office:

Office No. 601, 6th Floor, Syedna Tahir Saifuddin Memorial Foundation Building, Beaumont Road, Civil Lines, Karachi. Phone: (021) 38341168 Email:[email protected]

Lahore Branch:

Office No-08, 1St floor, Park Lane Tower (Mall Of Lahore) 172-Tufail Road, Lahore Cantt. Phone: (042) 38017006

Islamabad Branch:

Ground Floor, Phase 1, State Life Building No. 5, Nazimuddin Road, Blue Area, Islamabad.

Registrars & Share Registration Office:

Famco Share Registration Service (Private) Limited 8-F, Next to Hotel Faran, Nursery, Block 6, P.E.C.H.S., Shahra-e-Faisal, Karachi. Tel: (92-21) 34380101-5 Fax: (92-21) 34380106 Email: [email protected]

02 / www.olpmodaraba.com

DIRECTORS’ REVIEW

For the period ended March 31, 2026

The Board of Directors of OLP Services Pakistan (Private) Limited, the management company of OLP Modaraba is pleased to present the unaudited accounts for the nine months period ended March 31, 2026.

1. Economic Outlook

Over the past year, Pakistan has continued to move toward macroeconomic stabilization. Real GDP growth is projected in the range of 3% for FY26, supported by a recovery in large scale manufacturing, improved agricultural output, and steady expansion in the services sector. Inflation, which had eased earlier in the fiscal year, rose to 7% in February 2026, reflecting higher energy costs and global commodity pressures. The exchange rate has remained stable, while foreign exchange reserves strengthened to $16.3 billion by late February, aided by remittances and SBP’s interbank purchases.

While these developments highlight a stronger economic foundation, risks remain elevated due to the ongoing Middle East conflict, global tariff measures, and structural weaknesses in tax administration and energy pricing. Pakistan’s macroeconomic indicators suggest a cautiously optimistic path forward, provided reform momentum is maintained and external conditions remain supportive. The government’s continued emphasis on digital transformation, export diversification, and infrastructure investment is expected to reinforce resilience. Initiatives to enhance agricultural productivity, expand SME financing, and streamline regulatory frameworks will further improve competitiveness and attract foreign direct investment. Together, these efforts position Pakistan to capitalize on emerging regional trade opportunities and strengthen its long term growth trajectory.

2. Financial Highlights

Financial results are summarized as under:

Balance Sheet
Certificate capital
Total equity
Total assets
Investment in Ijarah Assets
Investments in Diminishing Musharika
Redeemable capital
Profit and Loss
Revenue (net of Ijarah assets depreciation and
including other income)
Financial charges
Operating expenses
Profit before provisions
Provision for impairment – net
Profit before modaraba management company's remuneration
Profit before taxation
Net profit

March 31,
2026
June 30,
2025
(Rupees in 000)
(Rupees in 000)
453,835
453,835
1,333,910
1,326,902
8,184,869
8,873,727
431,144
736,742
6,754,686
6,869,497
5,032,521
5,682,549
Nine months
ended March 31,
2026
Nine months
ended March 31,
2025
967,901
1,231,445
(532,981)
(761,715)
(210,130)
(206,304)
224,789
263,425
(17,115)
(29,226)
207,674
234,199
179,839
199,769
120,467
138,601

For the period ended March 31, 2026 / 03

3. Review of Operations

By the Grace of Allah, your Modaraba continued to maintain perseverance in its operational and financial performance during the nine months ended March 31, 2026. Despite a challenging environment, the Modaraba demonstrated prudent resource management and effective cost control measures.

Gross margin (revenue net of financial charges and Ijarah assets depreciation) increased by 2.88% to PKR 409.71 million from PKR 398.23 million in the corresponding period last year. Although gross revenue (net of Ijarah assets depreciation) decreased by 18.73% to PKR 942.69 million from PKR 1,159.94 million in the corresponding period last year mainly due to substantial downward movement of benchmark rates (KIBOR), due to efficient liquidity management practices and in line with this reduction of bench mark rates, financial and other charges also decreased significantly by 30.03% to PKR 532.98 million from PKR 761.72 million.

Administrative and operating expenses increased by only 1.85% to PKR 210.13 million from PKR 206.30 million, despite significant inflationary pressures and increase in human resources cost in the market. This reflects the Modaraba’s strong cost discipline and ability to control expenses well below the rate of inflation. Due to our prudent approach, a net provision of PKR 17.12 million was charged during the period under review mainly due to subjective downward classification of one customer. Other income decreased by 64.75% to PKR 25.21 million from PKR 71.50 million in the corresponding period last year. Consequently, profit before taxation decreased by 9.98% million to PKR 179.84 from PKR 199.77 whereas net profit for the period decreased by 13.08% to PKR 120.47 million from PKR 138.60 million compared to the corresponding period last year.

The Total assets decreased to PKR 8,184.87 million from PKR 8,873.73 million as of June 30, 2025, mainly due to lower investments in Ijarah finances. Redeemable capital reduced to PKR 5,032.52 million from PKR 5,682.55 million, reflecting repayments and liability management. During the period under review, the Modaraba booked fresh disbursements to the tune of PKR 2,032 million as compared to PKR 2,462 million during the corresponding period last year showing a reduction of 17.49%.

The business strategy continues to be driven by deepening relationships with selective clientele and expanding into quality new relationships. The asset portfolio maintains a healthy mix of multinationals, large and medium-sized corporates, selective SMEs, and a well-diversified housing and consumer portfolio.

OLP Modaraba remains committed to prudent risk management practices. Borrower credit profiles are rigorously evaluated at the time of facility approval, with continuous oversight through dedicated Portfolio Management and Early Alert committees. This disciplined approach ensures timely identification of risks and opportunities, thereby safeguarding the Modaraba’s long-term financial health.

4. Credit Rating

The Pakistan Credit Rating Agency Limited (PACRA) has maintained the ratings of your Modaraba as AA (Double A) and A1+ (A one plus) for long-term and short-term respectively on February 27, 2026. These ratings indicate low expectation of credit risk and very strong capacity for timely payment of financial commitments.

04 / www.olpmodaraba.com

5. Acknowledgement

The Board appreciates the support of regulatory authorities, certificate-holders, customers and business partners and looks forward to their support in future.

Karachi: April 26, 2026

Raheel Qamar Ahmad Managing Director/ CEO

Ramon Alfrey Director

For the period ended March 31, 2026 / 05

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06 / www.olpmodaraba.com

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For the period ended March 31, 2026 / 07

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08 / www.olpmodaraba.com

CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION

AS AT March 31, 2026

Note AS AT March 31, 2026 ASSETS Non-current assets Long-term portion of diminishing musharika 5.5 jarah assets 6 Property and equipment 7 ntangible assets 8 Deferred tax assets - net 9 Total non-current assets Current assets Current portion of diminishing musharika 5.5 jarah rentals receivable 11 Advances, deposits, prepayments and other receivables Short term investments 12 Cash and bank balances 10 Total current assets TOTAL ASSETS EQUITY AND LIABILITIES CERTIFICATE HOLDERS' EQUITY Certificate capital Authorised certificate capital 50,000,000 (June 30, 2025: 50,000,000) certificates of Rs. 10 each ssued, subscribed and paid-up certificate capital 45,383,530 (June 30, 2025: 45,383,530) certificates of Rs. 10 each Capital reserve Revenue reserve Non-current liabilities Long-term portion of term finance arrangements 13 Long-term portion of security deposits Long-term portion of redeemable capital 14 Long-term portion of lease liability Total non-current liabilities Current liabilities Current portion of redeemable capital 14 Current portion of term finance arrangements 13 Running musharika Current portion of security deposits Current portion of lease liability Accrued and other liabilities 13.4 Unclaimed profit distribution Provision for taxation - net Total current liabilities TOTAL LIABILITIES TOTAL EQUITY AND LIABILITIES CONTINGENCIES AND COMMITMENTS 15 The annexed notes from 1 to 26 form an integral part of these condensed interim financial statemen	(Rupees) March 31, 2026 (Un-audited) June 30, 2025 (Audited) 4,348,765,819 4,736,612,650 431,143,575 736,741,555 60,898,539 72,962,862 590,407 1,825,173 77,986,381 57,377,814 4,919,384,721 5,605,520,054 2,405,919,851 2,132,883,863 11,343,400 33,710,624 202,863,546 337,296,977 41,703 159,735,406 645,316,246 604,579,710 3,265,484,746 3,268,206,580 8,184,869,467 8,873,726,634 500,000,000 500,000,000 453,835,300 453,835,300 578,888,037 578,888,037 301,187,066 294,179,147 1,333,910,403 1,326,902,484 664,907,721 587,942,472 78,100,752 147,484,426 1,665,505,000 102,100,000 45,848,367 52,411,693 2,454,361,840 889,938,591 3,367,015,614 5,580,448,521 430,095,507 342,429,822 - 155,936,573 99,535,000 131,090,150 9,014,647 7,852,473 327,459,142 287,907,297 86,191,212 79,892,967 77,286,102 71,327,756 4,396,597,224 6,656,885,559 6,850,959,064 7,546,824,150 8,184,869,467 8,873,726,634 ts.	(Rupees) March 31, 2026 (Un-audited) June 30, 2025 (Audited) 4,348,765,819 4,736,612,650 431,143,575 736,741,555 60,898,539 72,962,862 590,407 1,825,173 77,986,381 57,377,814 4,919,384,721 5,605,520,054 2,405,919,851 2,132,883,863 11,343,400 33,710,624 202,863,546 337,296,977 41,703 159,735,406 645,316,246 604,579,710 3,265,484,746 3,268,206,580 8,184,869,467 8,873,726,634 500,000,000 500,000,000 453,835,300 453,835,300 578,888,037 578,888,037 301,187,066 294,179,147 1,333,910,403 1,326,902,484 664,907,721 587,942,472 78,100,752 147,484,426 1,665,505,000 102,100,000 45,848,367 52,411,693 2,454,361,840 889,938,591 3,367,015,614 5,580,448,521 430,095,507 342,429,822 - 155,936,573 99,535,000 131,090,150 9,014,647 7,852,473 327,459,142 287,907,297 86,191,212 79,892,967 77,286,102 71,327,756 4,396,597,224 6,656,885,559 6,850,959,064 7,546,824,150 8,184,869,467 8,873,726,634 ts.
		5,605,520,054
		2,132,883,863 33,710,624 337,296,977 159,735,406 604,579,710
		3,268,206,580
		8,873,726,634
		500,000,000
		453,835,300 578,888,037 294,179,147
		1,326,902,484
		587,942,472 147,484,426 102,100,000 52,411,693
		889,938,591
		5,580,448,521 342,429,822 155,936,573 131,090,150 7,852,473 287,907,297 79,892,967 71,327,756
		6,656,885,559
		7,546,824,150
		8,873,726,634

For OLP Services Pakistan (Private) Limited (Management Company)

	Chief Executive SD	Director SD	Director SD	Chief Financial Officer SD
			For the period ended March 31, 2026 / 09

CONDENSED INTERIM STATEMENT OF PROFIT & LOSS AND OTHER COMPREHENSIVE INCOME (UN-AUDITED)

FOR THE NINE MONTHS PERIOD ENDED MARCH 31, 2026

Nine months period ended March 31, 2026	Three months period ended March 31, 2025 Nine months period ended March 31, 2025 Three months period ended March 31, 2026	Three months period ended March 31, 2025 Nine months period ended March 31, 2025 Three months period ended March 31, 2026	Three months period ended March 31, 2025 Nine months period ended March 31, 2025 Three months period ended March 31, 2026
	908,923,009 264,096,002 271,864,150 485,290,608 82,619,417 152,596,661 22,345,769 - 3,588,554 57,685,243 12,032,992 14,466,181 (Rupees)

809,327,907 268,108,679 1,108,422 45,351,303
1,123,896,311	1,474,244,629	358,748,411 442,515,546
(532,981,391) (181,202,473)	(761,715,226) (314,301,162)	(178,164,962) (50,449,989)	(206,740,585) (100,419,601)
(714,183,864) (1,076,016,388) (228,614,951) (307,160,186)
409,712,447	398,228,241	130,133,460 135,355,360
1,628,180 (18,743,324)	3,780,264 (33,006,692)	3,117,354 2,165,676	1,516,783 73,498
(17,115,144) (29,226,428) 5,283,030 1,590,281
392,597,303 369,001,813 135,416,490 136,945,641 25,207,430 71,501,179 6,225,887 12,866,754 (210,130,412) (206,304,223) (66,715,802) (66,954,089)
207,674,321 234,198,769 74,926,575 82,858,306 (20,767,432) (23,419,877) (7,492,658) (8,285,831) (3,115,115) (3,512,981) (1,123,899) (1,242,874) (3,675,835) (4,145,318) (1,326,200) (1,466,592)
180,115,939 203,120,593 64,983,818 71,863,009 (277,106) (3,351,865) - (538,283)
179,838,833 199,768,728 64,983,818 71,324,726 (59,372,089) (61,168,043) (19,972,950) (25,685,265)
120,466,744 -	138,600,685 -	45,010,868 -	45,639,461 -
120,466,744	138,600,685	45,010,868	45,639,461
2.65	3.05	0.99	1.01

The annexed notes from 1 to 26 form an integral part of these condensed interim financial statements.

For OLP Services Pakistan (Private) Limited (Management Company)

Chief Executive SD	Director SD	Director SD	SD
			Chief Financial Officer

10 / www.olpmodaraba.com

CONDENSED INTERIM STATEMENT OF CASH FLOWS (UN-AUDITED)

FOR THE NINE MONTHS PERIOD ENDED MARCH 31, 2026

CASH FLOWS FROM OPERATING ACTIVITIES Profit for the period before taxation Adjustments for non-cash and other items: Depreciation on tangible assets in own use Depreciation on right-of-use assets Amortisation on intangible assets 8.1 Depreciation on ijarah assets Gain on disposal of ijarah assets ECL (reversal) against ijarah rentals receivable - net 11.1 ECL charge against diminishing musharika - net 5.3 Profit on bank balances evy 20 Financial charges on - Return on redeemable capital expensed 16 - Return on running musharika expensed 16 - Amortisation of lease liability against right-of-use assets 16 - Return on term finance arrangements expensed 16 Provision for services sales tax on the Management Company's remuneration Provision for Workers' Welfare Fund - net (Increase) / decrease in assets Advances, deposits, prepayments and other receivables jarah rentals receivable Short term investments Diminishing musharika Purchase of assets under Ijarah arrangements Proceeds from disposal of assets under Ijarah arrangements ncrease / (decrease) in liabilities Accrued and other liabilities Advance ijarah rentals received Security deposits Profit paid on - Redeemable capital - Term finance arrangements Taxes and levy paid Net cash generated from / (used in) operating activities CASH FLOWS FROM INVESTING ACTIVITIES Purchases of tangible assets ncome received on bank deposits Net cash generated from investing activities CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from redeemable capital less repayments ease liability paid Term finance less repayments Running musharika proceeds Profit distributed to certificate holders Net cash used in financing activities Net increase in cash and cash equivalents during the period Cash and cash equivalents at the beginning of the period 25 Cash and cash equivalents at the end of the period Note	March 31, 2026 March 31, 2025	March 31, 2026 March 31, 2025
	179,838,833 199,768,728 3,792,327 9,148,795 10,611,711 - 1,234,766 1,769,904 181,202,473 314,301,162 (7,642,061) (31,101,613) (1,628,180) (3,780,264) 18,743,324 33,006,692 (45,351,303) (57,685,243) 277,106 3,351,865 369,442,897 538,869,109 11,922,466 7,926,682 5,443,931 1,573,561 93,008,035 147,926,175 3,115,115 3,512,981 3,675,835 4,145,318 647,848,442 972,965,124 827,687,275 1,172,733,852 135,283,047 27,681,119 23,995,404 7,893,142 159,693,703 194,078,648 96,067,519 (1,181,213,295) (18,831,420) (365,371,371) 150,868,988 335,263,769 547,077,241 (981,667,988) 32,760,894 43,261,441 - (4,645,531) (100,938,824) (21,269,320) (68,177,930) 17,346,590 1,306,586,586 208,412,454 (368,375,806) (607,741,218) (109,898,121) (177,269,141) (478,273,927) (785,010,359) (74,299,416) (78,150,660) 754,013,243 (654,748,565) (2,339,715) (5,889,122) 44,501,687 65,193,408 42,161,972 59,304,286 (651,095,000) 1,121,420,000 (10,845,080) (4,525,596) 163,661,981 (168,614,879) (150,000,000) 45,000,000 (107,160,580) (88,157,806) (755,438,679) 905,121,719 40,736,536 309,677,440 604,579,710 329,627,579 645,316,246 639,305,019 (Rupees)
		9,148,795 - 1,769,904 314,301,162 (31,101,613) (3,780,264) 33,006,692 (57,685,243) 3,351,865 538,869,109 7,926,682 1,573,561 147,926,175 3,512,981 4,145,318
		972,965,124
		1,172,733,852
		27,681,119 7,893,142 194,078,648 (1,181,213,295) (365,371,371) 335,263,769
		(981,667,988)
		43,261,441 (4,645,531) (21,269,320)
		17,346,590
		208,412,454
		(607,741,218) (177,269,141)
		(785,010,359) (78,150,660)
		(654,748,565)
		(5,889,122) 65,193,408
		59,304,286
		1,121,420,000 (4,525,596) (168,614,879) 45,000,000 (88,157,806)
		905,121,719
		309,677,440 329,627,579
		639,305,019

The annexed notes from 1 to 26 form an integral part of these condensed interim financial statements.

For OLP Services Pakistan (Private) Limited (Management Company)

	Chief Executive SD	Director SD	Director SD	Chief Financial Officer SD
			For the period ended March 31, 2026 / 11

CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY

FOR THE NINE MONTHS PERIOD ENDED MARCH 31, 2026

Issued, subscribed and paid-up certificate capital	Capital reserv	Capital reserv	e	Revenue reserve	Sub Total	Total
	Premium on issue of modaraba certificates	Statutory reserve	Sub-total	Unappropria- ted profit
453,835,300 -----------	55,384,700 -------------	523,503,337 -------------	578,888,037 -- (Rupees) --	210,869,362 ------------	789,757,399 -------------	1,243,592,699 ------------
- -	- -	- -	- -	138,600,685 -	138,600,685 -	138,600,685 -
- -	- -	- -	- -	138,600,685 (90,767,060)	138,600,685 (90,767,060)	138,600,685 (90,767,060)
453,835,300	55,384,700	523,503,337	578,888,037	258,702,987	837,591,024	1,291,426,324

453,835,300	55,384,700	523,503,337	578,888,037	294,179,147	873,067,184	1,326,902,484
- -	- -	- -	- -	120,466,744 -	120,466,744 -	120,466,744 -
- -	- -	- -	- -	120,466,744 (113,458,825)	120,466,744 (113,458,825)	120,466,744 (113,458,825)
453,835,300	55,384,700	523,503,337	578,888,037	301,187,066	880,075,103	1,333,910,403

The annexed notes from 1 to 26 form an integral part of these condensed interim financial statements.

For OLP Services Pakistan (Private) Limited (Management Company)

Chief Executive SD	Director SD	Director SD	SD
			Chief Financial Officer

/ www.olpmodaraba.com

NOTES TO AND FORMING PART OF THE CONDENSED INTERIM FINANCIAL STATEMENTS (UN-AUDITED)

FOR THE NINE MONTHS PERIOD ENDED MARCH 31, 2026

1 STATUS AND NATURE OF BUSINESS

OLP Modaraba ('the Modaraba') was formed under the Modaraba Companies and Modaraba (Floatation and Control) Ordinance, 1980 and the Rules framed thereunder and is managed by OLP Services Pakistan (Private) Limited ('the Management Company'). The Management Company is a wholly owned subsidiary of OLP Financial Services Pakistan Limited.

The registered office of the Management Company is situated at OLP Building, Plot No. 16, Sector No. 24, Korangi Industrial Area, Karachi.

The Modaraba is operated through a head office in Karachi which is situated at 6th Floor, Syedna Tahir Saifuddin Trust Building, Beaumont Road, Civil Lines and two branches which are located in Lahore and Islamabad. The Lahore branch office is situated at office no. 08, Park Lane Tower, 172-Tufail road, Lahore Cantonment. The Islamabad branch is situated at Ground Floor, Phase 1, State Life Building No. 5, Nazimuddin Road, Blue Area, Islamabad.

The Modaraba is a perpetual Modaraba and is primarily engaged in financing of plant and machinery, motor vehicles (both commercial and private), computer equipment and housing under the modes of ijarah (Islamic leasing) and diminishing musharaka. The Modaraba may also invest in commercial and industrial ventures suitable for the Modaraba. The Modaraba is listed on the Pakistan Stock Exchange Limited.

The Pakistan Credit Rating Agency Limited (PACRA) has assigned long term rating of AA (June 30, 2025: AA) and short term rating of A1+ (June 30, 2025: A1+) to the Modaraba on February 27, 2026 (June 30,2025: February 28, 2025).

2 BASIS OF PREPARATION

2.1 Statement of compliance

These condensed interim financial statements have been prepared in accordance with the approved accounting standards as applicable in Pakistan for interim financial reporting. The approved accounting standards applicable in Pakistan for interim financial reporting comprise of:

International Accounting Standard (IAS) 34, 'Interim Financial Reporting', issued by the International Accounting Standards Board (IASB) as notified under the Companies Act, 2017;
Requirements of the Modaraba Companies and Modaraba (Floatation and Control) Ordinance, 1980, Modaraba Companies and Modaraba Rules, 1981 and Modaraba Regulations, 2021;

For the period ended March 31, 2026 / 13

Islamic Financial Accounting Standards (IFAS) issued by the Institute of Chartered Accountants of Pakistan as notified under the Companies Act 2017; and
Provisions of and directives issued by the Securities and Exchange Commission of Pakistan (SECP), under the Modaraba Companies and Modaraba (Floatation and Control) Ordinance, 1980 and the Companies Act, 2017.

Wherever the requirements of the Modaraba Companies and Modaraba (Floatation and Control) Ordinance, 1980, Modaraba Companies and Modaraba Rules, 1981, Modaraba Regulations, 2021, IFAS, the Companies Act, 2017 and provisions of and directives issued by the Securities and Exchange Commission of Pakistan (SECP), under the Modaraba Companies and Modaraba (Floatation and Control) Ordinance, 1980 and the Companies Act, 2017 differ from IAS 34, the requirements of the Modaraba Companies and Modaraba (Floatation and Control) Ordinance, 1980, Modaraba Companies and Modaraba Rules, 1981, Modaraba Regulations, 2021, IFAS, the Companies Act, 2017 and provisions of and directives issued by the Securities and Exchange Commission of Pakistan (SECP), under the Modaraba Companies and Modaraba (Floatation and Control) Ordinance, 1980 and the Companies Act, 2017 have been followed.

2.2 The disclosures made in these condensed interim financial statements have, however, been limited based on the requirements of IAS 34: 'Interim Financial Reporting'. These condensed interim financial statements do not include all the information and disclosures required for 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.
2.3 These condensed interim financial statements are unaudited.

2.4 Functional and presentation currency

These condensed interim financial statements are presented in Pakistani Rupees which is also the Modaraba's functional currency. All financial information presented has been rounded off to the nearest Rupee, unless otherwise stated.

3 MATERIAL ACCOUNTING POLICIES, ESTIMATES AND JUDGEMENTS

3.1 The accounting policies and accounting estimates adopted and the methods of computation of balances used in the preparation of these condensed interim financial statements are the same as those that were applied in the preparation of the annual published audited financial statements of the Modaraba for the year ended June 30, 2025.

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3.2 The preparation of these condensed interim financial statements in conformity with the approved accounting standards as applicable in Pakistan requires the management to make estimates, judgements and assumptions that affect the reported amounts of assets and liabilities, income and expenses. It also requires the management to exercise judgements in application of the Modaraba's accounting policies. The estimates, judgements and associated assumptions are based on the management's experience and various other factors that are believed to be reasonable under the circumstances. These estimates and assumptions are reviewed on an on-going basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of revision and future periods if the revision affects both the current and future periods. In preparing these condensed interim financial statements, the significant judgements made by the management in applying the Modaraba's accounting policies and the key sources of estimation of uncertainty were the same as those that were applied in the annual published audited financial statements of the modaraba for the year ended June 30, 2025.
3.3 Standards, interpretations and amendments to the published accounting and reporting standards that are effective in the current period

There are certain amendments to the standards and new interpretations that are mandatory for accounting periods beginning on or after July 1, 2025 but are considered not to be relevant or do not have any significant effect on the Modaraba's operations and are, therefore, not detailed in these condensed interim financial statements.

3.4 Standards, interpretations and amendments to the published accounting and reporting standards that are not yet effective

There are certain other new and amended standards, interpretations and amendments that are mandatory for the Modaraba's accounting periods beginning on or after April 01, 2026 but are considered not to be relevant or will not have any significant effect on the Modaraba's operations and are, therefore, not detailed in these condensed interim financial statements.

4 FINANCIAL RISK MANAGEMENT

The financial risk management objectives and policies adopted by the Modaraba are consistent with those disclosed in the annual published audited financial statements of the Modaraba for the year ended June 30, 2025.

For the period ended March 31, 2026 / 15

5 DIMINISHING MUSHARAKA Staff - considered good - Housing finance - Motor vehicles - Others 5.1 & 5.2 Others - considered good - Housing finance - Motor vehicles - Plant, machinery and equipment Others - considered bad or doubtful - Housing finance - Motor vehicles - Plant, machinery and equipment Accrued profit on diminishing musharaka Less: Expected Credit loss allowance in respect of diminishing musharaka 5.3 Note	14,118,729 18,181,799 20,093,110 10,710,900 572,763 1,154,063 March 31, 2026 (Un-audited) June 30, 2025 (Audited) ~~(~~Rupees~~)~~	14,118,729 18,181,799 20,093,110 10,710,900 572,763 1,154,063 March 31, 2026 (Un-audited) June 30, 2025 (Audited) ~~(~~Rupees~~)~~
	34,784,602 30,046,762
	318,100,444 3,468,138,902 2,819,482,188	308,362,179 3,241,336,652 3,154,647,116
	6,605,721,534	6,704,345,947
	3,693,976 16,785,669 153,696,518	4,373,768 16,880,285 155,253,307
	174,176,163 59,489,038 (119,485,667)	176,507,360 59,338,787 (100,742,343)
	6,719,901,068 6,839,449,751
	6,754,685,670 6,869,496,513

5.1 Staff balances above represent finance provided to employees, officers and key management personnel of the Modaraba under diminishing musharaka arrangement for renovation, construction and purchase of house, purchase of vehicles and other consumer durables. These carry profit at the effective rates ranging from 0% to 11.07% (June 2025: 0% to 14.35%) per annum and are repayable on monthly basis over a maximum period of 20 years (June 2025: 20 years).
5.1.1 Staff balances above, includes diminishing musharika facility availed by key management personnel as per employment terms, with respect to housing finance, motor vehicles and personal finance (consumer durables) amounting to Rs. 1.06 million (June 2025: Rs. 2.22 million), Rs. 7.25 million (June 2025: Rs 3.40 million) and Rs. 0.14 million (June 2025: Rs. 0.30 million) respectively. These are secured against diminishing musharika assets.

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5.2 Reconciliation of carrying amounts of finance provided to employees and officers under diminishing musharaka arrangement Opening balance Disbursements during the period Net movement from prepaid Unwinding of staff finances Transfer of resigned staff Receipts during the period Closing balance 5.3 Movement in ECL allowance against diminishing musharaka Opening balance Provision / (reversal) for the period / year - net Closing balance	March 31, 2026 (Un-audited) June 30, 2025 (Audited) ~~(~~Rupees~~)~~ 30,046,762 55,087,309 22,070,720 4,245,000 6,943,363 32,591,616 5,039,399 7,351,607 (22,652,517) (58,171,881) (6,663,126) (11,056,889)
	34,784,602 30,046,762
	100,742,343 57,586,643 18,743,324 43,155,700
	119,485,667 100,742,343

5.4 During the current period, the modaraba reclassified accrued profit from 'Advances, deposits, prepayments and other receivables' for better presentation in compliance with the requirement of IFRS-09, "Financial Instruments", effective interest rate (EIR) method.

5.5 Break-up of diminishing musharaka between long-term and current portion Current portion of diminishing musharika Less: Allowance for ECL against diminishing musharika Long-term portion of diminishing musharika Less: Allowance for ECL against diminishing musharika	March 31, 2026 (Un-audited) June 30, 2025 (Audited) ~~(~~Rupees~~)~~ 2,455,324,839 2,182,871,635 (49,404,988) (49,987,772)
	2,405,919,851 2,132,883,863
	4,418,846,498 4,787,367,221 (70,080,679) (50,754,571)
	4,348,765,819 4,736,612,650

5.6 During the period, the Modaraba has not availed the benefit of forced sales value of assets held as collateral against non-performing diminishing musharaka as allowed under the Modaraba Regulations, 2021 issued by the SECP.

5.7 Diminishing musharika includes Rs 174.18 million (June 2025: Rs 176.51 million) which have been placed under non-performing status.

5.8 Diminishing musharaka (other than staff finances) carries profit at the rates ranging from 12.26% to 16.94% (June 30, 2025: 12.81% to 26.19%) per annum.

For the period ended March 31, 2026 / 17

5.9 The following table sets out information about the Expected Credit Losses (ECL) of diminishing musharaka financing:

March 31, 2026 (Un-audited)	March 31, 2026 (Un-audited)	March 31, 2026 (Un-audited)	June 30, 2025 (Audited)
Expected Credit Loss Allowance Exposure at Default (EAD)			Expected Credit Loss Allowance Exposure at Default (EAD)
~~(~~Rupees		~~)~~	6,397,234,623 4,476,308 460,427,436 6,117,442 176,507,360 90,148,593 ~~(~~Rupees~~)~~

6,326,062,470 427,807,220 206,261,886	2,831,920 3,173,458 113,480,289
6,960,131,576	119,485,667		7,034,169,419 100,742,343
March 31, 2026 (Un-audited)
Total Stage 3 Stage2 Stage 1
~~(~~Rupees~~)~~
4,476,308 6,117,442 90,148,593 100,742,343 (1,644,388) (2,943,984) 23,331,696 18,743,324
2,831,920	3,173,458		113,480,289 119,485,667

	March 31, 202		5 (Un-audited)
Stage 1	Stage2		Total Stage 3
3,283,926 2,685,925	5,929,517 48,373,200 57,586,643 (2,404,578) 32,725,344 33,006,691 ~~(~~Rupees~~)~~
5,969,851	3,524,939		81,098,544 90,593,334

5.10 An analysis of change in ECL in relation to diminishing musharaka financing is, as follows:
5.11 Particulars of credit loss allowance - diminishing musharaka financing

March 31, 2026 (Un-audited)	March 31, 2026 (Un-audited)	March 31, 2026 (Un-audited)
Stage 3 Stage2 Stage 1			Total
~~(~~Rupees~~)~~

4,476,308 6,117,442 90,148,593			100,742,343
(3,757,915) 2,867,938 (754,411) -	(830,457) (2,867,938) 754,411 -	23,331,696 - - -	18,743,324 - - -

2,831,920	3,173,458	113,480,289	119,485,667

	March 31, 202	5 (Un-audited)
Stage 1	Stage2	Stage 3	Total
3,283,926	5,929,517 48,373,200 ~~(~~Rupees~~)~~
			57,586,643
2,655,581 120,920 (90,576) -	(1,123,299) (120,920) 90,576 (1,250,935)	31,474,409 - - 1,250,935	33,006,691 - - -

5,969,851	3,524,939	81,098,544	90,593,334

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6 IJARAH ASSETS Ijarah contracts Cost Accumulated depreciation Impairment against ijarah assets Net book value 6.1 & 6.2 Note	965,363,044 1,711,367,184 (519,935,514) (960,341,674) (14,283,955) (14,283,955) March 31, 2026 (Un-audited) June 30, 2025 (Audited) ~~(~~Rupees~~)~~
	431,143,575 736,741,555

6.1 Assets under ijarah arrangements

During the nine months period ended March 31, 2026, additions amounting to Rs. 18.83 million (March 31, 2025: Rs. 365.37 million) and disposals amounting to Rs. 764.835 million (March 31, 2025: Rs. 755.49 million) were made to the assets under ijarah arrangements.

Ijarah assets Additions at cost during the period - Plant, machinery and equipments - Motor vehicles Disposals at cost during the period - Plant, machinery and equipments - Motor vehicles	18,831,420 283,371,371 - 82,000,000 March 31, 2026 (Un-audited) March 31, 2025 (Un-audited) ~~(~~Rupees~~)~~
	18,831,420 365,371,371
	727,062,560 696,290,221 37,773,000 59,196,500
	764,835,560 755,486,721

6.2 The Modaraba has entered into various ijarah agreements for periods ranging from 1.5 to 6 years (June 30, 2025: 1.5 to 6 years). Security deposits ranging between 0% to 43% (June 30, 2025: 0% to 43%) are obtained at the time of disbursement. The rate of profit implicit in ijarah finance ranges between 12.78% to 15.93% (June 30, 2025: 13.31% to 26.07%) per annum.
6.3 During the period, the Modaraba has not availed the benefit of forced sales value of assets held as collateral against non-performing ijarah as allowed under the Modaraba Regulations, 2021 issued by the SECP.
6.4 Ijarah includes Rs. 74.93 million (June 30, 2025: Rs. 102.28 million) which has been placed under non-performing status.

7 PROPERTY AND EQUIPMENT Own use 7.1 Right-of-use asset 7.1 & 7.2 Note	March 31, 2026 (Un-audited) June 30, 2025 (Audited) ~~(~~Rupees~~)~~ 11,598,257 13,050,869 49,300,282 59,911,993
	60,898,539 72,962,862

For the period ended March 31, 2026 / 19

7.1 The following is a statement of property and equipment:

The following is a statement of property and	equipment:
Office equipment, appliances and computer systems As on March 31, 2026 As on March 31, 2025	Ow	n use Right-of-use assets
	Additions	Disposals Additions Disposals
		~~(~~Rupees~~)~~
	2,339,715	-	- -
	4,999,442	-	53,017,401 -

7.2 During the nine months period ended March 31, 2025, the Modaraba has accounted for lease arrangements pertaining to its offices under IFRS 16 and recorded right of use asset and lease liabilities in the financial statements. The lease term is for a period of five years with quarterly payments subject to annual increment at an agreed rate.

8 INTANGIBLE ASSETS Software 8.1 8.1 Statement of Intangible assets Opening balance Cost Accumulated amortisation Net book value Additions during the period / year Amortisation charge for the period / year Closing net book value Amortisation rate (% per annum) Closing balance Cost Accumulated amortisation Net book value Note	March 31, 2026 (Un-audited) June 30, 2025 (Audited) ~~(~~Rupees~~)~~ 590,407 1,825,173
	37,471,030 37,243,330 (35,645,857) (33,474,393)
	1,825,173 3,768,937 - 227,700 (1,234,766) (2,171,464)
	590,407 1,825,173
	33.33% 33.33% 37,471,030 37,471,030 (36,880,623) (35,645,857)
	590,407 1,825,173

8.1 During the period, the Modaraba acquired software amounting to Rs. nil (March 31, 2025: Rs. 0.23 million).

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9 DEFERRED TAX ASSETS

Deferred tax assets

9.1 Note	March 31, 2026 (Un-audited) June 30, 2025 (Audited) ~~(~~Rupees~~)~~ 77,986,381 57,377,814

9.1 Movement in temporary differences during the period:

As at July 01, 2025 (Audited) Recognised in P&L Recognised in OCI	As at July 01, 2025 (Audited) Recognised in P&L Recognised in OCI	As at July 01, 2025 (Audited) Recognised in P&L Recognised in OCI	As at March 31, 2026 (Un-audited)
~~(~~Rupees~~)~~

23,855,707 3,577,083 2,688,441 1,893,788 17,849,707 5,772,915 4,059,722	11,213,767 156,785 (224,899) 3,448,806 5,562,422 1,194,646 1,012,412	- - - - - - -	35,069,474 3,733,868 2,463,542 5,342,594 23,412,129 6,967,561 5,072,134
59,697,363 22,363,939 -			82,061,302
(541,976) (1,777,573)	- (1,755,372)	- -	(541,976) (3,532,945)
(2,319,549) (1,755,372) -			(4,074,921)
57,377,814	20,608,567	-	77,986,381

10 CASH AND BANK BALANCES Balances with banks - in current accounts - in deposit accounts 10.1 & 10.2 Balance with the State Bank of Pakistan Cash in hand Note	13,327,142 14,144,315 631,108,445 589,909,805 530,659 338,893 350,000 186,697 March 31, 2026 (Un-audited) June 30, 2025 (Audited) ~~(~~Rupees~~)~~
	645,316,246 604,579,710

10.1 These carry profit at the rates ranging from 3% to 9.25% (June 30, 2025: 5% to 19%) per annum.

10.2 The balances held with banks in saving accounts and investment in mutual funds have been kept in order to comply with the requirement of the Modaraba Regulations, 2021 issued by the SECP with respect to the maintenance of the prescribed liquidity against the Certificates of Musharaka issued by the Modaraba.

For the period ended March 31, 2026 / 21

		March 31,	June 30,
		2026	2025
		(Un-audited)	(Audited)
11	IJARAH RENTALS RECEIVABLE	~~(~~Rupees~~)~~ Note
	Ijarah rentals receivable - considered good	27,838,331	41,025,963
	Ijarah rentals receivable - considered bad or doubtful 11.3 45,371,665		56,179,437
		73,209,996	97,205,400
	Less: allowance for ECL on ijarah rentals receivable	11.1 (61,866,596)	(63,494,776)
		11,343,400	33,710,624
		March 31,	June 30,
		2026	2025
11.1	Allowance for ECL on ijarah rentals receivable	(Un-audited) (Audited) ~~(~~Rupees~~)~~
	Opening balance	63,494,776	54,159,836
	(Reversal) / Charge for the period/year	(1,628,180)	9,334,940
	Closing balance	61,866,596	63,494,776
11.2	During the period, the Modaraba has not availed the benefit of forced sales		value of assets
	held as collateral against non-performing ijarah as allowed under		the Modaraba
	Regulations, 2021 issued by the SECP.

11.3 The following table sets out information about the Expected Credit Losses (ECL) allowance of ijarah rental receivable:

of ijarah rental receivable:
Ijarah Stage 1 Stage 2 Stage 3 less: impairment on ijarah assets	March 31, 2026 (Un-audited)			June 30, 2025 (Audited)
	Expected Credit Loss Allowance Exposure at Default (EAD)			Expected Credit Loss Allowance Exposure at Default (EAD)
	~~(~~Rupees		~~)~~	519,124,456 279,548 46,139,020 208,320 102,282,812 77,290,863 ~~(~~Rupees~~)~~

	227,473,308 104,451,914 85,790,398	116,790 1,104,952 74,928,809
	417,715,620 -	76,150,551 (14,283,955)		667,546,288 77,778,731 -(14,283,955)
	417,715,620	61,866,596		667,546,288 63,494,776

11.3.1 ECL is recorded on exposure at default which consists of future cashflows that the Modaraba is entitled to receive through out the contract period. While ijarah receivable is only recorded for the amount accrued at period end. Therefore if the ECL amount exceeds the ijarah receivable recorded, it is recognised as impairment of ijarah asset. There has been no change in the impairment on ijarah assets during the period ended March 31, 2026.

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11.4 An analysis of change in allowance for ECL in relation to ijarah financing is as follows:

March 31, 2026 (Un-audited)	March 31, 2026 (Un-audited)	March 31, 2026 (Un-audited)
Stage 1 Total Stage 3 Stage2
~~(~~Rupees~~)~~
279,548 208,320 (162,758) 896,632		77,290,863 77,778,731 (2,362,054) (1,628,180)
116,790	1,104,952	74,928,809 76,150,551

	March 31, 2025	(Un-audited)
Stage 1	Stage2	Total Stage 3
616,798 - 83,494,934 84,111,732 (455,313) 1,155,273 (20,148,165) (19,448,205) ~~(~~Rupees~~)~~
161,485	1,155,273	63,346,769 64,663,527

11.5 Particulars of credit loss allowance - Ijarah rental receivable

March 31, 2026 (Un-audited)	March 31, 2026 (Un-audited)	March 31, 2026 (Un-audited)	March 31, 2026 (Un-audited)
Stage 1 Total Stage 3 Stage2
~~(~~Rupees~~)~~
279,548 208,320		77,290,863 77,778,731
(24,385) - (138,373) -	758,259 - 138,373 -	(2,362,054) - - -	(1,628,180) - - -

116,790	1,104,952	74,928,809 76,150,551

March 31, 2025 (Un-audited)	March 31, 2025 (Un-audited)	March 31, 2025 (Un-audited)	March 31, 2025 (Un-audited)	March 31, 2025 (Un-audited)
Total Stage 3 Stage2 Stage 1
616,798 - 83,494,934 84,111,732 ~~(~~Rupees~~)~~
(339,999) 96,194 (211,508) -	1,039,959 (96,194) 211,508 -		(20,148,165) - - -	(19,448,205) - - -

161,485		1,155,273	63,346,769 64,663,527
Note 10.2

For the period ended March 31, 2026 / 23

Note 13 TERM FINANCE ARRANGEMENTS Musharaka / Wakala finance 13.1 & 13.2 Profit payable on term finance arrangements Less: current portion of term finance arrangements Long-term portion of term finance arrangements	March 31, 2026 (Un-audited) June 30, 2025 (Audited) ~~(~~Rupees~~)~~ 1,070,440,697 906,778,716 24,562,531 23,593,578 (430,095,507) (342,429,822)
	664,907,721587,942,472

Name of bank As at March 31, 2026 (Un-audited) As at June 30, 2025 (Audited) (Rupees) Facility limit Al Baraka Bank (Pakistan) Limited 262,500,000 300,000,000 Allied Bank Limited 500,000,000 500,000,000 Pakistan Mortgage Refinance Company Limited 500,000,000 500,000,000 Meezan Bank Limited 500,000,000 500,000,000 Habib Metropolitan Bank Limited 400,000,000 - 2,162,500,000 1,800,000,000 13.1 Musharaka / Wakala Finance	Name of bank As at March 31, 2026 (Un-audited) As at June 30, 2025 (Audited) (Rupees) Facility limit Al Baraka Bank (Pakistan) Limited 262,500,000 300,000,000 Allied Bank Limited 500,000,000 500,000,000 Pakistan Mortgage Refinance Company Limited 500,000,000 500,000,000 Meezan Bank Limited 500,000,000 500,000,000 Habib Metropolitan Bank Limited 400,000,000 - 2,162,500,000 1,800,000,000 13.1 Musharaka / Wakala Finance
Facility limit		Profit rate (%)		Frequency of profit payment	Tenor		Balance Outstanding
As at March 31, 2026 (Un-audited)	As at June 30, 2025 (Audited)	During the period ended March 31, 2026	During the Year ended June 30 2025 (Audited)		March 31, 2026 (Un-audited)	June 30, 2025 (Audited)	As at March 31, 2026 (Un-audited)	As at June 30, 2025 (Audited)
(Rupees) 262,500,000 300,000,000 500,000,000 500,000,000 500,000,000 500,000,000 500,000,000 500,000,000 400,000,000 -		11.06-11.65 11.86-19.43 Quarterly 11.08-11.65 12.64-20.74 Quarterly 9.52 17.30-19.03 Quarterly 11.49-12.13 12.08-21.58 Quarterly 11.31-11.61 - Quarterly			5 years 5 years 3-5 years 3-5 years 5 years 5 years 5 years 5 years 5 years		(Rupees) 262,500,000 300,000,000 208,440,676 295,528,720 12,000,000 30,000,000 187,500,000 281,249,996 399,999,997 -
262,500,000 500,000,000 500,000,000 500,000,000 400,000,000							262,500,000 208,440,676 12,000,000 187,500,000 399,999,997
2,162,500,000	1,800,000,000						1,070,440,673	906,778,716

The aforementioned facilities are secured against exclusive hypothecation over term deposit receipts, specific movable Ijarah and diminishing musharaka assets and the rentals / installments receivable in respect of such assets.

13.2 These carry profit at the rates ranging from 9.52% to 12.13% (June 30, 2025: 12.08% to 22.77%) per annum.
13.3 During the current period, the modaraba reclassified accrued profit from 'Accrued and other liabilities' for better presentation in compliance with the requirement of IFRS-09, "Financial Instruments", effective interest rate (EIR) method.

Note 14 REDEEMABLE CAPITAL Certificates of musharakah (COM) 14.1 & 14.1.1 Profit payable on COM 14.3 Less: current portion of redeemable capital 14.2	4,982,360,000 5,633,455,000 50,160,614 49,093,521 March 31, 2026 (Un-audited) June 30, 2025 (Audited) ~~(~~Rupees~~)~~
	5,032,520,614 5,682,548,521 (3,367,015,614) (5,580,448,521)
	1,665,505,000 102,100,000

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14.1 These carry estimated share of profit ranging between 0% to 11.36% per annum (June 30, 2025: 0% to 11.55% per annum) and are due to mature latest by January 03, 2031 (June 30, 2025: June 03, 2031 ).
14.1.1 This includes COM issued to key management personnel amounting to Rs. 33.65 million (June 30, 2025: Rs. 33.65 million) at the rate ranging from 0% to 9.45% (June 30, 2025: 0% to 21.05%) per annum.

Note 14.2 Current portion of redeemable capital Current portion of certificates of musharakah Profit payable on COM Payable to holders of matured certificates of musharakah 14.2.1	March 31, 2026 (Un-audited) June 30, 2025 (Audited) ~~(~~Rupees~~)~~ 3,169,650,000 5,394,650,000 50,160,614 49,093,521 147,205,000 136,705,000
	3,367,015,614 5,580,448,521

14.2.1 These represent amounts with respect to already matured certificates against which respective customer's request for encashment along with original certificates are pending.
14.3 During the current period, the modaraba reclassified accrued profit from 'Accrued and other liabilities' for better presentation in compliance with the requirement of IFRS-09, "Financial Instruments", effective interest rate (EIR) method.

15 CONTINGENCIES AND COMMITMENTS

15.1 Contingencies

There were no contingencies outstanding as at March 31, 2026 and June 30, 2025.

15.2 Commitments

The Modaraba has issued letter of comfort to Habib Metropolitan Bank Limited on behalf of M/s.. Maqsood Faisal Printing Press (SMC-Pvt.) Limited amounting to Rs. 220.89 million (June 2025: Sindh Bank Limited on behalf of M/s. AIMS Hosiery Limited & M/s. Demont Research Laboratories (Pvt.) Limited as amounting to Rs. 102.17 million) for guaranteeing the payment against import of plant and machinery which will ultimately be given by the Modaraba to the client against diminishing musharika or ijarah arrangements.

For the period ended March 31, 2026 / 25

FINANCIAL AND OTHER CHARGES Return on redeemable capital expensed Return on term finance arrangements expensed Return on running musharika expensed Commission Unwinding of security deposits Amortisation of lease liability against right-of-use assets Bank charges	Nine months period ended March 31, 2026 2025 (Un-audited) ~~(~~Rupees~~)~~ 369,442,897 538,869,109 93,008,035 147,926,175 11,922,466 7,926,682 31,243,195 35,977,779 21,355,866 29,092,756 5,443,931 1,573,561 565,001 349,164
	532,981,391 761,715,226

16 FINANCIAL AND OTHER CHARGES

17 MANAGEMENT COMPANY'S REMUNERATION

The Modaraba Management Company is entitled to a remuneration for services rendered to the Modaraba under the provisions of the Modaraba Companies and Modaraba (Floatation and Control) Ordinance, 1980 up to a maximum of 10% per annum of the net annual profits of the Modaraba. The remuneration for the nine months period ended March 31, 2026 has been recognised at 10% (March 31, 2025: 10%) of the profit before taxation for the period before charging such remuneration.

18 PROVISION FOR SERVICES SALES TAX ON THE MANAGEMENT COMPANY'S REMUNERATION

During 2013, the Sindh Revenue Board (SRB) levied Sindh sales tax on management remuneration, which is paid by the Modaraba to its Management Company under the provisions of the Modaraba Companies and Modaraba (Floatation and Control) Ordinance, 1980, treating it as a fee and chargeable under the Sindh Sales Tax Act, 2011. The Modaraba, however, considers that the management remuneration is an allocation of profit under the Shariah principle of “Modaraba” and therefore does not qualify to be treated as a fee and hence, does not attract any services sales tax.

Pursuant to Order number SRB-COM-I/AC-V/Mgt/SCSOP/5878/2012 of the SRB dated April 22, 2013 issued to the Management Company, the Modaraba has recorded a provision in respect of Sindh Sales Tax on the Management Company's remuneration at applicable rates with effect from November 1, 2011. The Management Company had filed an appeal before the Appellate Tribunal SRB against this order. The Appellate Tribunal SRB through its order dated February 19, 2016 allowed the appeal and set aside the order-in-original and order-in-appeal and remanded back the case to the assessing officer for re-assessment. Thereafter, on April 8, 2016, the assessing officer issued a fresh notice to the Management Company contending that sales tax on the Management Company's remuneration is applicable. Against the notice, the Management Company has filed an appeal before the Honorable Sindh High Court. As an interim relief, the Court vide its Order dated October 13, 2016 has stopped the assessing authorities to pass any final order till the culmination of its proceedings. The interim relief was reconfirmed by the Court in its Order dated November 5, 2018. In an order dated September 12, 2024, the Honorable Sindh High Court rejected the complaint and advised to plead its case before the department. However, the Modaraba has continued to recognise the provision for services sales tax on the Management Company's remuneration.

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19 PROVISION FOR SINDH WORKERS' WELFARE FUND

As a consequence of the 18th amendment to the Constitution of Pakistan, in May 2015 the Sindh Workers’ Welfare Fund Act, 2014 (SWWF Act) had been passed by the Government of Sindh as a result of which every industrial establishment located in the Province of Sindh, the total income of which in any accounting year is not less than Rs 0.50 million, is required to pay Sindh Workers’ Welfare Fund (SWWF) in respect of that year a sum equal to two percent of such income.

The Sindh Revenue Board (SRB) vide letter no. SRB/DC-A(W)/2017/Rep/4760 dated January 16, 2017 had advised the Modaraba to pay off all its liabilities falling due under the SWWF Act. The management considered that the SWWF Act is limited only to the province of Sindh and till the time there is any mechanism available for apportionment of total income relevant to province of Sindh, no SWWF liability to SRB can be paid out. On these grounds, foreseeing the expected WWF demand and penal actions from SRB, the Modaraba had filed a Constitutional Petition (CP) No. CP.D.3879/2017 with the Honorable Sindh High Court. On March 16, 2020, an interim order was issued by the Honorable Sindh High Court whereby the Modaraba was instructed to deposit the SWWF liability either with SRB or Nazir as appointed by the Court. During the period, no amount has been deposited relating to SWWF (June 30, 2025: Nil). The management has provided for SWWF liability for the period from January 1, 2014 to March 31, 2026 in these financial statements on a prudent basis. During the year ended June 30, 2025, the Honourable High Court of Sindh ruled in favour of Modarabas that the Modarabas having trans-provincial operations will pay WWF to FBR and Modarabas' operating within a single province will pay WWF to their respective Provincial Revenue Board. However, SRB has challenged such decision in Supreme Court of Pakistan.

Pakistan.
Note 20 LEVY AND TAXATION Levy - final tax Taxation - Current - Deferred	Nine months period ended March 31, 2026 2025 (Un-audited) ~~(~~Rupees~~)~~ 277,106 3,351,865
	79,980,656 86,642,019 (20,608,567) (25,473,976)
	59,372,089 61,168,043

20.1 This represents final taxes paid under section 150 of Income Tax Ordinance, 2001, representing levy in terms of requirements of IFRIC 21 and IAS 37.

21 EARNINGS PER CERTIFICATE - BASIC AND DILUTED

Diluted earnings per certificate have not been presented as the Modaraba does not have any convertible instruments in issue as at March 31, 2026 and June 30, 2025 which would have any effect on the earnings per certificate if the option to convert is exercised.

For the period ended March 31, 2026 / 27

22 TRANSACTIONS AND BALANCES WITH CONNECTED PERSONS / RELATED PARTIES

Parties which are related to the Modaraba as per the requirements of in pursuit of IAS 24 'Related Party Disclosures' and includes associates, directors, staff retirement benefit plans and key management personnel. Remuneration of key management personnel are in accordance with the terms of employment. Dividend payout is recorded at the rate approved by the Modaraba Management Company. The Management Company's remuneration is in accordance with the rate mentioned in the law. Contributions to the staff provident fund and staff gratuity fund are made in accordance with the service rules. Other transactions are at agreed rates. The Modaraba enters into transactions with related parties for lease of assets and other general services. These transactions are based on a transfer pricing policy under which all transactions are carried out on agreed terms.

22.1 Transactions with related parties other than those which have been specifically disclosed elsewhere in these financial statements and remuneration and benefits to key management personnel (which are employed by the management company) under the terms of their employment are as follows:

Nature of Basis of relationship relationship Name Nature of transaction	Nine months period ended March 31,
Holding Company of the 100% Holding in the Dividend Management Company Management Company, Allocated cost to the Modaraba for Islamabad Office Shared IT and information Services Management Company 10% Holding in the Management Company's remuneration Modaraba Dividend Rent expense Financial charges Depreciation expense Rent paid The Patients' Behbud Society for AKU Associated Undertaking Common directorship Donation paid by the Modaraba Trustee of associate undertaking OLP Modaraba - Staff Provident Fund Retirement benefit fund Employees benefit fund Contribution made by the Modaraba Contribution made by the Modaraba Refund received by the Modaraba Mr. Shaheen Amin Chief Executive Officer of Chief Executive Officer of Dividend paid Holding Company of the Holding Company of the Management Company Management Company Mr. Nadim D Khan Director of the Director of the Dividend paid Management Company Management Company Key management personnel Employees Members of the Salaries and benefits Management Committee Contributions to the staff provident fund Contributions to the staff defined contribution scheme Refund received by the Modaraba Income earned on diminishing musharika finances Deposit against Certificates of Musharika Reedemption of Certificates of Musharika Financial charges on redeemable capital Number of persons as at March 31 2026 10% Holding in the Modaraba OLP Financial Services Pakistan Limited OLP Services Pakistan (Private) Limited Layton Rahmatulla Benevolent Trust Hospital Retirement benefit fund Employees benefit fund Associated Undertaking Donation paid by the Modaraba OLP Modaraba - Staff defined contribution scheme	2026 2025 11,345,883 9,076,706 (Un-audited) ----------(Rupees)----------
	608,920 587,177
	2,250,000 -
	20,767,432 23,419,877
	11,345,883 9,076,706
	- 5,467,272
	5,443,931 1,557,559
	10,611,711 2,735,804
	10,845,078 4,849,999
	1,000,000 2,000,000
	2,000,000 1,000,000
	5,033,988 5,273,315
	4,193,298 4,380,570
	1,266,971 1,201,668
	250,000 200,000
	15,123 12,098
	42,430,811 42,824,490
	1,556,366 1,566,037
	1,296,454 1,304,506
	- 471,461
	1,430,515 2,357,857
	45,550,000 31,250,000
	45,550,000 17,450,000
	2,378,418 4,787,112
	7 7

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Balances with related parties other than those which have been specifically disclosed elsewhere in these financial statements are as follows:

Nature of Basis of relationship relationship Holding Company of the 100% Holding in the Management Company Management Company, 10% Holding in the Modaraba Allocated cost to the Modaraba for Islamabad Office Shared IT and information Services Management Company 10% Holding in the Modaraba Management Company's remuneration payable Payable for reimbursement of expenses incurred by Management Company Mr. Shaheen Amin Chief Executive Officer of Chief Executive Officer of Holding Company of the Holding Company of the Management Company Management Company Mr. Nadeem D Khan Director of the Director of the Management Company Management Company Key management personnel Employees Members of the House finance Management Committee Personal finance Car finance Accrued profit on finances under diminishing musharaka Deposit against Certificates of Musharika Profit payable on Certificates of Musharika OLP Financial Services Pakistan Limited Certificate capital [Certificates held: 100,000 (June 30, 2025: 100,000)] Certificate capital [Certificates held: 6,049 (June 30, 2025: 6,049)] OLP Services Pakistan (Private) Limited Certificate capital [Certificates held: 4,538,353 (June 30, 2025: 4,538,353)] Certificate capital [Certificates held: 4,538,353 (June 30, 2025: 4,538,353)] Name Nature of transaction	March 31, June 30, 2026 2025 (Un-audited) (Audited) 45,383,530 45,383,530 ----------(Rupees)----------
	208,298 -
	2,250,000 -
	45,383,530 45,383,530
	20,767,432 29,103,352
	6,401,999 3,201,000
	1,000,000 1,000,000
	60,490 60,490
	1,057,769 2,224,824
	135,088 345,633
	7,248,676 3,535,366
	69,129 22,725
	33,650,000 33,650,000
	1,272,512 3,721,000

23 FAIR VALUE OF FINANCIAL INSTRUMENTS

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Consequently, differences can arise between carrying values and the fair value estimates.

Underlying the definition of fair value is the presumption that the Modaraba is a going concern without any intention or requirement to curtail materially the scale of its operations or to undertake a transaction on adverse terms.

23.1 Fair value hierarchy

International Financial Reporting Standard 13, 'Fair Value Measurement' requires the Modaraba to classify assets using a fair value hierarchy that reflects the significance of the inputs used in making the measurements. The fair value hierarchy has the following levels:

For the period ended March 31, 2026 / 29

Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities;
Level 2: inputs other than quoted prices included within level 1 that are observable for the asset or liability either directly (i.e. as prices) or indirectly (i.e. derived from prices); and
Level 3: inputs for the asset or liability that are not based on observable market data (i.e. unobservable inputs).

The following table shows the carrying amounts and fair values of all financial assets and financial liabilities, including their levels in the fair value hierarchy.

As at March 31, 2026(Un-audited)	As at March 31, 2026(Un-audited)	As at March 31, 2026(Un-audited)	As at March 31, 2026(Un-audited)	As at March 31, 2026(Un-audited)	As at March 31, 2026(Un-audited)	As at March 31, 2026(Un-audited)	As at March 31, 2026(Un-audited)	As at March 31, 2026(Un-audited)
Carrying value					Fair value
Fair value through profit or loss	Financial assets at FVOCI	Fair value through OCI	Amortised cost	Total	Level 1	Level 2	Level 3	Total
-------------------------------------------- (Rupees) -					-------------------------------------------
41,703 - - - 41,703					41,703 - - 41,703
41,703 - - - 41,703 - - - 6,754,685,670 6,754,685,670 - - - 645,316,246 645,316,246 - - - 6,262,796 6,262,796 - - - 11,343,400 11,343,400					- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
- - 7,417,608,113 7,417,608,113
41,703 - - 7,417,608,113 7,417,649,816
- - - 5,032,520,614 5,032,520,614 - - - 1,095,003,228 1,095,003,228 - - - 177,635,752 177,635,752 - - 250,853,016 250,853,016 54,863,014 54,863,014 - - 86,191,212 86,191,212
- - - 6,697,066,836 6,697,066,836

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As at June 30, 2025(Audited)	As at June 30, 2025(Audited)	As at June 30, 2025(Audited)	As at June 30, 2025(Audited)	As at June 30, 2025(Audited)	As at June 30, 2025(Audited)	As at June 30, 2025(Audited)	As at June 30, 2025(Audited)	As at June 30, 2025(Audited)
Carryingvalue					Fair value
Fair value through profit or loss	Financial assets at FVOCI	Fair value through OCI	Amortised cost	Total	Level 1	Level 2	Level 3	Total
-------------------------------------------- (Rupees) - 159,735,406 - - 159,735,406					------------------------------------------- 159,735,406 - - 159,735,406
159,735,406 - - 159,735,406 - - - 6,869,496,513 6,869,496,513 - - - 604,579,710 604,579,710 - - 138,672,900 138,672,900 - - - 33,710,624 33,710,624					- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
- - - 7,646,459,747 7,646,459,747
159,735,406 - - 7,646,459,747 7,806,195,153
- - - 5,682,548,521 5,682,548,521 - - - 930,372,294 930,372,294 - - 278,574,576 278,574,576 - - - 296,715,793 296,715,793 - - - 155,936,573 155,936,573 - - - 79,892,967 79,892,967
- - - 7,424,040,724 7,424,040,724

*In the opinion of management, fair value of the financial assets and liabilities not measured at fair value are not significantly different from their carrying values since these assets and liabilities are short term in nature or are periodically repriced.

Valuation techniques used in determination of fair values:

Item	Valuation approach and input used
Mutual Funds	The valuation has been determined based on Net asset values declared by Mutual Funds Association of Pakistan (MUFAP).

23.2 There are no significant changes in business or economic circumstances that affect the FV of the entity's financial assets and financial liabilities whether those assets or liabilities are recognized at FV or amortised cost.

24 SEGMENT INFORMATION

As per IFRS 8, "Operating Segments", operating segments are reported in a manner consistent with the internal reporting used by the chief operating decision-maker. The Chief Executive Officer of the Management Company has been identified as the chief operating decision-maker, who is responsible for allocating resources and assessing performance of the operating segments.

The Chief Executive Officer is responsible for the Modaraba's entire product portfolio and considers the business to have a single operating segment. The Modaraba's asset allocation decisions are based on a single integrated investment strategy and the Modaraba's performance is evaluated on an overall basis.

For the period ended March 31, 2026 / 31

The internal reporting provided to the Chief Executive Officer for the Modaraba’s assets, liabilities and performance is prepared on a consistent basis with the measurement and recognition principles of the approved accounting standards as applicable in Pakistan.

The Modaraba is domiciled in Pakistan and all of its income is generated in Pakistan.

The Modaraba also has a diversified certificate holder population. As at March 31, 2026, there were only two (June 30, 2025: two) certificate holders who individually hold equal to or more than 10% of the Modaraba’s certificate capital. Their holdings were 10% and 10% (June 30, 2025: 10% and 10%) respectively.

25 CASH AND CASH EQUIVALENTS

Cash and cash equivalents included in the cash flow statement comprise of the following amounts appearing on the balance sheet:

amounts appearing on the balance sheet:
Cash and bank balances Cash and cash equivalents	Six months period ended March 31, 2026 2025 (Un-audited) ~~(~~Rupees~~)~~ 645,316,246 639,305,019
	645,316,246 639,305,019

26 DATE OF AUTHORISATION

These condensed interim financial statements were authorised for issue on April 26, 2026 by the Board of Directors of the Management Company.

For OLP Services Pakistan (Private) Limited (Management Company)

Director Director Chief Executive SD SD SD	SD
	Chief Financial Officer

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OLP Modaraba (Formerly ORIX Modaraba)

Office No. 601, 6th Floor, Syedna Tahir Saifuddin Foundation Building, Beaumont Road, Civil Lines, Karachi. Phone: (021) 38341168 Email: [email protected]

Lahore Office:

Office No-08, 1st Floor, Park Lane Tower (Mall of Lahore) 172-Tufail Road, Lahore Cantt. Phone: (042) 38017006

Islamabad Office:

Ground Floor, Phase 1, State Life Building, No. 5, Nazimuddin Road, Blue Area, Islamabad.

AI assistant

OLP Modaraba — Interim / Quarterly Report 2026

72267_rns_2026-04-30_cc276890-b204-4d52-932a-c1413891ae4e.pdf

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CONTENTS

MODARABA INFORMATION

Bankers/ Financial Institutions

Legal Advisors

Company Secretary

Auditors

Modaraba Company Registered Office

Modaraba Head Office:

Lahore Branch:

Islamabad Branch:

Registrars & Share Registration Office:

DIRECTORS’ REVIEW

For the period ended March 31, 2026

1. Economic Outlook

2. Financial Highlights

3. Review of Operations

4. Credit Rating

5. Acknowledgement

Karachi: April 26, 2026

CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION

CONDENSED INTERIM STATEMENT OF PROFIT & LOSS AND OTHER COMPREHENSIVE INCOME (UN-AUDITED)

For OLP Services Pakistan (Private) Limited (Management Company)

CONDENSED INTERIM STATEMENT OF CASH FLOWS (UN-AUDITED)

CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY

NOTES TO AND FORMING PART OF THE CONDENSED INTERIM FINANCIAL STATEMENTS (UN-AUDITED)

1 STATUS AND NATURE OF BUSINESS

2 BASIS OF PREPARATION

2.1 Statement of compliance

2.4 Functional and presentation currency

3 MATERIAL ACCOUNTING POLICIES, ESTIMATES AND JUDGEMENTS

4 FINANCIAL RISK MANAGEMENT

6.1 Assets under ijarah arrangements

9 DEFERRED TAX ASSETS

15 CONTINGENCIES AND COMMITMENTS

15.1 Contingencies

15.2 Commitments

16 FINANCIAL AND OTHER CHARGES

17 MANAGEMENT COMPANY'S REMUNERATION

18 PROVISION FOR SERVICES SALES TAX ON THE MANAGEMENT COMPANY'S REMUNERATION

19 PROVISION FOR SINDH WORKERS' WELFARE FUND

21 EARNINGS PER CERTIFICATE - BASIC AND DILUTED

22 TRANSACTIONS AND BALANCES WITH CONNECTED PERSONS / RELATED PARTIES

23 FAIR VALUE OF FINANCIAL INSTRUMENTS

23.1 Fair value hierarchy

24 SEGMENT INFORMATION

25 CASH AND CASH EQUIVALENTS

26 DATE OF AUTHORISATION

Lahore Office:

Islamabad Office:

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OLP Modaraba Interim / Quarterly Report 2026