Packages Limited — Interim / Quarterly Report 2025

Aug 29, 2025

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HALF YEARLY REPORT 2025 Condensed Interim Financial Statements for the Six Months Period Ended June 30, 2025 (Unaudited)

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Contents

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|Company information 2|
|Directors’ review report to the shareholders on condensed interim unconsolidated financial statements|3|
|Independent Auditor’s Review Report 7|
|Condensed interim unconsolidated unaudited statement of financial position 8|
|Condensed interim unconsolidated unaudited statement of profit or loss 9|
|Condensed interim unconsolidated unaudited statement of comprehensive income 10|
|Condensed interim unconsolidated unaudited statement of changes in equity 11|
|Condensed interim unconsolidated unaudited statement of cash flows|12|
|Notes to and forming part of the condensed interim unconsolidated financial statements|13|
|Directors’ review report to the shareholders on condensed interim consolidated financial statements 26|
|Condensed interim consolidated unaudited statement of financial position 34|
|Condensed interim consolidated unaudited statement of profit or loss 35|
|Condensed interim consolidated unaudited statement of comprehensive income 36|
|Condensed interim consolidated unaudited statement of changes in equity 37|
|Condensed interim consolidated unaudited statement of cash flows 38|
|Notes to and forming part of the consolidated condensed interim financial statements 39|

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)USVGT_/TLUXSGZOUT

Board of Directors*

Mr. Towfiq Habib Chinoy (Chairman & Non-Executive Director)

Syed Hyder Ali (Chief Executive Officer & Managing Director - Executive Director)

Syed Shahid Ali (Non-Executive Director)

Mr. Hasan Askari (Independent Director)

Mr. Atif Aslam Bajwa (Non-Executive Director)

Ms. Saba Kamal (Independent Director)

Mr. Tariq Iqbal Khan (Non-Executive Director)

Syed Aslam Mehdi (Executive Director)

Mr. Josef Meinrad Mueller (Non-Executive Director) Mr. Osman Khalid Waheed (Independent Director)

Audit Committee

Mr. Hasan Askari - Chairman Syed Shahid Ali - Member Mr. Atif Aslam Bajwa - Member Mr. Tariq Iqbal Khan - Member Mr. Osman Khalid Waheed - Member Mr. Soban Waqar - Secretary

Human Resource and Remuneration Committee Ms. Saba Kamal - Chairperson Syed Hyder Ali - Member Mr. Hasan Askari - Member Mr. Atif Aslam Bajwa - Member Mr. Towfiq Habib Chinoy - Member Mr. Josef Meinrad Mueller - Member Mr. Jawad Gilani - Secretary

IT & Digitalization Committee

Ms. Saba Kamal - Chairperson Mr. Atif Aslam Bajwa - Member Mr. Osman Khalid Waheed - Member Mr. Faizan Mahmood - Secretary

Sustainability Committee

Mr. Osman Khalid Waheed - Chairman Ms. Saba Kamal - Member Ms. Ayesha Aziz - Secretary Executive Committee Syed Hyder Ali - Chairman Syed Aslam Mehdi - Member Ms. Iqra Sajjad - Secretary

Advisor

Syed Babar Ali

Chief Financial Officer

Mr. Khurram Raza Bakhtayari

Company Secretary

Ms. Iqra Sajjad

Rating Agency

PACRA

Company Credit Rating

Long-Term: AA+ Short-Term: A1+

Auditors

A.F. Ferguson & Co. Chartered Accountants

Legal Advisors

Hassan & Hassan (Advocates) - Lahore Orr, Dignam & Co. – Karachi

Shares Registrar Services

FAMCO Share Registration Services (Pvt.) Ltd

8-F, Near to Hotel Faran Nursery, Block 6, P.E.C.H.S. Shahrah-e-Faisal Karachi - 75400 PABX : (021) 34380101-5 Fax : (021) 34380106 Email : info.shares@famcosrs.com

Handling Desk for Shareholders’ Affairs

(Corporate Secretarial Department)

Mr. Ubaid Hussain / Ms. Suman Kishore PABX: (02) 35874047- 49 Ext: 233 & 237 Fax. (021) 35860251 Email: shares.desk@packages.com.pk

(Share Registrar Contact Person)

Mr. Muhammad Taha Tel. (021) 34380101-5 Fax: (021) 34380106 Email: info.shares@famcosrs.com

Bankers & Lenders

Allied Bank Limited Bank Al-Habib Limited Citibank N.A. Faysal Bank Habib Bank Limited Habib Metropolitan Bank Limited International Finance Corporation (IFC) JS Bank Limited MCB Bank Limited Standard Chartered Bank (Pakistan) Limited

Offices

Registered Office

4[th] Floor, The Forum Suite No. 416 - 422, G-20, Block 9 Khayaban-e-Jami, Clifton Karachi - 75600, Pakistan PABX: (021) 35874047-49 Fax: (021) 35860251

Head Office

Shahrah-e-Roomi P.O. Amer Sidhu Lahore - 54760, Pakistan PABX: (042) 35811541-46 Fax: (042) 35811195

Web Presence

www.packages.com.pk

* In alphabetical order, by last name

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DIRECTORS’ REVIEW REPORT ON THE UNCONSOLIDATED CONDENSED INTERIM UN-AUDITED FINANCIAL STATEMENTS FOR THE HALF YEAR ENDED JUNE 30, 2025

The Directors of Packages Limited (the ‘Company’) are pleased to submit to its shareholders the six-monthly review report along with the unconsolidated condensed interim un-audited financial statements of the Company for the half year ended June 30, 2025.

COMPANY PERFORMANCE REVIEW

Summarized financial performance is as follows:

Dividend income Rental income General expenses - net Profit from operations Finance cost Levy and income tax Earnings for the period Basic earnings / (loss) per share - PKR	Apr – Jun Apr – Jun Jan – Jun Jan – Jun
	2025 2024 2025 2024
	(Rupees in million) 1,219 531 2,321 1,879 185 159 370 314 (223) (174) (452) (383)
	1,181 516 2,239 1,810 (324) (423) (634) (822) (141) (64) (201) (169)
	716 29 1,404 819 8.01 (0.38) 15.71 8.45

Packages Limited is operating as a holding company and its performance is determined by the financial performance of its group companies located within & outside Pakistan.

Dividend income constitutes the major source of income of Packages Limited. As a result, its income pattern will follow the dividend distribution pattern of the group companies. The management believes that this corporate structure is conducive to focused management of the group companies and leading to better operating performance.

The Company has earned dividend income from its group companies amounting to Rs 2,321 million during the six-month period ended June 30, 2025 as compared to Rs 1,879 million during the corresponding period of 2024. This increase in income was attributable to higher final dividends received from Hoechst Pakistan Limited, Packages Convertors Limited and Packages Real Estate (Private) Limited, owing to better performance versus last year.

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Moreover, finance costs also decreased by 23% due to reduced interest rates despite increase in borrowings of the Company by Rs 6.3 billion for making investments in group companies, namely StarchPack (Private) Limited and Bulleh Shah Packaging (Private) Limited. Resultantly, earnings for the period depict an increase of 71% from Rs 819 million earned during corresponding period of 2024 to Rs 1,404 million for the six-month period ended June 30, 2025.

COMPANY’S STAFF AND CUSTOMERS

The management is thankful to the Company’s stakeholders, especially its customers for their continuing confidence in its products and services.

The management also wishes to express its gratitude to all the Company’s employees who have worked tirelessly. We appreciate their hard work, loyalty and dedication.

FUTURE OUTLOOK

The Company expects that the economic outlook of the country would continue to improve on the back of prudent policy management, continued strategic reform initiatives aimed at maintaining fiscal discipline, improving foreign exchange reserves, political stability, declining inflation and economic assistance from friendly nations alongside achieving key indicators of the IMF programme.

Your Company remains focused on serving its stakeholders by delivering value and leveraging its diversified portfolio to keep pursuing its profitable growth aspirations.

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Towfiq Habib Chinoy (Chairman) Lahore, August 29, 2025

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Syed Hyder Ali (Chief Executive Officer & Managing Director) Lahore, August 29, 2025

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PACKAGES LIMITED

UNCONSOLIDATED CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION AS AT JUNE 30, 2025

Note EQUITY AND LIABILITIES SHARE CAPITAL AND RESERVES Authorised share capital -150,000,000 (December 31, 2024: 150,000,000) ordinary shares of Rs 10 each -22,000,000 (December 31, 2024: 22,000,000) 10% non-voting preference shares / convertible stock of Rs 190 each Issued, subscribed and paid up share capital -89,379,504 (December 31, 2024: 89,379,504) ordinary shares of Rs 10 each -8,186,842 (December 31, 2024: 8,186,842) 10% non-voting preference shares / convertible stock of Rs 190 each Other reserves Revenue reserve: Un-appropriated profits Total equity NON-CURRENT LIABILITIES Long term finances from financial institutions 6 Long term advances Deferred tax liabilities Employee benefit obligations Accumulating compensated absences CURRENT LIABILITIES Current portion of non-current liabilities Short term borrowings from financial institutions - secured 7 Trade and other payables 8 Unclaimed dividend Accrued finance cost CONTINGENCIES AND COMMITMENTS 9	June 30, 2025 Un-audited (Rupees in 1,500,000 4,180,000 5,680,000 893,795 606,222 47,935,416 2,375,030 51,810,463 12,382,650 77,766 1,954,362 1,309,828 145,334 15,869,940 1,712,500 2,068,794 892,532 120,499 422,598 5,216,923 72,897,326	December 31, 2024 Audited Note thousand) ASSETS NON-CURRENT ASSETS 1,500,000 Property, plant and equipment 10 Investment properties 4,180,000 Intangible assets 5,680,000 Long term investments 11 Long term loans to subsidiary companies 12 Long term security deposits Deferred tax asset 893,795 606,222 51,407,032 2,311,494 55,218,543 53,803,834 1,993,371 6,938,900 43,501 - 1,227,074 (1,954,362) 122,073 8,331,548 13915578 CURRENT ASSETS 1,312,500 Loans, advances, deposits, prepayments and 1,000,000 other receivables 830,951 Income tax receivable 100,268 Short term investments 345,428 Cash and bank balances 3,589,147 67,139,238	June 30, 2025 Un-audited (Rupees in 680,153 1,960,631 774 58,152,173 6,250,000 3,713 - 67,047,444 1,229,886 2,369,175 110,000 2,140,821 5,849,882 72,897,326	December 31, 2024 Audited thousand) 604,130 1,919,924 929 59,630,418 1,000,000 3,713 29,714 63,188,828 1,385,742 2,294,994 110,000 159,674 3,950,410 67,139,238

The annexed notes 1 to 21 form an integral part of these unconsolidated condensed interim financial statements.

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Director

Chief Executive Officer

Chief Financial Officer

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PACKAGES LIMITED

UNCONSOLIDATED CONDENSED INTERIM STATEMENT OF PROFIT OR LOSS (UN-AUDITED) FOR THE THREE-MONTH AND SIX-MONTH PERIODS ENDED JUNE 30, 2025

Note Dividend income 13 Rental income Operating revenue Administrative expenses Net impairment gain on financial assets Other expenses Other income Operating profit Finance costs Profit before levy and income tax Levy Profit before income tax Income tax Profit for the period Earnings/(loss) per share in Rupees Basic 14 Diluted 14

June 30, June 30, June 30, June 30, 2025 2024 2025 2024 Un-audited Un-audited Un-audited Un-audited 1,218,631 531,032 2,321,063 1,878,684 185,224 159,121 370,296 314,129 1,403,855 690,153 2,691,359 2,192,813 (338,176) (323,280) (621,702) (588,424) - 99,418 558 99,421 (71) (605) (152) (605) 115,331 51,251 169,453 107,189 1,180,939 516,937 2,239,516 1,810,394 (323,852) (423,076) (633,894) (821,913) 857,087 93,861 1,605,622 988,481 (16,463) (13,626) (16,463) (18,287) 840,624 80,235 1,589,159 970,194 (124,565) (50,570) (184,930) (151,016) 716,059 29,665 1,404,229 819,178 8.01 (0.38) 15.71 8.45 7.74 (0.38) 15.18 8.45 Three-month period ended (Rupees in thousand) Six-month period ended

The annexed notes 1 to 21 form an integral part of these unconsolidated condensed interim financial statements.

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Chief Executive Officer

Chief Financial Officer

Director 9

PACKAGES LIMITED

UNCONSOLIDATED CONDENSED INTERIM STATEMENT OF COMPREHENSIVE INCOME (UN-AUDITED)

FOR THE THREE-MONTH AND SIX-MONTH PERIODS ENDED JUNE 30, 2025

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Three month period ended Six-month period ended
June 30, June 30, June 30, June 30,
2025 2024 2025 2024
(Rupees in thousand)
Profit for the period 716,059 29,665 1,404,229 819,178
Other comprehensive loss for the period:
- - - -
Items that may be reclassified subsequently to profit or loss
Items that will not be subsequently reclassified to profit or loss:
- Change in fair value of investments held at fair value through
other comprehensive income ('FVOCI') - net of tax effect (3,181,670) (1,626,633) (3,471,616) (3,827,683)
(3,181,670) (1,626,633) (3,471,616) (3,827,683)
Total comprehensive loss for the period (2,465,611) (1,596,968) (2,067,387) (3,008,505)
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The annexed notes 1 to 21 form an integral part of these unconsolidated condensed interim financial statements.

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Chief Executive Officer Director Chief Financial Officer

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PACKAGES LIMITED

UNCONSOLIDATED CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY (UN-AUDITED) FOR THE SIX-MONTH PERIOD ENDED JUNE 30, 2025

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Issued, subscribed and paid Reserves
up share capital Capital reserves Revenue reserves Equity
Preference
Ordinary shares / Capital
share convertible Share FVOCI redemption General Un-appropriated
capital stock premium reserve reserve reserve profits Total
(Rupees in thousand)
Balance as on January 01, 2024 (audited) 893,795 606,222 3,766,738 25,953,732 1,615,000 22,810,333 3,007,715 58,653,535
Transaction with preference shareholders
Participating dividend on preference shares /convertible stock - - - - - - (63,749) (63,749)
Transactions with owners in their capacity as owners,
recognised directly in equity
Final dividend for the year ended
December 31, 2023 of Rs 27.5 per ordinary share - - - - - - (2,457,937) (2,457,937)
Total comprehensive loss for the
period ended June 30, 2024
Profit for the period - - - - - - 819,178 819,178
Other comprehensive loss for the period - - - (3,827,683) - - - (3,827,683)
- - - (3,827,683) - - 819,178 (3,008,505)
Balance as on June 30, 2024 (un-audited) 893,795 606,222 3,766,738 22,126,049 1,615,000 22,810,333 1,305,207 53,123,344
Balance as at January 1, 2025 (audited) 893,795 606,222 3,766,738 23,214,961 1,615,000 22,810,333 2,311,494 55,218,543
Transactions with owners in their capacity as owners,
recognised directly in equity
Final dividend for the year ended
December 31, 2024 of Rs 15 per ordinary share - - - - - - (1,340,693) (1,340,693)
Total comprehensive loss for the period
ended June 30, 2025
Profit for the period - - - - - - 1,404,229 1,404,229
Other comprehensive loss for the period - - - (3,471,616) - - - (3,471,616)
- - - (3,471,616) - - 1,404,229 (2,067,387)
Balance as on June 30, 2025 (un-audited) 893,795 606,222 3,766,738 19,743,345 1,615,000 22,810,333 2,375,030 51,810,463
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The annexed notes 1 to 21 form an integral part of these unconsolidated condensed interim financial statements.

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Chief Executive Officer

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Director

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Chief Financial Officer

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PACKAGES LIMITED

UNCONSOLIDATED CONDENSED INTERIM STATEMENT OF CASH FLOWS (UN-AUDITED) FOR THE SIX-MONTH PERIOD ENDED JUNE 30, 2025

Note Cash flows from operating activities Cash generated from operations 16 Finance costs paid Income tax and levy paid Long term security deposits - net Payment for accumulating compensated absences Employee benefit obligations paid Dividends received Long term advances - net Net cash inflow from operating activities Cash flows from investing activities Payments for property, plant and equipment Payments for investment properties Long term loans to subsidiaries Proceeds from disposal of property, plant and equipment Net cash outflow from investing activities Cash flows from financing activities Proceeds from long term finances Repayments of long term finances Dividend paid Net cash inflow/(outflow) from financing activities Net increase/(decrease) in cash and cash equivalents Cash and cash equivalents at the beginning of the period Effect of exchange rate changes on cash and cash equivalents Cash and cash equivalents at the end of the period 17

June 30, June 30, 2025 2024 Un-audited Un-audited (Rupees in thousand) 3,512 51,717 (556,724) (863,424) (284,869) (216,161) - (1,111) (2,944) (758) (10,067) (8,067) 2,621,063 2,821,197 34,265 29,480 1,804,236 1,812,873 (187,610) (184,232) (61,772) (432,132) (5,250,000) - 74,614 33,170 (5,424,768) (583,194) 6,300,000 - (456,250) (343,750) (1,320,462) (2,501,271) 4,523,288 (2,845,021) 902,756 (1,615,342) (730,326) 517,387 62 35 172,492 (1,097,920) Six-month period ended

The annexed notes 1 to 21 form an integral part of these unconsolidated condensed interim financial statements.

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Chief Executive Officer

Chief Financial Officer

Director 12

PACKAGES LIMITED

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

FOR THE SIX-MONTH PERIOD ENDED JUNE 30, 2025

1. Legal status and nature of business

Packages Limited (the 'Company') is a public company limited by shares incorporated in Pakistan in 1956 under the repealed Companies Act, 1913 (now, the Companies Act, 2017). The Company's ordinary shares are listed on the Pakistan Stock Exchange Limited. The registered office of the Company is situated at 4th floor, the Forum, Suite No. 416 - 422, G-20, Block 9, Khayaban-e-Jami, Clifton, Karachi, Pakistan. Head office is located at Shahrah-e-Roomi, P.O. Amer Sidhu, Lahore, Pakistan.

The principal activities of the Company are to rent out its land and buildings and to manage investments in subsidiary companies, associates and joint ventures, which are engaged in various businesses including manufacturing of packaging materials, tissue, consumer products, industrial inks, paper, paperboard products and corrugated boxes, biaxially oriented polypropylene ('BOPP') and cast polypropylene ('CPP') films, biopharmaceutical products, ground calcium carbonate products, corn-based starch products, insurance, power generation and real estate.

2. Basis of preparation

2.1 Statement of compliance

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

• i) International Accounting Standard ('IAS') 34, 'Interim Financial Reporting', issued by International Accounting Standards Board ('IASB') as notified under the Companies Act, 2017 (the 'Act'); and

• ii) Provisions of and directives issued under the Act.

Where provisions of and directives issued under the Act differ with the requirements of IAS 34, the provisions of and directives issued under the Act have been followed.

2.2 These unconsolidated condensed interim financial statements are un-audited and are being submitted to the members as required by section 237 of the Act.

These unconsolidated condensed interim financial statements do not include all of the disclosures required for full annual financial statements and should therefore be read in conjunction with the annual financial statements for the year ended December 31, 2024, and any public announcements made by the Company during the interim reporting period. Selected explanatory notes have been included to explain events and transactions that are significant to an understanding of the changes in the Company’s financial position and performance since the last annual financial statements. However, the primary financial statements are presented in a format consistent with the financial statements that are required to be presented in the annual financial statements under IAS 1.

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The Company is required to issue condensed interim consolidated financial statements along with its condensed interim separate financial statements in accordance with the requirements of accounting and reporting standards as applicable in Pakistan. Condensed interim consolidated financial statements are prepared and presented separately.

3. Material accounting policies

3.1 The accounting policies and methods of computation adopted in the preparation of these unconsolidated condensed interim financial statements are the same as those applied in the preparation of preceding annual audited financial statements of the Company for the year ended December 31, 2024 except for the estimation of income tax (see note 5) and the adoption of new and amended IFRS Accounting Standards as set out below.

3.1.1 Standards, amendments and interpretations to accounting standards that are effective in the current period

Certain standards, amendments and interpretations to International Financial Reporting Standards (IFRS) are effective for accounting period beginning on January 1, 2025, but are considered not to be relevant or to have any significant effect on the Company’s operations (although they may affect the accounting for future transactions and events) and are, therefore, not detailed in these unconsolidated condensed interim financial statements.

3.1.2 Standards, amendments and interpretations to existing standards that are not yet effective and have not been early adopted by the Company

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

4. Accounting estimates

The preparation of these unconsolidated condensed interim financial statements requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.

In preparing these unconsolidated condensed interim financial statements, the significant judgments made by management in applying accounting policies and key sources of estimation were the same as those that were applied to the annual audited financial statements of the Company for the year ended December 31, 2024, with the exception of change in estimate that is required in determining the provision for income taxes as referred to in note 5.

5. Income tax

Income tax expense is recognized in each interim period based on best estimate of the weighted average annual effective income tax rate expected for the full financial year. Amounts accrued for income tax expense in one interim period may have to be adjusted in a subsequent interim period of that financial year if the estimate of the annual income tax rate changes. Where different income tax rates apply to different categories of income, a separate rate is applied to each category of pre-tax income. Income tax on dividend income is a final tax and is recorded at the tax rate applicable under the income tax law on the dividend received.

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6. Long term finances from financial institutions Preference shares / convertible stock - unsecured Long term loans - secured Current portion shown under current liabilities - note 6.1 6.1 The reconciliation of the carrying amount is as follows: Opening balance Disbursements during the period/year - note 6.1.1 Repayments during the period/year Closing balance Current portion shown under current liabilities

June 30, December 31, 2025 2024 Un-audited Audited 932,650 932,650 13,162,500 7,318,750 14,095,150 8,251,400 (1,712,500) (1,312,500) 12,382,650 6,938,900 8,251,400 7,438,900 6,300,000 1,500,000 (456,250) (687,500) 14,095,150 8,251,400 (1,712,500) (1,312,500) 12,382,650 6,938,900 (Rupees in thousand)

6.1.1 This includes a Term Finance Facility (the 'Facility') of Rs 4,000 million (Year ended December 31, 2024: Nil) which has been obtained from Faysal Bank Limited to finance the equity injection/financial support in Bulleh Shah Packaging (Private) Limited ('BSPL'), a subsidiary. The Facility is secured against the ranking charge over all the present and future current assets of the Company with 25% margin. The collateral for this loan amounts to Rs 5,334 million. This loan is repayable in 10 equal semi-annual instalments in 7 years, including a grace period of 2 years with instalments starting in December 2027. The loan carries mark-up at the rate of six-month Karachi Inter-Bank Offered Rate ('KIBOR') per annum. The mark-up rate charged during the period on the outstanding balance was 11.22% per annum.

This also includes a Term Finance Facility (the 'Facility') of Rs 4,000 million (Year ended December 31, 2024: Nil) which has been obtained from Allied Bank Limited to finance the equity injection/financial support in BSPL, a subsidiary, against which a disbursement of Rs 800 million was made on June 19, 2025. The amount drawn down is secured against pledge of Nestle Pakistan Limited's shares owned by the Company. This loan is repayable in 10 equal semi-annual instalments in 7 years, including a grace period of 2 years with instalments starting in December 2027. The loan carries mark-up at the rate of six-month KIBOR per annum. The mark-up rate charged during the period on the outstanding balance was 11.18% per annum.

This also includes a Term Finance Facility (the 'Facility') of Rs 1,500 million (Year ended December 31, 2024: Nil) which has been obtained from Allied Bank Limited to finance the equity injection/financial support in StarchPack (Private) Limited, a subsidiary, against which disbursement of Rs 1,500 million was made as on June 27, 2025. The Facility is secured against pledge of Nestle Pakistan Limited's shares owned by the Company. This loan is repayable in 10 equal semi-annual instalments in 7 years, including a grace period of 2 years with instalments starting in December 2027. The loan carries mark-up at the rate of six-month KIBOR per annum. The mark-up rate charged during the period on the outstanding balance was 11.11% per annum.

15

In accordance with the terms of agreement for preference shares with International Finance Corporation ('IFC') (as disclosed in note 7.1 to the unconsolidated financial statements for the year ended December 31, 2024), the Company has complied with all the covenants throughout the period.

In accordance with the terms of agreement for long term finances, the Company is required to comply with the following financial covenants:

• the debt service coverage ratio, calculated according to the terms of the above mentioned agreement shall not be less than 1.25.

• the current ratio shall not be less than 1:1.

• the interest coverage ratio must not be less than 1.25.

• the debt to equity ratio, as calculated under the terms of the said agreement, must not be more than 1.5.

The financial institutions check compliance with the covenants at each year end. There are no indications that the Company will face difficulties in complying with the covenants when they are next tested as of December 31, 2025.

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|---|---|---|---|
|June 30,|December 31,|
|2025|2024|
|Un-audited|Audited|
|(Rupees in thousand)|
|7.|Short term borrowings from financial institutions - secured|
|Short term finances from financial institutions - secured|
|Money market loan - secured|- note 7.1|-|1,000,000|
|Running finances - secured|- note 7.2|2,068,794|-|
|2,068,794|1,000,000|

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7.1 Money market loan - secured

Short-term finances (money market loans), which are a sub-limit of the total running finance facilities available, were obtained by the Company from Allied Bank Limited. The outstanding balance was nil (December 31, 2024: Rs 1,000 million). The loan matured during the period on January 23, 2025. The markup rate is linked to the three-month KIBOR less 1.5% per annum and was 10.74% per annum at the maturity date of the loan (year ended December 31, 2024: 10.74% to 13.82% per annum). Mark-up is payable on maturity every three months. These loans are secured by a pledge of Nestle Pakistan Limited shares held by the Company under a Share Pledge Agreement.

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7.2 Running finances - secured

Short term running finances available from commercial banks under mark-up arrangements aggregate Rs 4,000 million (2024: Rs 4,000 million). The rates of mark-up are based on one to three month KIBOR plus spread of 0.0% to 0.10% per annum and range from 11.38% to 13.35% (2024: 14.93% to 22.34%) per annum or part thereof on the balances outstanding. The aggregate running finances are secured against pledge of Nestle Pakistan Limited's shares owned by the Company under a 'Share Pledge Agreement'.

8.

Included in accrued liabilities is an amount of Rs 643 million (December 31, 2024: Rs 550 million) in respect of rent of land on lease from the Government of the Punjab ('GoPb') for the period from December 2015 to June 2025. There has been no change in the status as disclosed in note 13.3 of the preceding audited unconsolidated annual financial statements of the Company for the year ended December 31, 2024.

9. Contingencies and commitments

9.1 Contingencies

There is no significant change in contingencies from the preceding annual audited financial statements of the Company for the year ended December 31, 2024, except for the following update. Based on the advice of the Company's tax advisor, the management believes that there are meritorious grounds to support the Company's stance in respect of this matter. Consequently, no provision for this amount has been made in these unconsolidated condensed interim financial statements.

(i) With reference to the matter disclosed in note 22.4(b) of the annual audited financial statements of the Company for the year ended December 31, 2024, the Company is contesting a demand raised by the Punjab Revenue Authority (PRA) amounting to Rs 757.841 million relating to alleged withholding tax defaults on Punjab Sales Tax for the tax periods 2014 to 2016.

After the Company filed an appeal, the demand was initially reduced to Rs 457.570 million following an inquiry conducted under section 64(5) of the Punjab Sales Tax on Services Act, 2012. However, recovery proceedings were later reinitiated and, as of December 18, 2023, the demand was reinstated to the original amount of Rs 757.841 million. The appeal remains pending before the Commissioner (Appeals).

During the period, the Company obtained a stay against recovery proceedings from the Punjab Revenue Authority until August 13, 2025. Additionally, the Lahore High Court (LHC) granted a further stay, directing that no coercive measures shall be taken against the Company until the appeal before the Commissioner (Appeals) is decided.

9.2 Commitments: Nil

10. Property, plant and equipment Operating fixed assets - note 10.1 Capital work-in-progress	June 30, December 31, 2025 2024 Un-audited Audited 660,890 593,261 19,263 10,869 680,153 604,130 (Rupees in thousand)

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10.1 Operating fixed assets

2025

Leasehold land Buildings on freehold land Buildings on leasehold land Other equipment (computers, lab equipment and other office equipment) Furniture and fixtures Vehicles	Cost as at January 1, 2025 1,392 120,478 4,154 80,314 688 517,963 724,989	(deletions) - 1,100 - 11,106 (2,978) 28 166,982 (91,235) 179,216 (94,213) Additions /	(Rupees in thousand) Accumulated Cost as at depreciation June as at January 30, 2025 1, 2025 1,392 424 121,578 12,912 4,154 4,154 88,442 35,148 716 208 593,710 78,882 809,992 131,728	Depreciation charge / (deletions) 7 3,581 - 7,482 (2,287) 80 - 25,751 (17,240) 36,901 (19,527)	Accumulated depreciation as at June 30, 2025 431 16,493 4,154 40,343 288 87,393 149,102	Book value as at June 30, 2025 961 105,085 - 48,099 428 506,317 660,890

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11. Long term investments Opening balance Add: Investments made during the period / year Fair value loss recognised in other comprehensive income Long term loan to subsidiary converted to share deposit money Closing balance 12. Long term loans to subsidiary companies StarchPack (Private) Limited - note 12.1 Bulleh Shah Packaging (Private) Limited - note 12.2	June 30, December 31, 2025 2024 Un-audited Audited 59,630,418 61,516,912 - 602,277 (1,478,245) (2,738,771) - 250,000 58,152,173 59,630,418 2,250,000 1,000,000 4,000,000 - 6,250,000 1,000,000 (Rupees in thousand)

• 12.1 In the prior year, on December 30, 2024, the Company entered into an unsecured, interest-bearing longterm loan facility agreement, subordinated to the external long term lenders of the Company, of Rs 1,000 million to finance the fixed capital expenditure of its wholly owned subsidiary, StarchPack (Private) Limited ('SPL') and disbursed the full amount to SPL. This facility carries an interest rate of six-month KIBOR plus a spread of 0.15% per annum and is to be repaid in five equal semi-annual instalments, following a grace period of two years, with repayments starting in June 2027.

During the current period, the Company entered into another unsecured, interest-bearing long-term loan facility agreement of Rs 1,250 million with SPL, to finance the fixed capital expenditure of SPL and disbursed the full amount to SPL. This facility carries an interest rate of six-month KIBOR plus a spread of 0.15% per annum and is to be repaid in ten equal semi-annual instalments, following a grace period of two years, with repayments starting in December 2027.

• 12.2 The Company entered into an unsecured, interest-bearing long-term loan facility agreement, subordinated to the external long term lenders of the Company, of Rs 4,000 million with its wholly owned subsidiary, Bulleh Shah Packaging (Private) Limited (BSPL), to finance the fixed capital expenditure of BSPL. This facility carries an interest rate of six-month KIBOR plus a spread of 0.15% per annum and is to be repaid in ten equal semi-annual instalments, following a grace period of two years, with repayments starting in December 2027.

13. Dividend income Dividend income from related parties - note 13.1 Dividend income from others 13.1 Dividend income from related parties DIC Pakistan Limited Tri-Pack Films Limited IGI Holdings Limited Packages Convertors Limited OmyaPack (Private) Limited Packages Real Estate (Private) Limited Hoechst Pakistan Limited Packages Lanka (Private) Limited	June 30, June 30, 2025 2024 Un-audited Un-audited 1,108,876 440,192 109,755 90,840 1,218,631 531,032 - - - 161,232 60,132 60,132 300,000 100,000 50,000 - 263,043 - 435,701 118,828 - - 1,108,876 440,192 Three-month period ended (Rupees in thousand)	June 30, June 30, 2025 2024 Un-audited Un-audited 2,211,308 1,756,773 109,755 121,911 2,321,063 1,878,684 202,635 351,909 - 161,232 60,132 60,132 1,000,000 750,000 100,000 25,000 263,043 75,625 435,701 118,828 149,797 214,047 2,211,308 1,756,773 (Rupees in thousand) Six-month period ended

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14. Earnings per share Basic earnings per share Profit for the period Rupees in thousand Participating preference dividend Rupees in thousand Net profit/(loss) attributable to ordinary shareholders Weighted average number of ordinary shares Number Basic earnings/(loss) per share Rupees Diluted earnings per share Profit for the period Rupees in thousand Return on preference shares / convertible stock Rupees in thousand Weighted average number of ordinary shares Number Weighted average number of notionally converted preference shares / convertible stock Number Diluted earnings/(loss) per share Rupees	June 30, 2025 Un-audited 716,059 - 716,059 89,379,504 8.01 716,059 38,781 754,840 89,379,504 8,186,842 97,566,346 7.74 Three-month	June 30, 2024 Un-audited 29,665 (63,749) (34,084) 89,379,504 (0.38) 29,665 38,675 68,340 89,379,504 8,186,842 97,566,346 (0.38) period ended	June 30, June 30, 2025 2024 Un-audited Un-audited 1,404,229 819,178 - (63,749) 1,404,229 755,429 89,379,504 89,379,504 15.71 8.45 1,404,229 819,178 77,136 77,350 1,481,365 896,528 89,379,504 89,379,504 8,186,842 8,186,842 97,566,346 97,566,346 15.18 8.45 Six-month period ended

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15. Transactions and balances with related parties

The related parties comprise of subsidiaries, joint venture, associates, related parties on the basis of common directorship, group companies, key management personnel including directors and post-employment staff retirement plans. Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the company, directly or indirectly, including any director (whether executive or otherwise) of that Company. The Company in the normal course of business carries out transactions with various related parties. Significant transactions and balances with related parties are as follows:

		Six months ended	Six months ended
		June 30, 2025	June 30, 2024
		Un-audited	Un-audited
Relationship with the	Nature of transactions	(Rupees in thousand)
i. Subsidiaries	Purchase of goods and services	-	2,521
	Dividend income	2,051,176	1,671,641
	Interest income on long term loans	108,165	27,610
	Rental income and others	360,159	305,272
	Management and technical fee	39,435	39,876
	Reimbursement of salaries by the Company	23,745	41,184
	Reimbursement of salaries to the Company	585,175	455,277
	Loan provided to subsidiary	5,250,000	-
ii. Joint venture	Dividend income	100,000	25,000
	Rental income and others	1,373	1,248
	Reimbursement of salaries to the Company	12,892	7,071
iii. Associates	Insurance premium expense	57,300	50,184
	Dividend income	60,132	60,132
	Dividend paid	481,558	734,448
	Rental income and others	3,663	2,671
	Reimbursement of salaries by the Company	-	173
	Reimbursement of salaries to the Company	99,537	72,130
iv. Retirement funds	Expense charged in respect
	of retirement benefit plans	144,391	123,893
	Dividend paid	42,486	77,892
v. Key management personnel	Salaries and other employee benefits	85,018	82,881
	Meeting fee	10,425	10,225
	Dividend paid	76,896	141,594
All transactions with related parties have been carried out on mutually agreed		June 30, 2025 terms and conditions.	December 31, 2024
		Un-audited	Un-audited
Period / year end balances		(Rupees in thousand)
Receivable from related parties
- Subsidiaries		884,762	1,016,913
- Joint ventures		3,546	2,965
- Associates		37,130	51,781
- Retirement funds		16,537	-
Loans receivable from subsidiary companies
- StarchPack (Private) Limited		2,250,000	1,000,000
- Bulleh Shah Packaging (Private) Limited		4,000,000	-
Payable to related parties
- Subsidiaries		75,990	117,975
- Associates		6,558	4,520
- Other related party		-	2,897

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16. Cash generated from operations Profit before levy and income tax Adjustments for non-cash charges and other items: - Depreciation on operating fixed assets note 10.1 - Depreciation on investment properties - Amortisation on intangible assets - Provision for accumulating compensated absences - Provision for retirement benefits - Loss on sale of operating fixed assets - Exchange gain - Finance cost - Net impairment gain on financial assets - Liabilities no longer payable written back - Provision for rent in respect of land leased from GoPb - Profit on long term loans to subsidiary companies - Dividend income classified as investing cash flows Profit before working capital changes Effect on cash flow due to working capital changes - (Increase) /decrease loans, advances, deposits, prepayments and other receivables - Decrease in trade and other payables 17. Cash and cash equivalents Cash and bank balances - excluding restricted funds Short term investments Short term borrowings from financial institutions - secured 18. Financial risk management 18.1 Financial risk factors

June 30, June 30, 2025 2024 Un-audited Un-audited 1,605,622 988,481 36,901 26,410 21,065 21,709 155 155 21,148 13,957 92,821 85,064 71 605 (9,029) (17,980) 633,894 821,913 (558) (99,421) (12,189) (454) 93,000 75,000 (108,165) (27,610) (2,321,063) (1,878,684) 53,673 9,145 (21,335) 139,813 (28,826) (97,241) (50,161) 42,572 3,512 51,717 June 30, June 30, 2025 2024 Un-audited Un-audited 2,131,286 215,074 110,000 90,000 (2,068,794) (1,402,994) 172,492 (1,097,920) (Rupees in thousand) (Rupees in thousand) Six months ended

The Company's activities expose it to a variety of financial risks: market risk (including currency risk, fair value interest rate risk, cash flow interest rate risk and price risk), credit risk and liquidity risk.

The unconsolidated condensed interim financial statements do not include all financial risk management information and disclosures required in the annual financial statements, and should be read in conjunction with the Company's annual audited financial statements for the year ended December 31, 2024.

There have been no significant changes in the risk management department or in risk management policies since the year ended December 31, 2024.

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18.2 Contractual maturities

The contractual maturities of the Company’s financial liabilities were as follows:

At June 30, 2025 Long term finances from financial institutions Short term borrowings from financial institutions - secured Long term advances Trade and other payables Unclaimed dividend Accrued finance cost At December 31, 2024 Long term finances from financial institutions Short term borrowings from financial institutions - secured Long term advances Trade and other payables Unclaimed dividend Accrued finance cost	Carrying value 14,095,150 2,068,794 77,766 888,459 120,499 422,598 17,673,266 Carrying value 8,251,400 1,000,000 43,501 799,406 100,268 345,428 10,540,003	Total contractual cashflows 14,095,150 2,068,794 131,412 888,459 120,499 422,598 17,726,912 Total contractual cashflows 8,251,400 1,000,000 65,326 799,406 100,268 345,428 10,561,828	Less than 1 year Between 1 and 2 years 2 to 5 years 1,712,500 1,862,500 6,617,500 2,068,794 - - - 4,457 72,908 888,459 - - 120,499 - - 422,598 - - 5,212,850 1,866,957 6,690,408 Less than 1 year Between 1 and 2 years 2 to 5 years 1,312,500 1,862,500 4,143,750 1,000,000 - - - 1,303 10,467 799,406 - - 100,268 - - 345,428 - - 3,557,602 1,863,803 4,154,217 (Rupees in thousand) (Rupees in thousand)	Over 5 years 3,902,650 - 54,047 - - - 3,956,697 Over 5 years 932,650 - 53,556 - - - 986,206

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19. Fair value estimation

a) Fair value hierarchy

The different levels for fair value estimation used by the Company have been defined as follows:

• The fair value of financial instruments traded in active markets is based on quoted market prices at the reporting date. A market is regarded as active if quoted prices are readily and regularly available from an exchange, dealer, broker, industry group, pricing service, or regulatory agency, and those prices represent actual and regularly occurring market transactions on an arm’s length basis. The quoted market price used for financial assets held by the Company is the current bid price. These instruments are included in Level 1.

• The fair value of financial instruments that are not traded in an active market is determined by using valuation techniques. These valuation techniques maximise the use of observable market data where it is available and rely as little as possible on entity specific estimates. If all significant inputs required to fair value an instrument are observable, the instrument is included in Level 2.

• If one or more of the significant inputs is not based on observable market data, the instrument is included in Level 3.

To provide an indication about the reliability of the inputs used in determining fair value, the Company classifies its financial instruments into the three levels prescribed above. The following table presents the Company’s significant financial assets measured and recognised at fair value at June 30, 2025 and December 31, 2024 on a recurring basis:

As at June 30, 2025 Assets Recurring fair value measurements Investments - FVOCI As at December 31, 2024 Assets Recurring fair value measurements Investments - FVOCI	Level 1 25,737,269 Level 1 27,215,515	Level 2 Level 3 - 5,025 Level 2 Level 3 - 5,025 (Rupees in thousand) Un-audited Audited (Rupees in thousand)	Total 25,742,294 Total 27,220,540

There were no reclassifications of financial assets and no transfers amongst the levels during the period. Further, there were no changes in the valuation techniques during the period.

20. Date of authorisation for issue

These unconsolidated condensed interim financial statements were authorised for issue on August 29, 2025 by the Board of Directors of the Company.

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21. Corresponding figures

In order to comply with the requirements of International Accounting Standard 34 - ‘Interim Financial Reporting’, the unconsolidated condensed interim statement of financial position has been compared with the balances of unconsolidated annual audited financial statements of preceding financial year, whereas, the unconsolidated condensed interim statement of profit or loss, unconsolidated condensed interim statement of comprehensive income, unconsolidated condensed interim statement of changes in equity and unconsolidated condensed interim statement of cash flows have been compared with the balances of comparable period of immediately preceding financial year.

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Chief Executive Officer

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Director

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Chief Financial Officer

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DIRECTORS’ REVIEW REPORT ON THE CONSOLIDATED CONDENSED INTERIM UN-AUDITED FINANCIAL STATEMENTS FOR THE HALF YEAR ENDED JUNE 30, 2025

The Directors of Packages Limited (the ‘Parent Company’) take pleasure in presenting the consolidated condensed interim un-audited financial statements of the Group for the half year ended June 30, 2025.

Comparison of the consolidated condensed interim un-audited results of the half year ended June 30, 2025, as against June 30, 2024, is as follows:

Sales - net Profit from operations - EBIT Finance costs Investment income Share of profit in associates and joint venture Profit before levy and income tax Levy and income tax (Loss)/profit for the period	Jan - Jun Jan - Jun
	2025 2024
	(Rupees in million) 97,163 88,464
	10,207 11,591 (7,252) (9,105) 110 122 191 174
	3,256 2,782 (3,592) (1,580)
	(336) 1,202

During the first half of 2025, the Group has achieved net sales of Rs 97,163 million against net sales of Rs 88,464 million during corresponding period of last year representing sales growth of 10% with an operating profit of Rs 10,207 million as compared to Rs 11,591 million generated during corresponding period of last year.

The Group has recorded profit before levy and income tax of Rs 3,256 million during the current period as compared to the profit before levy and income tax of Rs 2,782 million in corresponding period last year. The increase in levy and income tax is mainly attributable to derecognition of minimum taxes of prior years owing to the recent amendment in Finance Act 2025, whereby the period of recoupment of minimum taxes has been reduced from three years to two years.

26

A brief review of the operational performance of the Group subsidiaries is as follows:

PACKAGES CONVERTORS LIMITED

Packages Convertors Limited (‘PCL’) is an un-listed public limited wholly owned subsidiary of the Group. It is principally engaged in the manufacture and sale of packaging materials, tissue products & sanitary napkins. PCL has achieved net sales of Rs 25,844 million during the first half of the year 2025 as compared to Rs 25,294 million in the comparable period of the prior year representing increase of 2%. PCL has generated profit before tax of Rs 2,836 million during the first half of the year 2025 as compared to Rs 2,705 million in the comparable period of the prior year, representing an increase of 5%. This has come mainly on account of improved product mix, tighter cost controls, lower interest rates and effective working capital management.

BULLEH SHAH PACKAGING (PRIVATE) LIMITED

Bulleh Shah Packaging (Private) Limited (‘BSPL’) is a wholly owned subsidiary of the Group, which is principally engaged in the manufacturing and conversion of paper and paper board and corrugated boxes. BSPL has achieved net sales of Rs 32,743 million during the first half of the year 2025 as compared to Rs 30,407 million in the comparable period of the prior year representing increase of 8%. BSPL has recorded loss before levy and income tax of Rs 1,837 million during the first half of the year 2025 as compared to loss before levy and income tax of Rs 1,391 million in the comparable period of the prior year. The decreased profitability is mainly on account of unrestricted imports of board and paper products, adverse sales mix and increased material and fuel costs which could not be passed on to customers. Moving forward, BSPL will focus on improving operating results through volume growth, favourable sales mix and tighter cost controls.

DIC PAKISTAN LIMITED

DIC Pakistan Limited (‘DIC’) is an un-listed public limited subsidiary of the Group, which is principally engaged in the manufacturing, processing, and selling of industrial inks. DIC has achieved net sales of Rs 6,220 million during the first half of the year 2025 as compared to Rs 5,713 million in the comparable period of the prior year representing sales growth of 9%. DIC has generated profit before levy and income tax of Rs 703 million during the first half of the year 2025 as compared to Rs 832 million in the comparable period of the prior year. This is mainly due to product mix variation, higher selling expenses and finance costs. Moving forward, the management will focus on improving operating results through volume growth and tighter cost control. The company has successfully relocated and aims to commence its commercial operations from its new efficient site at Kasur during Q3 2025.

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PACKAGES LANKA (PRIVATE) LIMTED

Packages Lanka (Private) Limited (‘PLL’) is a Sri-Lanka based subsidiary of the Group, which is primarily engaged in the production & sale of flexible packaging. PLL has achieved net sales of SLR 2,191 million during the first half of the year 2025 as compared to SLR 2,536 million in the comparable period of the prior year representing decrease of 14%. PLL has generated profit before tax of SLR 494 million during the first half of the year 2025 as compared to SLR 567 million in the comparable period of the prior year, representing decline of 13%. Going forward, PLL will focus on improving operating results through volume growth and efficient working capital management.

PACKAGES REAL ESTATE (PRIVATE) LIMITED

Packages Real Estate (Private) Limited (‘PREPL’) is a subsidiary of the Group, which is primarily engaged in development of real estate. It is currently operating a real estate project titled ‘Packages Mall’ and also leases out office space to corporate customers. PREPL has achieved net revenue of Rs 3,203 million during the first half of the year 2025 as compared to Rs 2,944 million in the comparable period of the prior year representing revenue growth of 9%. PREPL has doubled its profit before levy and income tax to Rs 949 million for the first half of the year 2025 as compared to Rs 475 million in the comparable period of the prior year.

STARCHPACK (PRIVATE) LIMITED

StarchPack (Private) Limited (‘SPL’) is a wholly owned subsidiary of the Group, which is principally engaged in the manufacture and sale of corn-based starch products, its derivates, by-products and trading of corn. SPL achieved net sales of Rs 3,373 million during the first half of the year 2025 as compared to Rs 1,146 million in the comparable period of the prior year, which was its first year of operations. SPL has recorded a loss before levy and income tax of Rs 1,139 million as against loss before levy and income tax of Rs 869 million during first half of last year. SPL is targeting a stable performance in the second half of the current year with increased product portfolio especially in value-added starches, efficient production and efficient corn procurement.

TRI-PACK FILMS LIMITED

Tri-Pack Films Limited (‘TPFL’) is a listed public limited subsidiary of the Group, which is principally engaged in the manufacturing and sale of Biaxially Oriented Polypropylene (BOPP) film and Cast Polypropylene (CPP) films. TPFL has achieved net sales of Rs 14,511 million during the first half of the year 2025 as compared to Rs 13,700 million in the comparable period of the prior year, representing growth of 6%, reflecting sustained market demand. TPFL has recorded loss before levy and income tax of Rs 288 million during the first half of the year 2025 as against profit before levy and income tax of Rs 236 million in the comparable period of the prior year, primarily on account of capitalization of its new BOPP line, leading to increased depreciation and finance cost. Moving forward, the company expects to recoup the benefits of the strategic capital expenditure by higher volumes, effective working capital management and tighter fixed cost controls.

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PACKAGES TRADING FZCO, DUBAI, UAE

Packages Trading FZCO (‘FZCO’) is a wholly owned subsidiary of the Group, which is incorporated under Dubai Integrated Economic Zones Authority Implementing Regulations, 2022 and registered with Dubai Integrated Economic Zones Authority. The subsidiary is primarily engaged in commercial trading with import, export, distribution and warehousing as its ancillary activities. FZCO achieved net revenue of AED 106 million during the first half of the year 2025 as compared to AED 26 million in the comparable period of last year, representing increase of 4.1 times. FZCO has recorded a profit of AED 1.1 million as against a profit of AED 0.2 million during first half of last year, representing increase of 5.5 times. Moving forward, FZCO is expected to provide both export and import synergies to group companies in future years.

HOECHST PAKISTAN LIMITED

(FORMERLY SANOFI-AVENTIS PAKISTAN LIMITED)

Hoechst Pakistan Limited (formerly Sanofi-Aventis Pakistan Limited) (’HPL’) is principally engaged in the manufacturing, selling and trading of pharmaceutical and related products. HPL has achieved net revenue of Rs 16,285 million during the first half of the year 2025 as compared to Rs 13,331 million in the comparable period of the prior year representing sales growth of 22%. HPL has generated profit before levy and income tax of Rs 2,346 million during the first half of the year 2025 as compared to Rs 1,619 million in the comparable period of the prior year, representing an increase of 45%, mainly driven from sales growth, favourable product mix and effective working capital management.

FUTURE OUTLOOK

The Group expects that the economic outlook of the country would continue to improve on the back of prudent policy management, continued strategic reform initiatives aimed at maintaining fiscal discipline, improving foreign exchange reserves, political stability, declining inflation and economic assistance from friendly nations alongside achieving key indicators of the IMF programme.

The Group’s management remains focused on serving its stakeholders by delivering value and leveraging its diversified portfolio to keep pursuing its profitable growth aspirations.

==> picture [89 x 51] intentionally omitted <==

Towfiq Habib Chinoy (Chairman) Lahore, August 29, 2025

==> picture [90 x 41] intentionally omitted <==

Syed Hyder Ali (Chief Executive Officer & Managing Director) Lahore, August 29, 2025

29

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30

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31

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32

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Zg©¦ ñOÔ= (I],eZƒZzgWWÁh Zr) (}ç) 2025Ô~Z29 gƒÑ

33

PACKAGES LIMITED AND ITS SUBSIDIARIES

CONSOLIDATED CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION AS AT JUNE 30, 2025

Note EQUITY AND LIABILITIES CAPITAL AND RESERVES Authorised capital - 150,000,000 (2024: 150,000,000) ordinary shares of Rs. 10 each - 22,000,000 (2024: 22,000,000) 10% non-voting preference shares / convertible stock of Rs 190 each Issued, subscribed and paid up capital - 89,379,504 (2024: 89,379,504) ordinary shares of Rs 10 each - 8,186,842 (2024: 8,186,842) 10% non-voting preference shares / convertible stock of Rs 190 each Other reserves Equity portion of loan from shareholder of the Parent Company Revenue reserve: Un-appropriated profits Attributable to owners of the Parent Company Non-controlling interests TOTAL EQUITY NON-CURRENT LIABILITIES Long term finances from financial institutions 6 Lease liabilities Security deposits Deferred income Deferred government grant Deferred taxation Long term advances Employee benefit obligations Accumulating compensated absences CURRENT LIABILITIES Current portion of non-current liabilities Short term borrowings from financial institutions - secured Trade and other payables Unclaimed dividend Unpaid dividend Accrued finance cost CONTINGENCIES AND COMMITMENTS 7	June 30, 2025 Un-audited (Rupees in 1,500,000 4,180,000 893,795 606,222 51,281,642 277,219 10,498,234 63,557,112 18,530,409 82,087,521 61,178,109 1,716,501 512,291 236,456 871,222 8,513,217 408,135 2,910,846 702,586 77,049,363 11,632,487 56,284,993 34,298,896 164,875 2,477 3,123,419 105,507,147 264,644,031	December 31, 2024 Audited Note thousand) ASSETS NON-CURRENT ASSETS Property, plant and equipment 8 Right-of-use assets 1,500,000 Investment properties Intangible assets 9 Investments accounted for using the equity method 10 4,180,000 Other long term investments 11 Long term security deposits Long term loans 893,795 606,222 55,305,019 277,219 13,140,151 70,222,406 18,486,388 88,708,794 60,240,619 1,403,824 479,423 295,441 1,040,158 6,004,843 336,247 2,659,867 691,597 73,152,019 CURRENT ASSETS 9,318,037 Stores and spares 46,418,451 Stock-in-trade 27,479,841 Short term investments 135,188 Trade debts 3,911 Loans, advances, deposits, prepayments 3,452,701 and other receivables 86,808,129 Income tax receivable Cash and bank balances 248,668,942	June 30, 2025 Un-audited (Rupees in 109,627,972 1,786,175 13,317,660 6,524,595 5,636,481 25,742,294 438,165 7,997 163,081,339 7,950,211 43,985,589 2,152,980 22,756,504 10,307,376 7,572,164 6,837,868 101,562,692 264,644,031	December 31, 2024 Audited thousand) 107,469,125 1,836,684 13,221,984 5,750,804 6,155,613 27,220,540 347,699 5,656 162,008,105 5,311,642 42,132,162 617,884 19,347,599 8,298,943 7,168,149 3,784,458 86,660,837 248,668,942

The annexed notes 1 to 21 form an integral part of these consolidated condensed interim unaudited financial statements.

Chief Executive Officer

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Director

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Chief Financial Officer

34

PACKAGES LIMITED AND ITS SUBSIDIARIES

CONSOLIDATED CONDENSED INTERIM STATEMENT OF PROFIT OR LOSS (UN-AUDITED) FOR THE THREE AND SIX MONTH PERIODS ENDED JUNE 30, 2025

Note Net revenue 12 Cost of sales and services Gross profit Administrative expenses Distribution and marketing costs Net impairment gain/(loss) on financials assets Other expenses Other income Investment income Share of net profit of associates and joint ventures accounted for using equity method Operating profit Finance costs Profit before levy and income tax Levy Profit before income tax Income tax (Loss)/profit for the period (Loss)/profit attributable to: Equity holders of the Parent Company Non-controlling interests (Loss)/earnings per share attributable to equity holders of the Parent Company during the period Basic Rupees 13 Diluted Rupees 13	June 30, June 30, 2025 2024 (Rupees in thousand) 47,418,762 43,129,338 (37,472,638) (34,077,667) 9,946,124 9,051,671 (1,703,906) (1,224,167) (2,702,729) (2,693,016) 41,429 (65,587) (939,687) (338,488) 396,930 377,256 109,754 90,840 96,878 108,652 5,244,793 5,307,161 (3,600,279) (4,597,379) 1,644,514 709,782 (183,274) (615,228) 1,461,240 94,554 (1,985,917) 482,853 (524,677) 577,407 (998,491) 127,906 473,814 449,501 (524,677) 577,407 (11.17) 0.72 (11.17) 0.72 Three month period ended	June 30, June 30, 2025 2024 (Rupees in thousand) 97,163,373 88,463,658 (77,014,238) (69,735,691) 20,149,135 18,727,967 (3,430,105) (3,176,800) (5,695,211) (4,725,711) (37,464) (41,353) (1,410,617) (608,701) 631,497 1,415,135 109,754 121,911 190,675 174,381 10,507,664 11,886,829 (7,252,053) (9,104,839) 3,255,611 2,781,990 (526,076) (795,652) 2,729,535 1,986,338 (3,066,338) (783,888) (336,803) 1,202,450 (1,301,224) 409,266 964,421 793,184 (336,803) 1,202,450 (14.56) 3.87 (14.56) 3.87 Six-month period ended

The annexed notes 1 to 21 form an integral part of these consolidated condensed interim unaudited financial statements.

Chief Executive Officer

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Director

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Chief Financial Officer

35

PACKAGES LIMITED AND ITS SUBSIDIARIES

CONSOLIDATED CONDENSED INTERIM STATEMENT OF COMPREHENSIVE INCOME (UN-AUDITED) FOR THE THREE AND SIX MONTH PERIODS ENDED JUNE 30, 2025

(Loss)/profit for the period Other comprehensive (loss) / income for the period Items that will not be subsequently reclassified to profit or loss: Change in fair value of investments at fair value through other comprehensive income ('FVOCI') - net of tax effect Items that may be reclassified subsequently to profit or loss: Net exchange differences on translation of foreign operations Share of other comprehensive loss of associates and joint venture accounted for using the equity method - net of tax Other comprehensive loss for the period Total comprehensive loss for the period Total comprehensive (loss) / income attributable to: Equity holders of the Parent Company Non-controlling interests	June 30, June 30, 2025 2024 (524,677) 577,407 (3,181,670) (1,626,633) (3,181,670) (1,626,633) 4,164 (20,694) (489,719) (107,987) (485,555) (128,681) (3,667,225) (1,755,314) (4,191,902) (1,177,907) (4,665,277) (1,623,075) 473,375 445,168 (4,191,902) (1,177,907) (Rupees in thousand) Three month period ended	June 30, June 30, 2025 2024 (336,803) 1,202,450 (3,471,616) (3,827,683) (3,471,616) (3,827,683) (4,976) 74,044 (549,674) (427,490) (554,650) (353,446) (4,026,266) (4,181,129) (4,363,069) (2,978,679) (5,324,601) (3,788,843) 961,532 810,164 (4,363,069) (2,978,679) (Rupees in thousand) Six-month period ended

The annexed notes 1 to 21 form an integral part of these consolidated condensed interim unaudited financial statements.

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Chief Executive Officer

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Director

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Chief Financial Officer

36

PACKAGES LIMITED AND ITS SUBSIDIARIES CONSOLIDATED CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY (UN-AUDITED) FOR THE SIX MONTH PERIOD ENDED JUNE 30, 2025

Balance as on January 1, 2024 (audited) Transactions with preference shareholders Participating dividend on preference shares / convertible stock Transactions with owners recognized directly in equity Final dividend for the year ended December 31, 2023 Rs. 27.5 per share Final dividend for the year ended December 31, 2023 paid to non-controlling interests Total comprehensive income / (loss) for the period ended June 30, 2024 Profit for the period Other comprehensive income / (loss) for the period Balance as on June 30, 2024 (un-audited) Balance as on January 1, 2025 (audited) Transactions with owners recognized directly in equity Final dividend for the year ended December 31, 2024 Rs. 15 per share Final dividend for the year ended December 31, 2024 paid to non-controlling interests Total comprehensive (loss) / income for the period ended June 30, 2025 (Loss) / profit for the period Other comprehensive loss for the period Balance as on June 30, 2025 (un-audited)	capital 893,795 - - - - - - 893,795 893,795 - - - - - - 893,795 Issued paid Ordinary share	Preference shares / convertible stock reserve 606,222 - - - - - - 606,222 606,222 - - - - - - 606,222 , subscribed and up capital	Share premium 3,766,738 - - - - - - 3,766,738 3,766,738 - - - - - - 3,766,738	on translation of foreign operations 185,677 - - - - - 57,064 57,064 242,741 309,043 - - - - (2,087) (2,087) 306,956 Exchange differences	FVOCI reserve 25,953,731 - - - - - (3,827,683) (3,827,683) 22,126,048 23,214,960 - - - - (3,471,616) (3,471,616) 19,743,344 Attrib	Other reserves relating to associates and joint ventures 3,591,121 - - - - - (427,490) (427,490) 3,163,631 3,508,292 - - - - (549,674) (549,674) 2,958,618 utable to equity hol Capital reserves	80,653 - - - - - - 80,653 80,653 - - - - - - 80,653 ders of the Parent Reserves (Rupees i Transactions with non- controlling interests	277,219 - - - - - - 277,219 277,219 - - - - - - 277,219 Company n thousand) Equity portion of loan from shareholder of the Parent Company	Capital redemption reserve 1,615,000 - - - - - - 1,615,000 1,615,000 - - - - - - 1,615,000	General reserve 22,810,333 - - - - - - 22,810,333 22,810,333 - - - - - - 22,810,333 Revenue	Unappropriated profits 18,679,148 (63,749) (2,457,937) - (2,457,937) 409,266 - 409,266 16,566,728 13,140,151 (1,340,693) - (1,340,693) (1,301,224) - (1,301,224) 10,498,234 reserves	Capital and reserves Total 78,459,637 (63,749) (2,457,937) - (2,457,937) 409,266 (4,198,109) (3,788,843) 72,149,108 70,222,406 (1,340,693) - (1,340,693) (1,301,224) (4,023,377) (5,324,601) 63,557,112	17,928,035 - - (612,555) (612,555) 793,184 16,980 810,164 18,125,644 18,486,388 - (917,511) (917,511) 964,421 (2,889) 961,532 18,530,409 Non- controlling interests	96,387,672 (63,749) (2,457,937) (612,555) (3,070,492) 1,202,450 (4,181,129) (2,978,679) 90,274,752 88,708,794 (1,340,693) (917,511) (2,258,204) (336,803) (4,026,266) (4,363,069) 82,087,521 Total equity

The annexed notes 1 to 21 form an integral part of these consolidated condensed interim unaudited financial statements.

Chief Executive Officer

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Director

==> picture [72 x 23] intentionally omitted <==

Chief Financial Officer

37

PACKAGES LIMITED AND ITS SUBSIDIARIES CONSOLIDATED CONDENSED INTERIM STATEMENT OF CASH FLOWS (UN-AUDITED) FOR THE SIX MONTH PERIOD ENDED JUNE 30, 2025

Note Cash flows from operating activities Cash generated from operations 16 Finance cost paid Income tax and levy paid Long term security deposits - net Long term loans and deposits - net Payments for accumulating compensated absences Long term advances - net Employee benefit obligations paid Net cash inflow from operating activities Cashflows from investing activities Fixed capital expenditure Insurance claim received Proceeds from disposal of property, plant and equipment Dividends received Net cash outflow from investing activities Cash flows from financing activities Proceeds from long term finances Repayment of long term finances Payment of lease liabilities Participating dividend on preference shares Dividend paid to equity holders of the Parent Company Dividend paid to non-controlling interest Net cash inflow/(outflow) from financing activities Net 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 17

June 30, June 30, 2025 2024 (Rupees in thousand) 11,558,414 20,102,138 (7,527,247) (8,905,028) (3,481,426) (2,826,166) 51,466 89,748 (92,807) (41,347) (94,456) (76,475) 64,965 29,851 (103,921) (73,834) 374,988 8,298,887 (7,838,890) (13,908,443) - 771,465 644,804 256,282 269,886 207,043 (6,924,200) (12,673,653) 7,307,608 4,580,333 (3,772,856) (3,220,413) (49,776) 22,035 - (63,749) (1,320,462) (2,434,963) (909,489) (836,826) 1,255,025 (1,953,583) (5,294,187) (6,328,349) (42,016,109) (35,662,918) (47,310,296) (41,991,267) Six-month period ended

The annexed notes 1 to 21 form an integral part of these consolidated condensed interim unaudited financial statements.

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Chief Executive Officer

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Director

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Chief Financial Officer

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PACKAGES LIMITED AND ITS SUBSIDIARIES

NOTES TO AND FORMING PART OF THE CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (UN-AUDITED) FOR THE SIX MONTH PERIOD ENDED JUNE 30, 2025

1. Legal status and nature of business

Packages Limited (the 'Parent Company') and its subsidiaries, Packages Convertors Limited ('PCL'), Packages Investments Limited ('PIL'), DIC Pakistan Limited ('DIC'), Bulleh Shah Packaging (Private) Limited ('BSPPL'), Packages Lanka (Private) Limited ('PLL'), Linnaea Holdings Inc. ('LHI'), Chantler Packages Inc. ('CPI'), Packages Real Estate (Private) Limited ('PREPL'), Packages Power (Private) Limited ('PPPL'), Anemone Holdings Limited ('AHL'), StarchPack (Private) Limited ('SPAC'), Tri-Pack Films Limited ('TRPFL'), Hoechst Pakistan Limited (Formerly Sanofi-Aventis Pakistan Limited) ('HPL') and Packages Trading FZCO (together, the 'Group') are engaged in the following businesses:

Packaging: Representing manufacture and sale of packaging materials and tissue products Inks: Representing manufacture and sale of finished and semi finished inks Construction: Representing all types of construction activities and development of real estate Paper and paperboard: Representing manufacture and sale of paper and paperboard of all kinds Corn based starch products: Representing manufacture and sale of corn based starch products, its derivatives, by-products and trading of corn Plastic: Representing manufacture and sale of BOPP & CPP films Pharmaceuticals products: Representing manufacture, sale and trading of pharmaceuticals and related products Trading: Representing trading of paper and related products, raw materials, crude plastic, nylon, packing materials and equipment, as well as agricultural materials and waste

The Group also holds investments, directly and indirectly, in companies engaged in life insurance, brokerage services, general insurance, technology solutions, and the production and sale of ground calcium carbonate products..

The registered office of the Parent Company is situated at 4th Floor, the Forum, Suite No. 416 - 422, G-20, Block 9, Khayaban-e-Jami, Clifton, Karachi, Pakistan. Head office of the Parent Company is located at Shahrah-e-Roomi, P.O. Amer Sidhu, Lahore, Pakistan.

2. Basis of preparation

2.1. Statement of compliance

These consolidated condensed interim financial statements have been prepared in accordance with the accounting and reporting standards as applicable in Pakistan for interim financial reporting. The accounting and reporting standards as applicable in Pakistan for interim financial reporting comprise of: i) International Accounting Standard ('IAS') 34, 'Interim Financial Reporting', issued by International Accounting Standards Board ('IASB') as notified under the Companies Act, 2017 (the 'Act') ; and

ii) Provisions of and directives issued under the Act

• Where provisions of and directives issued under the Companies Act, 2017 differ with the requirements of IAS 34, the provisions of and directives issued under the Act have been followed.

2.2. These consolidated condensed interim financial statements are un-audited. These consolidated condensed interim financial statements do not include all of the information required for annual financial statements and should be read in conjunction with the annual audited consolidated financial statements as at and for the year ended December 31, 2024. Selected explanatory notes are included to explain events and transactions that are significant to the understanding of the changes in the Group’s financial position and performance since the last annual audited consolidated financial statements.

2.3. In order to comply with the requirements of the International Accounting Standard 34, the consolidated condensed interim statement of financial position has been compared with the balances of annual audited consolidated financial statements of the immediately preceding financial year, whereas, the consolidated condensed interim statement of profit or loss, consolidated condensed interim statement of comprehensive income, consolidated condensed interim statement of changes in equity and consolidated condensed interim statement of cashflows have been compared with the balances of comparable period of the immediately preceding financial year.

2.4. These consolidated condensed interim financial statements are presented in Pakistan Rupee which is also the Parent Company's functional currency.

3. Significant accounting policies

The accounting policies and methods of computation adopted for the preparation of these consolidated condensed interim financial statements are the same as those applied in the preparation of preceding annual audited consolidated financial statements of the Group for the year ended December 31, 2024, except for the adoption of new and amended standards as set out in note 3.1.

3.1. Standards, amendments and interpretations to accounting standards that are effective in the current period

Certain standards, amendments and interpretations to approved accounting standards are effective for accounting periods beginning on January 1, 2025, but are considered not to be relevant or to have any significant effect on the Group’s operations (although they may affect the accounting for future transactions and events) and are, therefore, not detailed in these consolidated condensed interim financial statements.

3.2. Standards, amendments and interpretations to existing standards that are not yet effective and have not been early adopted by the Group

There are certain standards, amendments to the accounting standards and interpretations that are mandatory for the Group's accounting periods beginning on or after January 1, 2026 but are considered not to be relevant or to have any significant effect on the Group's operations and are, therefore, not detailed in these consolidated condensed interim financial statements.

4. Accounting estimates

The preparation of these consolidated condensed interim financial statements requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectation of future events that are believed to be reasonable under the circumstances. Revision to accounting estimates are recognised prospectively commencing from the period of revision.

In preparing these consolidated condensed interim financial statements, the significant judgments made by management in applying accounting policies and key sources of estimation were the same as those that were applied to the annual audited consolidated financial statements of the Group for the year ended December 31 2024, with the exception of change in estimate that is required in determining the provision for income taxes as referred to in note 5.

39

5. Taxation

Income tax expense is recognized in each interim period based on best estimate of the weighted average annual income tax rate expected for the full financial year. Amounts accrued for income tax expense in one interim period may have to be adjusted in a subsequent interim period of that financial year if the estimate of the annual income tax rate changes. Current and deferred taxes based on the consolidated results of the Group are allocated within the Group on the basis of separate return method, modified for determining realizability of tax credits and tax losses which are assessed at Group level. Any adjustments in the current and deferred taxes of the Group on account of group taxation are credited or charged to consolidated condensed interim statement of profit or loss in the period in which they arise.

6. Long term finances from financial institutions

Note Local currency loans - secured Preference shares / convertible stock - unsecured 6.1 Current portion shown under current liabilities 6.1. Local currency loans - secured Opening balance Disbursements during the period / year Repayments during the period / year Closing balance	June 30, 2025 Un-audited (Rupees in 71,357,168 932,650 72,289,818 (11,111,709) 61,178,109 68,755,066 7,307,608 76,062,674 (3,772,856) 72,289,818	December 31, 2024 Audited thousand) 67,822,416 932,650 68,755,066 (8,514,447) 60,240,619 54,269,389 21,464,752 75,734,141 (6,979,075) 68,755,066

7. Contingencies and commitments

7.1. Contingencies

There is no significant change in contingencies from the preceding annual audited financial statements of the Parent Company for the year ended December 31, 2024, except for the following updates. Based on the advice of the Parent Company's tax advisor, the management believes that there are meritorious grounds to support the Parent Company's stance in respect of this matter. Consequently, no provision for these amounts has been made in these consolidated condensed interim financial statements.

• (i) With reference to the matter disclosed in note 22.4 (b) of the annual audited financial statements of the Parent Company for the year ended December 31, 2024, wherein a demand of Rs 757.841 million in respect of alleged default on withholding of Punjab Sales Tax on various heads of accounts along with penalty thereon was created by the Additional Commissioner, Punjab Revenue Authority, through an order dated August 8, 2018 in respect of tax periods from 2014 to 2016.

The Parent Company obtained a stay against the recovery proceedings from the Punjab Revenue Authority until August 13, 2025, and further, obtained a stay from the Lahore High Court (LHC). As per the directions of the LHC, no coercive measures shall be taken against the Parent Company until the decision of the appeal before the Commissioner Inland Revenue (Appeals).

7.2. Commitments in respect of

• (i) Letters of credit and contracts for capital expenditure Rs 3,406.166 million (2024: Rs 4,328.995 million)

• (ii) Letters of credit and contracts other than for capital expenditure Rs 15,573.479 million (2024: Rs 17,201.48 million)

8. Property, plant and equipment

Note Operating fixed assets 8.1 Capital work-in-progress 8.2 Major spare parts and stand-by equipment 8.1. Operating fixed assets Opening net book value Additions during the period / year 8.1.1 Disposals during the period / year at book value Transfer from investment property Depreciation charged during the period / year Exchange adjustment on opening book value - net Closing net book value	June 30, 2025 Un-audited (Rupees in 94,291,363 15,091,637 244,972 109,627,972 95,935,854 2,767,594 98,703,448 (652,732) 13,256 (3,767,758) (4,851) (4,412,085) 94,291,363	December 31, 2024 Audited thousand) 95,935,854 10,610,213 923,058 107,469,125 69,353,311 34,498,378 103,851,689 (472,795) - (7,524,514) 81,474 (7,915,835) 95,935,854

40

8.1.1. Additions during the period / year Note Freehold land Buildings on freehold land Buildings on leasehold land Plant and machinery Other equipment (computers, lab equipment and other office equipment) Furniture and fixtures Vehicles 8.2. Capital work-in-progress Civil works Plant and machinery Advances to suppliers Others 9. Intangible assets Opening book value Additions during the period / year Amortization charged during the period / year Exchange difference Closing book value 10. Investments accounted for using the equity method Investments in associates 10.1 Investment in joint venture 10.2 10.1. Investments in associates Cost Post acquisition share of profits Opening balance Share of profit from associates - net of tax Share of other comprehensive loss - net of tax Dividends received during the period / year Closing balance 10.1.1 10.1.1. Investment in equity instruments of associates - Quoted IGI Holdings Limited, Pakistan 15,033,041 (2024: 15,033,041) fully paid ordinary shares of Rs 10 each Equity held 10.54% (2024: 10.54%) Market value - Rs. 3,090.192 million (2024: Rs. 2,618.906 million) 10.3 10.2. Investment in joint venture Opening balance Share of profit from joint venture - net of tax Share of other comprehensive loss from joint venture - net of tax Dividends received during the period / year Closing balance 10.2.1 10.2.1. Investment in equity instruments of joint venture - Unquoted OmyaPack (Private) Limited, Pakistan 49,500,000 (2024: 49,500,000) fully paid ordinary shares of Rs 10 each Equity held 50% (2024: 50%)	June 30, 2025 Un-audited (Rupees in - 103,493 36,899 860,578 1,065,488 11,670 689,466 2,767,594 1,868,431 9,900,905 1,452,657 1,869,644 15,091,637 5,750,804 804,290 (30,361) (138) 6,524,595 5,018,010 618,471 5,636,481 840,456 4,697,629 89,731 (549,674) (60,132) 4,177,554 5,018,010 5,018,010 617,528 100,943 - (100,000) 618,471 618,471	December 31, 2024 Audited thousand) 36,480 3,420,953 3,392,850 23,818,434 2,039,240 56,741 1,733,680 34,498,378 1,325,701 7,572,695 573,157 1,138,660 10,610,213 5,736,846 77,033 (63,075) - 5,750,804 5,538,085 617,528 6,155,613 840,456 4,581,849 288,576 (82,599) (90,197) 4,697,629 5,538,085 5,538,085 563,768 128,990 (230) (75,000) 617,528 617,528

10.3. The Parent Company's investment in IGI Holdings Limited is less than 20% but it is considered to be an associate as per the requirement of IAS 28 'Investments in Associates' because the Parent Company has significant influence over the financial and operating policies through representation on the Board of Directors of IGI Holdings Limited.

41

Note	June 30, 2025 Un-audited (Rupees in 25,712,600 24,669 25,737,269 5,000 25 5,025 25,742,294	December 31, 2024 Audited thousand) 27,186,897 28,618 27,215,515 5,000 25 5,025 27,220,540

11. Other long-term investments Quoted

Nestle Pakistan Limited

3,649,248 (2024: 3,649,248) fully paid ordinary shares of Rs 10 each Equity held 8.05% (2024: 8.05%)

Cost - Rs 5,778.896 million (2024: Rs 5,778.896 million)

Systems Limited

230,250 (2024: 46,050) fully paid ordinary shares Equity held 0.0159% (2024: 0.0159%)

Cost - Rs 15.648 million (2024: Rs 15.648 million)

Unquoted

Coca-Cola Beverages Pakistan Limited

500,000 (2024: 500,000) fully paid ordinary shares of Rs 10 each Equity held 0.0185% (2024: 0.0185%)

Pakistan Tourism Development Corporation Limited

2,500 (2024: 2,500) fully paid ordinary shares of Rs 10 each

Net revenue Local sales of goods and services Export sales Less: Sales tax Trade discounts Commission Net revenue	June 30, June 30, 2025 2024 52,596,902 49,124,967 2,741,794 1,056,675 55,338,696 50,181,642 (6,648,872) (6,003,935) (1,261,408) (1,037,173) (9,654) (11,196) (7,919,934) (7,052,304) 47,418,762 43,129,338 Three-month period ended (Rupees in thousand)	June 30, June 30, 2025 2024 108,111,396 99,459,153 5,805,332 3,887,565 113,916,728 103,346,718 (13,848,793) (12,600,373) (2,884,898) (2,270,068) (19,664) (12,619) (16,753,355) (14,883,060) 97,163,373 88,463,658 Six-month period ended (Rupees in thousand)

12. Net revenue

Earnings per share Basic earnings per share (Loss)/profit for the period Rupees in thousand Participating preference dividend Rupees in thousand Net profit attributable to ordinary shareholders Rupees in thousand Weighted average number of ordinary shares Number Basic (loss)/earnings per share Rupees Diluted earnings per share (Loss)/profit for the period Rupees in thousand Return on preference shares / convertible stock Rupees in thousand Weighted average number of ordinary shares Number Weighted average number of notionally converted preference shares / convertible stock Number Diluted (loss)/earnings per share Rupees	June 30, 2025 (998,491) - (998,491) 89,379,504 (11.17) (998,491) 38,781 (959,710) 89,379,504 8,186,842 97,566,346 (11.17) Three-month	June 30, 2024 127,906 (63,749) 64,157 89,379,504 0.72 127,906 38,675 166,581 89,379,504 8,186,842 97,566,346 0.72 period ended	June 30, June 30, 2025 2024 (1,301,224) 409,266 - (63,749) (1,301,224) 345,517 89,379,504 89,379,504 (14.56) 3.87 (1,301,224) 409,266 77,136 77,350 (1,224,088) 486,616 89,379,504 89,379,504 8,186,842 8,186,842 97,566,346 97,566,346 (14.56) 3.87 Six-month period ended

13. Earnings per share

42

14. Transactions and balances with related parties

The related parties include the joint ventures, associates, group companies, key management personnel including directors, staff retirement plans and other related parties. Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the Group, directly or indirectly, including any director (whether executive or otherwise) of the Group. The Group in the normal course of business carries out transactions with various related parties. Significant transactions and balances with related parties other than those disclosed in respective notes are as follows:

Relationship with the Group Nature of transactions (i) Associates Purchase of goods and services Sale of goods and services Dividend income Insurance premium paid Rental and other income Insurance claims received Dividend paid Reimbursement of salaries to Company Reimbursement of salaries by Company (ii) Joint ventures Purchase of goods and services Sale of goods and services Rental and other income Dividend income Reimbursement of salaries to Company Reimbursement of salaries by Company (iii) Other related parties Purchase of goods and services Sale of goods and services Rental and other income Royalty and technical fee - expense Donations made Dividend paid (iv) Retirement benefit obligations Expenses charged in respect of retirement plans Dividend paid (v) Key management personnel Salaries and other employee benefits Dividend paid Meeting fee paid All transactions with related parties have been carried out on mutually agreed terms and conditions. Period-end balances Receivable from related parties Associates Joint ventures Other related parties Retirement Funds Payable to related parties Associates Joint venture Other related parties Retirement benefit obligations

June 30, June 30, 2025 2024 Un-audited Un-audited 348,337 339,295 - 1,272 60,132 60,132 1,730,251 1,342,094 13,615 11,906 20,715 503,129 568,514 759,448 99,537 72,130 - 173 612,967 491,031 23,675 1,741 4,174 3,899 100,000 25,000 12,892 7,071 12 - - 830,209 737,209 173,119 209,901 1,449 41,130 67,546 66,002 68,016 62,546 227,463 566,435 553,417 477,473 42,486 77,892 1,018,436 848,987 76,896 141,594 10,425 10,225 June 30, December 31, 2025 2024 Un-audited Audited 163,943 144,870 27,281 73,714 27,537 5,192 20,397 - 481,607 236,090 65,884 79,837 100,481 56,977 115,641 40,458 (Rupees in thousand) Six-month period ended (Rupees in thousand)

These are in the normal course of business and are interest free.

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15. Segment Information

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Packaging Consumer Products Inks Paper and Paperboard Real Estate Plastics Pharmaceutical Corn Starch Trading Unallocated Total
June 30, June 30, June 30, June 30, June 30, June 30, June 30, June 30, June 30, June 30, June 30, June 30, June 30, June 30, June 30, June 30, June 30, June 30, June 30, June 30, June 30, June 30,
2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024
Un-audited Un-audited Un-audited Un-audited Un-audited Un-audited Un-audited Un-audited Un-audited Un-audited Un-audited Un-audited Un-audited Un-audited Un-audited Un-audited Un-audited Un-audited Un-audited Un-audited Un-audited Un-audited
( R u p e e s i n t h o u s a n d )
Revenue from external customers 27,414,250 28,150,183 9,751,660 8,073,527 6,219,940 5,712,705 23,382,633 21,318,630 3,202,969 2,944,242 16,991,914 15,139,885 16,293,561 13,330,791 3,373,383 1,145,872 8,081,159 2,023,533 7,152 906,003 114,718,621 98,745,371
Intersegment revenue (1,731,196) (1,468,818) (4,024) - (1,004,145) (970,588) (4,350,667) (4,917,075) (13,802) (15,024) (2,480,537) (1,439,905) (231,916) (196,958) (1,180,959) (449,717) (6,556,436) (821,193) (1,566) (2,435) (17,555,248) (10,281,713)
25,683,054 26,681,365 9,747,636 8,073,527 5,215,795 4,742,117 19,031,966 16,401,555 3,189,167 2,929,218 14,511,377 13,699,980 16,061,645 13,133,833 2,192,424 696,155 1,524,723 1,202,340 5,586 903,568 97,163,373 88,463,658
Segment profit / (loss) before levy and income tax 3,023,103 2,052,792 1,678,183 1,141,363 702,944 831,729 (2,005,749) (1,222,215) 948,838 474,844 (287,984) 236,396 2,344,976 1,618,684 (1,138,928) (868,724) 84,513 17,306 491,356 835,440 5,841,252 5,117,615
June 30, December 31, June 30, December 31, June 30, December 31, June 30, December 31, June 30, December 31, June 30, December 31, June 30, December 31, June 30, December 31, June 30, December 31, June 30, December 31, June 30, December 31,
2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024
Un-audited Audited Un-audited Audited Un-audited Audited Un-audited Audited Un-audited Audited Un-audited Audited Un-audited Audited Un-audited Audited Un-audited Audited Un-audited Audited Un-audited Audited
Segment assets 38,306,023 35,712,748 9,004,410 8,179,727 11,101,660 9,216,192 64,627,512 56,665,400 14,493,376 14,317,124 38,069,707 32,263,508 32,241,916 13,541,349 13,558,711 12,608,637 5,229,283 3,625,466 38,011,433 40,272,125 264,644,031 226,402,276
Segment liabilities 30,030,658 21,961,958 2,475,836 1,829,205 8,683,548 6,805,314 49,430,462 43,909,434 10,032,741 10,093,912 27,667,486 27,084,951 7,177,815 6,726,406 13,106,848 10,969,440 4,760,941 3,250,126 29,190,175 30,614,322 182,556,510 163,245,068
Reconciliation of profit
June 30, June 30,
2025 2024
Un-audited Un-audited
(Rupees in thousand)
Profit for reportable segments 5,841,252 5,117,615
Profit from associates and joint venture - net of dividends
and impairment losses 190,675 174,381
Intercompany consolidation adjustments (2,776,316) (2,510,006)
Profit before levy and income tax 3,255,611 2,781,990
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16. Cash flow information

16.1. Cash generated from operations Profit before levy and income tax Adjustments for non-cash items: Depreciation on operating fixed assets Depreciation on right-of-use assets Depreciation on investment properties Amortization on intangible assets Provision for accumulating compensated absences Provision for employee benefit obligations Provision for obsolete / slow-moving stores and spares Provision for NRV write-down of stock-in-trade Amortization of deferred income Profit on disposal of operating fixed assets Finance costs Amortization of deferred government grant Impairment reversal on financial assets Liabilities no longer payable written-back Provision for rent in respect of land leased from GoPb Exchange adjustments - net Share of profit of investments accounted for under equity method - net of tax Dividend income Profit before working capital changes Effect on cash flow due to working capital changes Increase in trade debts (Increase)/decrease in stores and spares (Increase)/decrease in stock-in-trade Increase in loans, advances, deposits, prepayments and other receivables Increase in trade and other payables 17. Cash and cash equivalents Cash and bank balances - excluding restricted funds Short term investments Finances under markup arrangements - secured

June 30, June 30, 2025 2024 (Rupees in thousand) 3,255,611 2,781,990 3,767,758 3,382,534 78,308 26,791 326,936 307,018 30,361 31,813 105,445 72,968 354,900 314,932 (61) (932) 177,816 332,945 (53,959) (34,721) 7,929 (24,751) 7,252,053 9,104,839 (258,900) 86,249 37,464 41,353 (90,292) (55,633) 93,000 75,000 494,583 177,156 (190,675) (174,381) (109,754) (121,911) 15,278,523 16,323,259 (3,446,831) (6,364,273) (2,638,508) 262,022 (2,031,243) 5,945,812 (2,008,433) (149,924) 6,404,906 4,085,242 (3,720,109) 3,778,879 11,558,414 20,102,138 6,821,717 2,223,899 2,152,980 1,075,628 (56,284,993) (45,290,794) (47,310,296) (41,991,267) Six-month period ended

18. Financial risk management

18.1. Financial risk factors

The Group's activities expose it to a variety of financial risks: market risk (including currency risk, fair value interest rate risk, cash flow interest rate risk and price risk), credit risk and liquidity risk.

The consolidated condensed interim financial statements do not include all financial risk management information and disclosures required in the annual consolidated financial statements, and should be read in conjunction with the Group's annual audited consolidated financial statements as at December 31, 2024.

There have been no changes in the risk management department or in any risk management policies since the year ended December 31, 2024.

18.2. Fair value estimation

• a) Fair value hierarchy

The different levels for fair value estimation used by the Group have been explained as follows:

• The fair value of financial instruments traded in active markets (such as publicly traded equity securities) is based on quoted (unadjusted) market prices at the end of the reporting period. The quoted market price used for financial assets held by the Group is the current bid price. These instruments are included in Level 1.

• The fair value of financial instruments that are not traded in an active market (for example over-the-counter derivatives) is determined using valuation techniques which maximize the use of observable market data and rely as little as possible on entity specific estimates. If all significant inputs required to determine fair value of an instrument are observable, the instrument is included in Level 2.

• If one or more of the significant inputs is not based on observable market data, the instrument is included in level 3. This is the case for unlisted equity instruments.

To provide an indication about the reliability of the inputs used in determining fair value, the Group classifies its financial instruments into the three levels prescribed above. The following table presents the Group’s significant financial assets measured and recognised at fair value at June 30, 2025 and December 31, 2024 on a recurring basis:

45

As at June 30, 2025 Recurring fair value measurement Assets Investments - FVPL Investments - FVOCI As at December 31, 2024 Recurring fair value measurement Assets Investments - FVPL Investments - FVOCI	Level 1 1,987,980 25,737,269 27,725,249 Level 1 452,884 27,215,515 27,668,399	Level 2 - - - Level 2 - - - (Rupees in (Rupees in Un-au Aud	Level 3 - 5,025 5,025 Level 3 - 5,025 5,025 thousand) thousand) dited ited	Total 1,987,980 25,742,294 27,730,274 Total 452,884 27,220,540 27,673,424

During the period, there were no significant changes in the business or economic circumstances that affect the fair value of the Group’s financial assets and financial liabilities. Furthermore, there were no reclassifications of financial assets.

There were no transfers amongst the levels during the period. Further, there were no changes in the valuation techniques during the period.

19.	Detail of subsidiaries
	Name of the subsidiaries	Accounting year	Percentage of	Country of
		end	holding	incorporation
	Anemone Holdings Limited	December 31	100.00%	Mauritius
	Bulleh Shah Packaging (Private) Limited	December 31	100.00%	Pakistan
	Chantler Packages Inc.	December 31	72.07%	Canada
	DIC Pakistan Limited	December 31	54.98%	Pakistan
	Linnaea Holdings Inc.	December 31	79.07%	Canada
	Packages Convertors Limited	December 31	100.00%	Pakistan
	Packages Investments Limited	December 31	100.00%	Pakistan
	Packages Lanka (Private) Limited	December 31	79.07%	Sri Lanka
	Packages Power (Private) Limited	December 31	100.00%	Pakistan
	Packages Real Estate (Private) Limited	December 31	75.16%	Pakistan
	Packages Trading FZCO	December 31	100.00%	United Arab Emirates
	StarchPack (Private) Limited	December 31	100.00%	Pakistan
	Hoechst Pakistan Limited (Formerly Sanofi-Aventis Pakistan Limited)	December 31	41.07%	Pakistan
	Tri-Pack Films Limited	December 31	69.26%	Pakistan

20. Date of authorization for issue

These consolidated condensed interim unaudited financial statements were authorized for issue on August 29, 2025 by the Board of Directors of the Parent Company.

21. Corresponding figures

Corresponding figures have been re-arranged and reclassified wherever necessary, for the purpose of comparison and better presentation. However, no significant re-arrangements have been made except for reclassification of outward freight charges related to export sales amounting to Rs. 115.992 million for the six-month period ended June 30, 2024 and Rs. 38.922 million for the three-month period ended June 30, 2024. These were previously netted with 'Revenue from contracts with customers' and have now been reclassified to 'Distribution costs' for the purpose of better presentation and comparison.

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Chief Executive Officer

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Director

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Chief Financial Officer

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Registered Office:

4[th] Floor, The Forum, Suite No. 416-422 G-20, Block No. 9, Clifton, Khayaban-e-Jami, Karachi-75600, Pakistan Tel: 92-21 35874047-49 Fax: 92-21 35860251

Head Office:

Shahrah-e-Roomi, P.O. Amer Sidhu Lahore-54760, Pakistan PABX: 92-42 35811541-46 Fax: 92-42 35811195