systems

AI at the Core, Impact at Scale

Quarter Report March 2026

The Content

02-10

Company Profile

Company Information	02
Directors' Report	03
Directors' Report Urdu	10

11-28

Standalone Financial Statements

Condensed Unconsolidated Interim Statement of Financial Position	12
Condensed Unconsolidated Interim Statement of Profit or Loss	13
Condensed Unconsolidated Interim Statement of Comprehensive Income	14
Condensed Unconsolidated Interim Statement of Changes in Equity	15
Condensed Unconsolidated Interim Statement of Cash Flow	16
Notes to the Condensed Unconsolidated Interim Financial Statements	17

29-43

Consolidated Financial Statements

Condensed Consolidated Interim Statement of Financial Position	30
Condensed Consolidated Interim Statement of Profit or Loss	31
Condensed Consolidated Interim Statement of Comprehensive Income	32
Condensed Consolidated Interim Statement of Changes in Equity	33
Condensed Consolidated Interim Statement of Cash Flow	34
Notes to the Condensed Consolidated Interim Financial Statements	35

DIRECTOR'S REPORT

On behalf of the Board of Directors we are pleased to present the Standalone and Consolidated Financial Statements for the three months ended 31st March 2026.

FINANCIAL RESULTS

Consolidated:

During the three months period ended 31st March 2026, consolidated revenue grew by 32.6% year over year from Rs. 18,079.55 million to Rs. 23,977.59 million. Gross profit and operating profit increased by 32.7% and 26.3% respectively. Net profit for the period only increased by 20.9% from Rs. 2,501.48 million to Rs. 3,025.71 million since there is exchange loss in this quarter and as compared to the gain recorded in the same period last quarter. The Company has also absorbed annual wage adjustment and fuel price inflation in this quarter without benefiting from any currency gains. This has been achieved through strong growth, both organically and inorganically, improving efficiency and overall optimization. Hence margins are maintained in line with same period last year, however, there is a temporary dip compared to last quarter.

In this quarter, the Company has also consolidated Confiz Limited and it's group companies.

Basic and diluted earnings per share increased by 20.3% and 15.5% respectively.

Consolidated
Particulars	March-26 (un-audited)	March-25 (un-audited)	Change
	Rs.	Rs.	%
Revenue	23,977,593,876	18,079,554,950	32.6
Gross Profit	6,038,172,943	4,550,050,045	32.7
Operating profit	3,116,244,468	2,467,881,591	26.3
Profit for the period	3,025,709,584	2,501,475,129	20.9
Earnings per share (basic)	2.05	1.71	20.3
Earnings per share (diluted)	1.96	1.69	15.5
Other Income - Consolidated
---	---	---
Particulars	March-26 (un-audited)	March-25 (un-audited)
	Rs.	Rs.
Other Income	366,479,072	138,375,109
Exchange Gain / (Loss)	(26,240,578)	196,015,140
	340,238,493	334,390,249

Consolidated Revenue (PKR Million) CAGR 46%

Consolidated Net Profit (PKR Million) - CAGR 26%

Consolidated Operating Profit (PKR Million) - CAGR 33%

Consolidated Basic EPS (PKR) CAGR 24%

Unconsolidated:

For the three-month period ended 31st March 2026, standalone revenue grew by 15.5% year-over-year, rising from Rs. 10,898.70 million to Rs. 12,585.02 million. Gross profit increased by 14.0%, while operating profit rose by 12.5%, impacted by offshore wage and fuel inflation. Despite this, the Company maintained operating margins at the same level as the prior year quarter through cost optimization and efficiency gains.

Unconsolidated
Particulars	March-26 (un-audited)	March-25 (un-audited)	Change
	Rs.	Rs.	%
Revenue	12,585,021,746	10,898,695,953	15.5
Gross Profit	3,095,326,773	2,715,453,453	14.0
Operating profit	1,975,763,537	1,756,881,616	12.5
Profit for the period	2,032,409,526	2,006,535,762	1.3
Earnings per share (basic)	1.38	1.37	0.7
Earnings per share (diluted)	1.31	1.36	-3.7
Other Income - Unconsolidated
---	---	---
Particulars	March-26 (un-audited)	March-25 (un-audited)
	Rs.	Rs.
Other Income	299,508,306	221,379,965
Exchange Gain / (Loss)	(75,212,623)	180,240,411
	224,295,683	401,620,376

Unconsolidated Revenue (PKR Million) CAGR 33%

Unconsolidated Net Profit (PKR Million) - CAGR 17%

Unconsolidated Operating Profit (PKR Million) - CAGR 26%

Unconsolidated Basic EPS (PKR) CAGR 16%

PERFORMANCE BY SEGMENT - BY VERTICAL AND BY GEOGRAPHY

BFS remains the largest segment, followed by Telco. Retail & CPG becomes the highest growth segment with the merger of Confiz. Technology vertical reflects our partnerships with other global SI.

	2010		2009		2008		2007		2006
	Un-audited
Three months ended		Un-audited
Three months ended		Un-audited
Three months ended		Un-audited
Three months ended		Un-audited
Three months ended
Total	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000
Revenue- net	6,713,224,582	5,479,635,262	6,125,812,353	4,329,742,069	3,233,329,322	2,153,549,903	3,238,378,881	1,904,349,065	4,566,951,528	4,262,276,368
Cost of sales	21,761,683,844	21,132,365,784	18,855,667,678	15,945,065,369	12,181,162,239	11,465,936,464	12,311,145,183	11,213,709,361	13,471,736,674	12,511,351,611
Gross profit	1,319,338,328	1,246,722,518	1,275,164,677	885,693,261	1,137,877,387	813,613,454	968,235,800	897,674,413	1,188,326,943	1,811,127,351
Research & Development Expenses	27,575,280	172,404,923	171,380,173	17,547,934	16,641,572	175,749	15,584,966	889,547	17,736,430	17,276,323
Distribution expenses	(218,798,610)	(198,096,690)	(196,348,618)	(194,606,611)	(191,642,885)	(72,584,744)	(177,363,786)	(55,714,754)	(163,766,683)	(147,061,370)
Administration expenses	(176,764,840)	(168,356,200)	(166,243,200)	(164,221,473)	(162,277,554)	(162,654,432)	(160,356,761)	(162,357,367)	(162,356,354)	(1,468,756,364)
Profit/other/other income	(176,764,840)	(625,778,027)	(682,934,769)	(488,979,414)	(381,770,483)	(237,367,963)	(521,266,723)	(214,678,237)	(536,714,318)	(480,719,465)
Other operating expenses	(176,764,840)	(625,778,027)	(682,934,769)	(488,979,414)	(381,770,483)	(237,367,963)	(521,266,723)	(214,678,237)	(536,714,318)	(480,719,465)
Other-taxes	(176,764,840)	(625,778,027)	(682,934,769)	(488,979,414)	(381,770,483)	(237,367,963)	(521,266,723)	(214,678,237)	(536,714,318)	(480,719,465)

Geographical segment analysis indicates strong growth across all four regions other than Pakistan. Middle East & Africa region continues to be the highest contributor to Revenue and Profits followed by North America. Details on the segments are covered in Future Outlook.

| | Un-audited
Three months ended 31 March | | Un-audited
Three months ended 31 March | | Un-audited
Three months ended 31 March | | Un-audited
Three months ended 31 March | | Un-audited
Three months ended 31 March | |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| | Total | 1,000 | Total | 1,000 | Total | 1,000 | Total | 1,000 | Total | 1,000 |
| Revenue- net | 4,673,869,861 | 3,795,464,765 | 1,189,190,507 | 925,401,156 | 13,863,806,562 | 10,159,501,125 | 813,505,777 | 567,009,861 | 3,839,844,585 | 2,730,905,832 |
| Cost of sales | 21,698,793,608 | 2,169,333,043 | 778,641,334 | 636,510,510 | 75,364,756,961 | 17,387,831,546 | 848,340,140 | 745,781,700 | 6,379,450,543 | 6,347,545,641 |
| Gross profit | 1,386,173,225 | 1,157,640,626 | 587,015,239 | 519,844,564 | 3,878,743,041 | 2,871,496,171 | 556,796,634 | 519,841,461 | 566,667,754 | 160,983,156 |
| Research & Development Expenses | (8,918,642) | (5,562,036) | (3,786,606) | (1,522,146) | (63,804,776) | (5,140,904) | (1,333,086) | (2,971,184) | (7,613,684) | (1,024,664) |
| Distribution expenses | (143,848,848) | (85,379,635) | (80,094,916) | (18,707,546) | (487,648,882) | (484,567,637) | (78,469,146) | (44,238,191) | (68,342,766) | (113,413,418) |
| Administration expenses | (317,832,238) | (275,211,257) | (81,159,854) | (49,536,404) | (1,272,713,636) | (853,835,936) | (87,003,667) | (57,674,632) | (116,563,034) | (37,452,443) |
| Profit/other/other income | (143,848,848) | (85,379,635) | (80,094,916) | (18,707,546) | (487,648,882) | (484,567,637) | (78,469,146) | (44,238,191) | (68,342,766) | (113,413,418) |
| Other operating expenses | (176,764,840) | (625,778,027) | (682,934,769) | (488,979,414) | (381,770,483) | (237,367,963) | (521,266,723) | (214,678,237) | (536,714,318) | (480,719,465) |
| Other-taxes | (176,764,840) | (625,778,027) | (682,934,769) | (488,979,414) | (381,770,483) | (237,367,963) | (521,266,723) | (214,678,237) | (536,714,318) | (480,719,465) |

FUTURE OUTLOOK

The Company delivered strong strategic growth in QI, marked by strong backlog, targeted acquisition and further expansion into new service lines.

The acquisition of Confiz has provided direct access to North American enterprise clients with meaningful opportunities for cross-sell and up-sell, leveraging the Company's scale, delivery capabilities, and domain expertise. Integration efforts are progressing as planned, with synergy realization expected in the second half of the year.
The Company has launched a new brand "Systems Global Business Solutions" (Systems GBS) and is focusing on getting global business in processes like Record-to-Report (R2R), Marketing and HR. This will provide another growth opportunity for the Company with both the existing and new customers.
The Company enters the coming year with a strong foundation with a healthy backlog and a clear strategic direction which has been reflected in Company's growth in the first quarter. The Company will continue to pursue a balanced growth approach, strengthening existing client relationships and expanding to new customers.
The Company will continue to diversify its revenue base across key regions:

North America: Scaling recently acquired platforms and expanding enterprise client relationships, leveraging Confiz partnerships. Synergies will start to come in the second half of the year.

UK & Europe: Building a full-fledged regional operation and expanding into continental Europe by establishing its UK entity. The Company has onboarded leadership and the entity will be fully operational later in the year. The UK will serve as a hub for broader European expansion

APAC: Investments made in the prior year are yielding results, with strong momentum in Vietnam, Malaysia, and Indonesia, supported by a growing backlog. Channel partnerships have further strengthened, and the Company is realizing the global channel synergies in this region as well. Plans are underway to further strengthen sales capability and evaluate a delivery center in Malaysia.

Middle East:

UAE remains a core market, supported by a diversified base of large enterprise clients across key sectors. The global macroeconomic environment remains uncertain, with continued concerns around economic slowdown and ongoing geopolitical tensions in the whole Middle East region. While Company's backlog is supporting the current growth, but due to current geopolitical tension, the future deal flow is slower than the Company's forecasted closures. In addition, during these uncertain times, customers are cautious to make big commitments for

their investments. While the Company has not seen a churn in the current resources working in the Middle East region, the situation has limited Company's ability to mobilize people from offshore especially from Pakistan. Despite this, Company is confident that the pipeline is healthy and when the situation settles, it will start converting the pipeline into revenue, but the delayed conversion has created a lag by a quarter.

Domestic: The business in Pakistan has demonstrated a notable turnaround, with profitability improving from negative to positive levels. This reflects the impact of focused execution and operational discipline. the Company expects continued improvement in the domestic business with a healthy backlog and pipeline, with a focus on aligning margins closer to those achieved in international markets and expecting continued profitable growth.

Operationally, the Company has also made significant progress in AI enablement, embedding AI across internal processes and client-facing solutions. Workforce capability has been strengthened, with widespread adoption of AI tools to enhance productivity and service delivery. The Company sees significant opportunity in the evolving AI landscape. While enterprise interest in AI continues to grow, effective adoption requires strong data foundations and integrated systems.
The Company has been investing and focusing on industry-led AI integration and going deep into industries where the Company already has a strong footprint such as retail & CPG, telco and banking. The Company believes that this has created an opportunity with both existing and new customers as AI has enforced a level playing field. The Company is realizing efficiencies and new business opportunities by consolidating data engineering projects so customers can get true ROI from their investments.

ACKNOWLEDGEMENT

The Board takes this opportunity to thank the Company's valued customers, bankers and other stakeholders for their corporation and support. The Board greatly appreciates the hard work and dedication of all the employees of the Company.

On behalf of the Board

Asif Peer
Chief Executive Officer
25 May 2026

کمپیوٹر کی تشریح و تحفظ میں کام کر نے والے موجود وہ سال میں کسی نمایاں کی کا سامنا نہیں ہوا، تاہم موجودہ حالات نے خاص طور پر پاکستان سے آف شور وسٹال کی فتحی اور تحفظ کی کوحدہ و کر دیا ہے۔ اس کے باوجود کمپیوٹر کو یقین ہے کہ اس کی کاروباری پائپ لائن مضبوط ہے، اور جیسے ہی حالات بہتر ہوں گے، یہ مواقع آمدنی میں تبدیل ہونا شروع ہو جائیں گے۔ تاہم اس تاثیر کے باعث کاروباری نتائج میں تقریبا ایک سالی کافر میں پیدا ہوا ہے۔

پاکستان - پاکستان میں کمپیوٹر کے کاروبار نے نمایاں بہتری دکھائی ہے، جہاں منافع بھی جمع سے مثبت سطح پر آ گیا ہے۔ یہ بہتری جو شرمکہ ہے عملی اور مضبوط آپریشن کلم وضبط کا نتیجہ ہے۔ کمپیوٹر کو تو قید ہے کہ مضبوط ایک الگ اور کاروباری پائپ لائن کی بدولت منافع کاروبار میں مزید بہتری آئے گی، جبکہ تجربہ اس بات پر ہو گی کہ منافع کی شرح کو بین الاقوامی مارکیٹس کے قریب لایا جائے اور مسلسل منافع بخش ترقی برقرار رکھیں جائے۔

عملی بحثی آپریشن سطح پر کمپیوٹر نے مصنوعی (بات (اے آئی) کے استعمال میں نمایاں پیش رفت کی ہے۔ کمپیوٹر نے اے آئی کو وافلی نظاموں اور صارفین کیلیے فراہم کردو مطوں میں شامل کرنا شروع کر دیا ہے۔ ملازمین کی صلاحیتوں کو بھی بہتر بنایا گیا ہے، جبکہ اے آئی کو فرار کے وسیع استعمال کے ذریعہ پیدا ہواری صلاحیت اور سروس (نیوری میں اضافہ کیا جا رہا ہے۔

کمپیوٹر کے نزدیک اے آئی کے بدلے ہوئے مظاہرات میں بڑے مواقع موجود ہیں۔ اگر چہ اداروں کی اے آئی میں ویکیپیڈیا مسلسل بڑھ رہی ہے، لیکن اس کے جو شرمکہ خیال کیلیے مضبوط (بیاہا موجود ہے، جیسے ریشل اوری پی ٹی، لیلی کام، اور بیکاری۔ کمپیوٹر کا نا نا ہے کہ اے آئی نے موجودہ اور نئے دوولوں طرح کے صارفین کیلیے یکساں مواقع پیدا کی ہیں۔**

کمپیوٹر (بیاہ) کیمپٹر کف کے مختلف منصوبوں کو بکیا کر کے مصرف کار کردگی میں بہتری لاری ہے، بلکہ نئے کاروباری مواقع بھی پیدا کر رہی ہے، تا کہ صارفین اپنی سرمایہ کاری پر متفق منافع (آراو آئی) حاصل کر سکیں۔

اخبار تفکر

بورڈ اس موقع پر کمپیوٹر کے معزز صارفین، چکول اور ویکیشرا کت داروں کے تعاون اور مسلسل نماییت پر شکر پیدا کرتا ہے۔ بورڈ کمپیوٹر کے تمام ملازمین کی مفت کن اور پیشہ ور اشخہ مات کو بھی ہے، صدر اپنا ہے۔

نظام بورڈ

آصف جیر

جیف اکیز کلوٹا فیسر (سی ای او)

مورفہ 25 مئی 2026ء

	2012		2009		2007-2008		2006-2007		2005-2006
	Un-audited
Three months ended		Un-audited
Three months ended		Un-audited
Three months ended		Un-audited
Three months ended		Un-audited
Three months ended
	N	%	N	%	N	%	N	%	N	%
Revenue - net	6,713,224,282	5,479,635,282	6,125,812,353	4,329,742,066	3,223,329,322	2,153,549,903	3,236,376,891	1,904,348,065	4,566,051,528	4,262,276,368
Cost of sales	21,761,693,844	17,132,365,784	14,655,047,676	12,445,061,406	12,181,552,239	11,492,636,464	12,331,145,183	11,212,708,383	13,377,736,674	12,251,151,671
Gross profit	1,370,539,328	1,246,732,574	1,275,704,077	885,605,261	1,137,877,387	810,816,494	908,239,895	801,074,415	1,186,326,963	1,811,127,331
Research & Development Expenses	231,575,240	175,404,603	171,366,173	17,847,646	16,641,572	1,751,746	15,564,366	889,547	17,736,430	17,576,323
Expenditure expenses	(20,319,410)	(100,000,000)	(100,000,000)	(149,409,611)	(171,642,865)	(72,588,744)	(17,393,786)	(56,714,750)	(163,766,063)	(147,061,370)
Administrative expenses	(128,516,287)	(427,282,904)	(476,399,946)	(337,816,108)	(284,986,440)	(184,521,473)	(340,277,564)	(197,749,795)	(352,384,483)	(199,647,785)
Profit - direct before taxation and tax	(779,754,990)	(635,778,027)	(682,924,769)	(488,970,414)	(381,770,483)	(237,367,963)	(521,268,723)	(214,678,237)	(526,714,318)	(480,719,465)
Other - spending expenses	(20,434,830)	(100,000,000)	(100,000,000)	(100,000,000)	(100,000,000)	(100,000,000)	(100,000,000)	(100,000,000)	(100,000,000)	(100,000,000)
Other income (excluding exchange gain)	(20,434,830)	(100,000,000)	(100,000,000)	(100,000,000)	(100,000,000)	(100,000,000)	(100,000,000)	(100,000,000)	(100,000,000)	(100,000,000)
Exchange (loss) / gain	(20,434,830)	(100,000,000)	(100,000,000)	(100,000,000)	(100,000,000)	(100,000,000)	(100,000,000)	(100,000,000)	(100,000,000)	(100,000,000)
Share of loss from associates	(20,434,830)	(100,000,000)	(100,000,000)	(100,000,000)	(100,000,000)	(100,000,000)	(100,000,000)	(100,000,000)	(100,000,000)	(100,000,000)
Pretax	(20,434,830)	(100,000,000)	(100,000,000)	(100,000,000)	(100,000,000)	(100,000,000)	(100,000,000)	(100,000,000)	(100,000,000)	(100,000,000)

پھراپا نیا شی عہا سی کی بی کے نما 1000 کی 1000 کی 1000 کی 1000 کی 1000 کی 1000 کی 1000 کی 1000 کی 1000 کی 1000 کی 1000 کی 1000 کی 1000

| | Un-audited
Three months ended (1 March) | | Un-audited
Three months ended (1 March) | | Un-audited
Three months ended (1 March) | | Un-audited
Three months ended (1 March) | | Un-audited
Three months ended (1 March) | |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| | N | % | N | % | N | % | N | % | N | % |
| Revenue - net | 4,673,869,863 | 3,795,464,765 | 1,169,106,937 | 925,401,156 | 13,863,846,582 | 10,159,321,125 | 810,600,777 | 697,009,661 | 3,839,844,566 | 2,730,909,832 |
| Cost of sales | (1,698,795,848) | (5,165,570,505) | (799,641,556) | (595,510,514) | (75,894,706,387) | (7,387,557,344) | (648,566,146) | (593,781,703) | (3,579,492,841) | (13,339,364,604) |
| Gross profit | 1,388,173,225 | 1,157,640,626 | 587,315,339 | 519,934,584 | 3,679,174,541 | 2,871,496,117 | 256,796,630 | 219,581,461 | 566,647,754 | 192,365,155 |
| Research & Development Expenses | (6,916,942) | (5,052,034) | (5,784,656) | (1,322,144) | (63,694,776) | (5,140,069) | (1,233,586) | (2,971,184) | (7,813,684) | (41,944,562) |
| Expenditure expenses | (145,245,848) | (95,270,633) | (83,556,676) | (19,707,546) | (427,416,562) | (3,653,604,777) | (78,409,746) | (44,238,767) | (95,163,766) | (57,642,624) |
| Administrative expenses | (317,832,836) | (275,511,377) | (61,159,854) | (59,536,405) | (1,672,713,436) | (852,835,606) | (61,654,667) | (57,474,632) | (145,853,544) | (1,413,552,443) |
| Profit - direct before taxation and tax | (467,973,637) | (372,854,486) | (723,154,738) | (81,158,455) | (1,855,648,270) | (1,265,696,334) | (1,679,652,630) | (1,265,696,334) | (1,679,652,630) | (1,265,696,334) |
| Other - spending expenses | (20,434,830) | (100,000,000) | (100,000,000) | (100,000,000) | (100,000,000) | (100,000,000) | (100,000,000) | (100,000,000) | (100,000,000) | (100,000,000) |

پھراپا نیا شی عہا سی کی بی کے نما 1000 کی 1000 کی 1000 کی 1000 کی 1000 کی 1000 کی 1000 کی 1000 کی 1000 کی 1000 کی 1000 کی 1000 کی 1000 کی 1000

Other - spending expenses	100,000,000	100,000,000	100,000,000	100,000,000	100,000,000	100,000,000	100,000,000	100,000,000
Other income (excluding exchange gain)	(100,000,000)	(100,000,000)	(100,000,000)	(100,000,000)	(100,000,000)	(100,000,000)	(100,000,000)	(100,000,000)
Exchange (loss) / gain	(100,000,000)	(100,000,000)	(100,000,000)	(100,000,000)	(100,000,000)	(100,000,000)	(100,000,000)	(100,000,000)
Share of loss from associates	(100,000,000)	(100,000,000)	(100,000,000)	(100,000,000)	(100,000,000)	(100,000,000)	(100,000,000)	(100,000,000)
Pretax	(100,000,000)	(100,000,000)	(100,000,000)	(100,000,000)	(100,000,000)	(100,000,000)	(100,000,000)	(100,000,000)

مستحکم کا انکشاف

کمکی نے کبھی سما نی میں مضبوط اسکریننگ ترقی حاصل کی، جس کی نمایاں وجوہات میں آدھرا زکا مضبوط بیک لگ بھر کی بیاہوں پر حصول اور کی سروں انکر میں مزید توسیع شامل ہیں۔

کمرک

کمرک موٹا کے حصول کے نتیجے میں کبھی کو شال امریکہ کے برے انکر پر انکا کمانش تک براہ راست رسائی حاصل ہوئی ہے، جہاں کراس بیل اور اے بیل کے نمایاں مواقع موجود ہیں۔ بیو انکر کبھی کے وسیع آپریشنز میں محفوظ ہیں۔

کمرک کی فہرست

کمرک کی فہرست میں ایک مضبوط بیک کے بارے میں ایک اور بیک کے بارے میں ایک اور بیک کے بارے میں ایک اور بیک کے بارے میں ایک اور بیک کے بارے میں ایک اور بیک کے بارے میں ایک اور بیک کے بارے میں ایک اور بیک کے بارے میں ایک اور بیک کے بارے میں ایک اور بیک کے بارے میں ایک اور بیک کے بارے میں

کمرک کی فہرست

کمرک کی فہرست میں ایک مضبوط بیک کے بارے میں ایک اور بیک کے بارے میں

کمرک کی فہرست

کمرک کی فہرست میں

کمرک کی فہرست

کمرک کی

غیر ملکم

31 مارچ 2026ء کوتم ہونے والی سہائی کے دوران کتنی کی افرادی آمدن (سیخا اون ریونیو) میں سال بہ سال 15.5 فیصد (10,898.70) ملین سے بڑھ کر روپے 12,585.02 ملین) اضافہ ہوا۔ بیرون ملک فراہم کی جانے والی ایمپٹوں اور پنڈول کی قیمتیں میں اضافہ کے ساتھ جمہوری منافع میں 14.0% فیصد اضافہ ہوا، جبکہ آپ پبلک منافع میں 12.5% فیصد اضافہ ریکارڈ کیا گیا۔ اس کے باوجود کتنی نے لاگت میں بہتری اور کارکردگی میں اضافے کے ذریعے آپ پبلک منافع کی شرح کوکرا شتہ سال کی اہی سہائی کے برابر برقرار رکھا۔

بنیادی مالیاتی شرمائیاں - غیر ملکم
تعمیلات	26 مارچ (فیراڈت) روپے	25 مارچ (فیراڈت) روپے	تہہ یلی
ریونیو	12,585,021,746	10,898,695,953	15.5
جمہوری منافع	3,095,326,773	2,715,453,453	14.0
آپ پبلک منافع	1,975,763,537	1,756,881,616	12.5
زیئر مرمت کا منافع	2,032,409,526	2,006,535,762	1.3
شخص آمدن (بنیادی)	1.38	1.37	0.7
شخص آمدن (رینتی)	1.31	1.36	-3.7
وکرا آمدن - غیر ملکم
---	---	---
تعمیلات	26 مارچ (فیراڈت) روپے	25 مارچ (فیراڈت) روپے
وکرا آمدن	299,508,306	221,379,965
تہہ یلی حاصل / (انتخاب)	(75,212,623)	180,240,411
401,620,376	224,295,683

Unconsolidated Revenue (PKR Million) CAGR 33%

Unconsolidated Operating Profit (PKR Million) - CAGR 26%

Unconsolidated Net Profit (PKR Million) - CAGR 17%

Unconsolidated Basic EPS (PKR) CAGR 16%

کارکردگی بالکل شعبہ - بہ طابق جمہوری و جغرافیائی

بی ایف ایس پرستور سب سے بڑا کاروباری شعبہ ہے جس کے بعد ییل کا مکہ کبیر آتا ہے۔ کبیر کے انضمام کے بعد ریل اوری بی بی سب سے تیزی سے ترقی کر نے والا شعبہ بن گیا ہے۔ جبکہ نیا لوری کا شعبہ و گھر ماکی

سہم اشکار یزز کے ساتھ نہاری شراکت داریاں کی حکام کی کرتا ہے۔

ڈائریکٹرز کی جاٹزور پورٹ برائے 31 مارچ 2026ء

بہارے لئے بورڈ آف ڈائریکٹرز کی جانب سے مورخہ 31 مارچ 2026ء کو کم ہونے والی تین ماہ کی مدت کے مظلم اور غیر مظلم ماں بیان کے پیش کرتا ہا عٹ سررت ہے۔

ماہی کی نتائج

مظلم:

مورخہ 31 مارچ 2026ء کو کم ہونے والی تین ماہ کی مدت کے دوران : مظلم آمدنی میں سال بہ سال کے لحاظ سے 32.6 فیصد (18,079.55 ملین روپے سے 23,977.59 ملین روپے تک) اضافہ ہوا۔ جمہوری منافع اور آپریٹنگ منافع میں باترتیب 32.7 فیصد اور 26.3 فیصد اضافہ ہوا۔ اس مدت کے دوران خاص منافع میں 20.9 فیصد اضافہ ہوا (بوکر 2,501.48 ملین روپے سے بڑی مرکز میں 3,025.71 ملین روپے ہوگیا) تاہم اس سہانی میں سچائی اس کی وجہ سے نقصان ہوا جبکہ بھیجے سال اسی مدت میں فائدہ ہوا تھا۔ کتنی نے اس سہانی میں سالانہ زیر شیائی پیشرفت اور ایجنسی کی ٹیموں میں اضافے کے اثرات کو بھی بغیر کسی زر مہادلہ کے فائدے از خود برداشت کیا ہے۔ پیکر کر دیں جمہوری نظام کی متحرکیت، کارکردگی میں بہتری اندروئی ڈرائی اور دیگر کاروباری تو سیچ کے ذریعے حاصل کی گئی۔ چاہیے منافع کی شرح میں ماریسٹر گزشتہ سال کی اسی مدت کے مطابق براٹر ارزی تاہم گزشتہ سہانی کے مطابق میں عارضی کی دیکھنے میں آتی ہے۔

اس سہانی کے دوران کتنی اعداد اور اس کی ماحول کی بیداری انیائی نتائج میں مظلم کیا ہے۔

ٹی شکر بنیادی اور تکلیف شدہ آمدنی میں باترتیب 20.3 اور 15.5 اضافہ ہوا

بنیادی ماہی کی شرح میں میں سے
تعمیلات	26 مارچ (فیراڈت)	25 مارچ (فیراڈت)	تہہی %
ریویو	23,977,593,876	18,079,554,950	32.6
جمہوری منافع	6,038,172,943	4,550,050,045	32.7
آپریٹنگ منافع	3,116,244,468	2,467,881,591	26.3
زیہ و رست کا منافع	3,025,709,584	2,501,475,129	20.9
ٹی تصص آمدن (بنیادی)	2.05	1.71	20.3
ٹی تصص آمدن (ریقی)	1.96	1.69	15.5
دگر آمدن مظلم
---	---	---
تعمیلات	26 مارچ (فیراڈت)	25 مارچ (فیراڈت)
دگر آمدن	366,479,072	138,375,109
سچائی حاصل (نقصان)	(26,240,578)	196,015,140
334,390,249	340,238,493

Consolidated Revenue (PKR Million) CAGR 46%

Consolidated Operating Profit (PKR Million) - CAGR 33%

Consolidated Net Profit (PKR Million) - CAGR 26%

Consolidated Basic EPS (PKR) CAGR 24%

Systems Limited

UNCONSOLIDATED FINANCIAL STATEMENTS

UNCONSOLIDATED CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION (UN-AUDITED) AS AT MARCH 31, 2026

| | | Un-audited
31 March | Audited
31 December |
| --- | --- | --- | --- |
| ASSETS | Note | 2026 | 2025 |
| | | Rupees | Rupees |
| Non-current assets | | | |
| Property and equipment | 5 | 3,775,943,341 | 3,423,004,419 |
| Right-of-use assets | | 447,610,363 | 382,197,497 |
| Intangibles | | 264,842,883 | 275,967,126 |
| Long term investments | 6 | 20,780,935,748 | 11,754,701,731 |
| Long term loans | | 640,950,111 | 565,933,316 |
| Deferred employee benefits | | 192,173,513 | 156,902,648 |
| Long term deposits | | 73,065,319 | 85,290,200 |
| | | 26,175,521,278 | 16,643,996,937 |
| Current assets | | | |
| Contract assets | | 3,069,698,735 | 2,568,422,732 |
| Trade debts | 7 | 27,953,280,993 | 21,581,220,402 |
| Loans, advances and other receivables | | 3,265,185,608 | 2,466,088,692 |
| Current portion of deferred employee benefits | | 90,204,726 | 89,612,845 |
| Trade deposits and short term prepayments | | 465,362,176 | 400,680,235 |
| Tax refunds due from the Government | | 665,704,578 | 663,651,987 |
| Short term investments | 8 | 3,960,511,653 | 4,820,149,989 |
| Cash and bank balances | 9 | 4,331,423,666 | 2,795,747,449 |
| Derivative financial instruments | | 16,978,292 | 10,986,607 |
| | | 43,818,350,427 | 35,396,560,938 |
| TOTAL ASSETS | | 69,993,871,705 | 52,040,557,875 |
| EQUITY AND LIABILITIES | | | |
| Share capital and reserves | | | |
| Authorized share capital | | | |
| 2,000,000,000 (2025: 2,000,000,000) ordinary shares of Rs 2 each | | | |
| (2025: Rs 2 each) | | 4,000,000,000 | 4,000,000,000 |
| Issued, subscribed and paid-up share capital | 10 | 2,946,808,869 | 2,946,808,869 |
| Capital reserves | | 7,259,382,855 | 7,144,723,191 |
| Revenue reserve - Unappropriated profit | | 32,046,324,386 | 30,013,914,860 |
| Reserve for issuance of shares | | 9,788,907,354 | - |
| Merger reserve | | 1,486,240,424 | - |
| Non-current liabilities | | 53,527,663,888 | 40,105,446,920 |
| Lease liabilities | | 362,140,027 | 285,832,136 |
| Long term advances | | 51,166,848 | - |
| | | 413,306,875 | 285,832,136 |
| Current liabilities | | | |
| Trade and other payables | 11 | 9,965,085,559 | 7,998,372,352 |
| Unclaimed dividend | | 37,724,513 | 37,698,807 |
| Contract liabilities - current | | 1,115,668,019 | 1,015,561,965 |
| Short term borrowings | | 4,709,876,245 | 2,415,460,379 |
| Current portion of lease liabilities | | 222,520,395 | 180,159,105 |
| Current portion of long term advances | | 2,026,211 | 2,026,211 |
| | | 16,052,900,942 | 11,649,278,819 |
| TOTAL EQUITY AND LIABILITIES | | 69,993,871,705 | 52,040,557,875 |

CONTINGENCIES AND COMMITMENTS

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

(CHAIRMAN)

(CHIEF EXECUTIVE OFFICER)

(CHIEF FINANCIAL OFFICER)

UNCONSOLIDATED CONDENSED INTERIM STATEMENT OF PROFIT OR LOSS (UN-AUDITED) FOR THE THREE MONTHS PERIOD ENDED MARCH 31, 2026

		Three Months Ended
		March 31,	March 31,
	Note	2026	2025
		Rupees	Rupees
Revenue from contracts with customers - net		12,585,021,746	10,898,695,953
Cost of revenue		(9,489,694,973)	(8,183,242,500)
Gross profit		3,095,326,773	2,715,453,453
Research & development expenses		(46,442,102)	(16,610,738)
Administrative expenses		(797,683,873)	(695,898,585)
Selling and distribution expenses		(279,963,041)	(245,997,720)
Impairment reversal / (losses) on financial assets		4,525,780	(64,794)
		(1,119,563,236)	(958,571,837)
Operating profit		1,975,763,537	1,756,881,616
Other income	13	224,295,683	401,620,376
Finance costs		(48,643,247)	(36,819,618)
Profit before taxation & levy		2,151,415,973	2,121,682,374
Levy		(108,781,161)	(109,338,383)
Profit before taxation		2,042,634,812	2,012,343,991
Taxation		(10,225,286)	(5,808,229)
Profit for the period		2,032,409,526	2,006,535,762
Earnings per share:			(Restated)
Basic earnings per share		1.38	1.37
Diluted earnings per share	14	1.31	1.36

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

(CHAIRMAN)

(CHIEF EXECUTIVE OFFICER)

(CHIEF FINANCIAL OFFICER)

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

FOR THE THREE MONTHS PERIOD ENDED MARCH 31, 2026

	Three Months Ended
	March 31,	March 31,
	2026	2025
	Rupees	Rupees
Profit for the period	2,032,409,526	2,006,535,762
Other comprehensive income:
Items that may be reclassified to profit or loss	-	-
Items that will not be reclassified to profit or loss	-	-
Other comprehensive income for the period	-	-
Total comprehensive income for the period	2,032,409,526	2,006,535,762

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

(CHAIRMAN)

(CHIEF EXECUTIVE OFFICER)

(CHIEF FINANCIAL OFFICER)

UNCONSOLIDATED CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY (UN-AUDITED) FOR THE THREE MONTHS PERIOD ENDED MARCH 31, 2026

	Issued, subscribed and paid-up share capital	Capital reserves		Merger reserve	Reserve for issuance of shares	Revenue reserve	Total
		Share premium	Employee compensation reserve			Unappropriated profit
	(Rupees)
Balance as at December 31, 2024 (audited)	2,929,861,489	5,433,976,281	766,101,046	-	-	23,753,597,914	32,883,536,730
Profit for the period	-	-	-	-	-	2,006,535,762	2,006,535,762
Other comprehensive income	-	-	-	-	-	-	-
Total comprehensive income	-	-	-	-	-	2,006,535,762	2,006,535,762
Share based payments	-	-	-147,609,738	-	-	-	147,609,738
Exercise of share options	1,300,000.00	67,038,440.00	(49,109,934.00)	-	-	-	19,228,506
Balance as at March 31, 2025 (un-audited)	2,931,161,489	5,501,014,721	864,600,850	-	-	25,760,133,676	35,056,910,736
Balance as at December 31, 2025 (audited)	2,946,808,869	6,298,649,065	846,074,126	-	-	30,013,914,860	40,105,446,920
Profit for the period	-	-	-	-	-	2,032,409,526	2,032,409,526
Other comprehensive income	-	-	-	-	-	-	-
Total comprehensive income	-	-	-	-	-	2,032,409,526	2,032,409,526
Share based payments	-	-	114,659,664	-	-	-	114,659,664
Exercise of Share Options	-	-	-	-	-	-	-
Acquisition of Confiz Group	-	-	-	1,486,240,424	9,788,907,354	-	11,275,147,778
Balance as at March 31, 2026 (un-audited)	2,946,808,869	6,298,649,065	860,733,790	1,486,240,424	9,788,907,354	32,046,324,366	53,527,663,884

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

{CHAIRMAN}

{S}_{\min }^{ + }

[CHIEF EXECUTIVE OFFICER]

{S}{\min }{l}{1}{l}_{2}

[CHIEF FINANCIAL OFFICER]

UNCONSOLIDATED CONDENSED INTERIM STATEMENT OF CASH FLOWS (UN-AUDITED) FOR THE THREE MONTHS PERIOD ENDED MARCH 31, 2026

	Three Months Ended
	Note	March 31,	March 31,
CASH FLOWS FROM OPERATING ACTIVITIES		Rupees
Net cash flows used in operations	15	(2,061,680,725)	(717,777,910)
Finance costs paid		(23,027,689)	(20,591,306)
Taxes and levy paid		(103,599,999)	(208,957,230)
		(126,627,688)	(229,548,536)
Net cash used in operating activities		(2,188,308,413)	(947,326,446)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property and equipment		(160,882,760)	(19,809,293)
Development expenditure		-	(10,197,189)
Proceeds from the disposal of property and equipment		167,257,218	9,418,908
Short term investments - net		859,638,336	928,401,109
Decrease in long term deposits		35,118,971	31,920,037
Profit received on short term investment		94,775,363	58,082,295
Profit received on bank deposits		20,970,266	10,024,978
Net cash generated from investing activities		1,016,877,394	1,007,840,845
CASH FLOWS FROM FINANCING ACTIVITIES
(Decrease)/ Increase in long term loan		-	(1,461,010)
Proceeds from exercise of share options		-	19,228,506
Increase in short term borrowing		2,289,808,609	248,099,302
Payments in respect of leases		(62,234,941)	(50,502,895)
(Decrease) / Increase in long term advances		(26,961,041)	196,578
Net cash generated from financing activities		2,200,612,627	215,560,481
Net increase in cash and cash equivalents		1,029,181,608	276,074,880
Cash and cash equivalents at beginning of the period		2,795,747,449	1,489,699,594
Cash acquired through merger		506,494,609	-
Cash and cash equivalents at end of the period		4,331,423,666	1,765,774,474

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

(CHAIRMAN)

(CHIEF EXECUTIVE OFFICER)

(CHIEF FINANCIAL OFFICER)

NOTES TO THE UNCONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (UN-AUDITED) FOR THE THREE MONTHS PERIOD ENDED MARCH 31, 2026

1. THE COMPANY AND ITS OPERATIONS

1.1 Systems Limited ("the Company") is a public company limited by shares incorporated in Pakistan under the Companies Act, 2017 and is listed on the Pakistan Stock Exchange. The Company is principally engaged in the business of software development, trading of software, hardware and business process outsourcing services. The registered office of the Company is situated at E-1, Sehjpal Road, Near DHA Phase-VIII (Ex-Air Avenue), Lahore Cantt.

1.2 MERGER OF CONFIZ LIMITED WITH AND INTO THE COMPANY

Confiz Limited was incorporated in Pakistan as a public company under Companies Ordinance, 1984 (now Companies Act, 2017) on January 22, 2013. Confiz Limited is principally engaged in the development and implementation of computer software and rendering of support and other IT related services globally. The registered office of Confiz Limited is situated at 13-14 Civic Centre Township Commercial Area, Lahore.

The Company and Confiz Limited had filed a joint petition before the Honourable Lahore High Court, seeking / obtaining sanction of the Court for a Scheme of Arrangement for Amalgamation under sections 279 to 283 of the Companies Act, 2017 ("Merger Scheme"). The Court has sanctioned the Merger Scheme without any modifications, additions, or deletions.

As a result of the Merger, from and on the Effective Date:

(i) The entire undertaking of Confiz Limited together with all the assets, rights, liabilities, permanent employees, claims, charges, contracts, etc. of every description have been transferred to and vested (at book values) in the Company;

(ii) The Company shall issue 57,578,421 ordinary shares to the entitled shareholders of the Confiz Limited as consideration for acquisition.

(iii) While Confiz Limited has been merged / amalgamated into the Company without any further act, deed, matter or thing including any winding-up procedures, the other entities of the acquired group continue to operate as separate legal entities in respective regions.

The Company has adopted the following accounting policy that involves accounting for the assets and liabilities of Confiz Limited using existing carrying values i.e. the values at the effective date:

(i) The acquired assets and liabilities have been recorded at their existing carrying values (at the effective date).

(ii) No goodwill has been recorded.

(iii) The difference between net of carrying amount of the assets and liabilities received from Confiz Limited (at the effective date), has been recognised within equity as merger reserve.

(iv) Investments in subsidiaries of Confiz Limited have been derecognised and re-recognised on the basis of fair value consideration as at the effective date and now continue to be subsidiaries of The Company as mentioned in note 6.

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. The accounting and reporting standards comprise of:

IFRS Accounting Standards issued by the International Accounting Standard Board (IASB) as notified under the Companies Act, 2017; and
Provisions of, directives and notifications issued under the Companies Act, 2017.

Where provisions of, directives and notifications issued under the Companies Act, 2017 differ from the IFRS Accounting Standards, the provisions of, directives and notifications issued under the Companies Act, 2017 have been followed.

2.2 These unconsolidated condensed interim financial statements do not include all the information and disclosures required in annual financial statements, and should be read in conjunction with the Company's annual financial statements for the year ended December 31, 2025.

2.3 These condensed interim financial statements are the separate unconsolidated condensed interim financial statements of the Company, in which investments in the subsidiary companies namely, Systems Ventures (Private) Limited, TechVista Information Technology W.L.L Qatar, SUS-JV (Private) Limited, National Data Consultant (Private) Limited, Systems Holdings (Private) Limited, British American Tobacco SAA Services (Private) Limited, Confiz LLC, Confiz Solutions DMCC and Confiz Inc. and associated company namely E-Processing Systems B.V and LeanBricks (Private) Limited have been accounted for at cost less accumulated impairment losses, if any.

2.4 These unconsolidated condensed interim financial statements have been prepared under the historical cost convention and are presented in Pak rupee, which is also the functional currency of the Company. The figures have been rounded off to the nearest rupees, unless otherwise stated.

3. SIGNIFICANT ACCOUNTING POLICIES

The accounting policies adopted for the preparation of these unconsolidated condensed interim financial statements are the same as those applied in the preparation of the preceding annual financial statements of the Company for the year ended December 31, 2025.

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

Certain standards, amendments and interpretations to International Financial Reporting Standards ('IFRS') are effective for accounting periods beginning on January 1, 2026, 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.

3.2 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 1, 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. CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS

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

The significant judgements made by management in applying the Company's accounting policies and the key sources of estimation uncertainty were the same as those that applied to the annual audited financial statements of the Company for the year ended December 31, 2025.

4.1 Taxation

The provision for taxation for the three months ended March 31, 2026 has been made using the tax rate that would be applicable to expected total annual earnings.

		Un-audited March 31,	Audited December 31,
	Note	2026	2025
5. PROPERTY AND EQUIPMENT		Rupees	Rupees
Operating fixed assets	(5.1)	3,694,672,414	3,345,680,442
Capital work in progress		81,270,927	77,323,977
		3,775,943,341	3,423,004,419
5.1 Operating fixed assets
Opening balance - net book value		3,345,680,442	3,401,072,321
Additions during the period / year - cost	(5.1.1)	131,044,476	662,785,342
Transferred on merger		531,326,485	0
		4,008,051,403	4,063,857,663
Less:
Disposals during the period / year - net book value	(5.1.2)	(104,593,830)	(40,627,110)
Depreciation during the period / year		(208,785,159)	(677,550,111)
Net book value at the end of the period / year		3,694,672,414	3,345,680,442

	Note	Un-audited March 31, 2026 Rupees	Audited December 31, 2025 Rupees
5.1.1 Additions during the period / year
Computers		112,504,208	419,912,202
Computer equipment and installations		3,230,877	65,754,830
Other equipment and installations		10,500,728	17,508,816
Generators and transformer		-	896,876
Furniture and fittings		3,798,413	11,510,676
Vehicles		702,450	141,715,913
Office equipment		307,800	5,486,029
		131,044,476	662,785,342
5.1.2 Disposals during the period / year - Net Book Value
Computers		(3,593,121)	(28,439,057)
Computer equipment and installations		(872,146)	(5,266,884)
Furniture and fittings		-	(142,745)
Vehicles		(98,564,521)	(6,592,080)
Office equipment		(1,564,042)	(186,344)
		(104,593,830)	(40,627,110)
6. LONG TERM INVESTMENTS
Investment in subsidiaries - at cost - unquoted:
SUS-JV (Private) Limited	(6.1)	94,990	94,990
Systems Ventures (Private) Limited	(6.2)	3,403,635,976	1,178,444,976
TechVista Information Technology W.L.L.	(6.3)	144,568,884	144,568,884
National Data Consultants (Pvt.) Limited	(6.4)	4,254,636,725	4,254,636,725
British American Tobacco SAA Services (Private) Limited	(6.5)	3,430,208,761	3,430,208,761
Systems Holdings (Private) Limited	(6.6)	-	-
Confiz LLC	(6.7)	7,635,703,170	-
Confiz Solutions DMCC	(6.8)	1,361,801,440	-
Confiz Inc.	(6.9)	-	-
		20,230,649,946	9,007,954,336
Advance against issuance of shares		-	2,225,191,000
Share options issued to employees of subsidiaries	(6.10)	345,443,214	316,713,807
Subscription money payable	(6.11)	3,295,600	3,295,600
		348,738,814	2,545,200,407
Investment In associate - at cost - unquoted
E-Processing Systems B.V.		201,546,988	201,546,988
LeanBricks (Private) Limited	6.12	-	-
		20,780,935,748	11,754,701,731

6.1 This represents 9,499 fully paid ordinary shares of Rs. 10/- each, representing $94.99\%$ (December 31, 2025: $94.99\%$ ) shares in Company's joint venture, SUS JV (Private) Limited, a company set up in Pakistan for the Balochistan Land Revenue Management Information System project. The project is related to digitization of land records and development of a web-based management information system.

6.2 This represents 361,489,384 fully paid ordinary shares of Rs 10/- each, representing 100% (2025: 138,960,284 fully paid shares of Rs. 10/- each, representing 100%) share in Company's subsidiary, Systems Ventures (Private) Limited, a company set up in Pakistan to invest in new ventures, start ups and incubate new ideas.

6.3 Techvista Information Technology W.L.L. ('TVSQ') is a limited liability company incorporated in the State of Qatar. The Company owns 34% (December 31, 2025: 34%) share capital in TVSQ. Pursuant to the agreement entered with the remaining shareholders of TVSQ on February 27, 2022 the Company has obtained all control and management of TVSQ.

6.4 This represents 500,000 fully paid ordinary shares of Rs 10/- each, representing 100% (2025: 500,000 fully paid ordinary shares of Rs 10/. each) shares in the Company's subsidiary, National Data Consultant (Private) Limited ('NdcTech'). NdcTech is a company setup in Pakistan engaged in core and digital banking implementation services, having rich clients in Pakistan, Middle East, Africa and Asia Pacific region.

6.5 This represents 90,010,000 fully paid ordinary shares of Rs 10 each, representing 100% (2024: nil) shares in the Company's subsidiary, British American Tobacco SAA Services (Private) Limited, which were acquired by the Company on 31st October, 2025 pursuant to a Share Purchase Agreement. British American Tobacco SAA Services (Private) Limited is a company incorporated in Pakistan and is principally engaged in providing information technology and IT- enabled services to other group companies of the BAT Group across the Asia Pacific, Sub-Saharan Africa and Middle East regions. The total consideration for the acquisition amounted to Rs. 3,430.21 million which is paid in cash.

6.6 This represents 100 ordinary shares of Rs. 10/- each, representing 100% (2025: 100 ordinary shares) shares in the Company's subsidiary, Systems Holdings (Private) Limited, a limited liability company incorporated in Pakistan on April 14, 2023, for the purpose of establishing and running data processing centers, computer centers, software development centers and to provide consultancy and data processing software development services. As of reporting date, no payment has been made against its share capital.

6.7 Confiz LLC was incorporated in Delaware (USA) as limited liability company with share capital of USD 75,000 on 14 February 2014. The registered office is situated at 3120 139th Avenue SE, Suite 500, Bellevue, WA 98005, United States. It is principally engaged in the provision of IT services. The Company holds 100% equity interest in the Confiz LLC.

6.8 Confiz Solutions DMCC was incorporated with share capital of AED 50,000 on August 25, 2019 and operates as a Free Zone Company in Dubai, United Arab Emirates under commercial license No. DMCC-737559 issued by Dubai Multi Commodities Centre (DMCC), Government of Dubai. The principal activities of the Company as per the trade license are Information Technology Consultants, Computer Systems Consultancies, Software House. The registered office of the Company is Unit no. ONEJLT-06-204, Plot No. DMCC EZ1-1AB, Jumeirah Lake Towers, Dubai, United Arab Emirates.

6.9 The Company has made an investment in Confiz Inc., a wholly owned subsidiary incorporated in Canada. The subsidiary was incorporated on May 1, 2023 with a share capital of CAD 10 and is currently non-operational. The registered office of the subsidiary is located at 34 Lisa Crescent Richmond Hill, Ontario, Canada.

6.10 This represents the share options issued to employees of the following subsidiaries:

	Un-audited March 31, 2026 Rupees	Audited December 31, 2025 Rupees
- Tech Vista Systems FZ-LLC	213,119,857	195,308,716
- TechVista Information Technology W.L.L.	4,710,695	4,359,878
- Systems Arabia for Information Technology	85,560,206	76,427,843
- National Data Consultant (Private) Limited	16,948,850	16,948,850
- SYS Egypt for Information Technology Services	7,413,112	6,509,527
- Systems APAC for Info Tech PTE Ltd	5,975,483	5,443,982
- Systems Africa for Information Technologies (Pty.) Ltd.	3,569,736	3,569,736
- Systems Australia for Information Technology (Pty.) Ltd.	8,145,275	8,145,275
	345,443,214	316,713,807
6.11 This represents subscription money payable in respect of the following subsidiaries:
- TechVista Information Technology W.L.L.	3,294,600	3,294,600
- Systems Holdings (Private) Limited	1,000	1,000
	3,295,600	3,295,600

6.12 LeanBricks (Private) Limited is a private limited company, registered under Companies Ordinance, 1984 (repealed with the enactment of the Companies Act, 2017) is engaged in the business of information technology and related services. As at March 31, 2026, the Company holds 4,584,511 fully paid ordinary shares of Rs.10/- each representing 49% equity interest in the entity. The registered office of LeanBricks (Private) Limited is situated at Leeds Centre, Main Boulevard Gulberg III, Lahore, Pakistan.

	Note	Un-audited March 31, 2026 Rupees	Audited December 31, 2025 Rupees
7. Trade Debts- Unsecured
Export		26,045,754,726	19,776,468,330
Local		2,113,693,243	1,987,064,639
	(7.1)	28,159,447,969	21,763,532,969
Less: Allowance for expected credit losses		(206,166,976)	(182,312,567)
		27,953,280,993	21,581,220,402
7.1 These include receivables from the following related parties:
Visionet Systems Incorporation - USA		4,185,489,091	2,980,137,445
Visionet Deutschland GmbH		199,210,925	46,268,838
Visionet EMEA Limited		496,256,676	286,221,717
AtClose LLC		-	-
PartnerLinQ Incorporation		657,297,266	328,072,235
Visionet Canada Incorporation		25,268,556	24,107,898
Systems APAC Pte. Ltd		1,640,224,992	1,813,237,740
Systems Africa for Information Technologies		105,129,749	102,908,416
Systems Australia for Information Technology PTY LTD.		94,842,119	194,476,578
National Data Consultancy FZE		2,009,781,110	2,053,359,730
TechVista Systems FZ-LLC		5,401,107,287	3,939,277,679
TechVista Information Technology W.L.L.		1,505,631,210	1,329,301,992
Systems Arabia for Information Technology		6,388,105,550	5,594,383,586
Systems Egypt for Information technology		51,598,996	43,497,984
Systems Bahrain for Information Technology W.L.L.		417,512,294	363,400,638
Systems Information Technology Malaysia		98,376,100	47,322,662
Confiz LLC		1,418,770,042	-
Confiz Solutions DMCC		596,829,792	-
Confiz Solutions Information Technology Co.		128,046,884	-
		25,419,478,639	19,145,975,138
8. Short Term Investments
At fair value through profit or loss
- Mutual fund units		3,883,128,853	4,742,767,189
At amortized Cost
- Term deposits receipts (TDRs)	(8.1)	77,382,800	77,382,800
		3,960,511,653	4,820,149,989

8.1 These carry markup at rates ranging from 8% to 9.85% (December 31, 2025: 5.47% to 10%) per annum.

		Un-audited March 31,	Audited December 31,
	Note	2026	2025
9. CASH AND BANK BALANCES		Rupees	Rupees
Cash in hand		1,267,075	37,094
Cheques in hand		-	-
Balance with bank:
Local currency:
Current accounts		461,784,422	249,617,768
Savings accounts	(9.1)	3,435,313,891	1,687,934,314
		3,897,098,313	1,937,552,082
Foreign currency - current accounts		433,058,278	858,158,273
		4,331,423,666	2,795,747,449

9.1 These carry markup at rates ranging from 6.75% to 9.8% (December 31, 2025: 2.60% to 11.50%) per annum.

ISSUED, SUBSCRIBED AND PAID UP SHARE CAPITAL

	Un-audited March 31,	Audited December 31,	Un-audited March 31,	Audited December 31,
	2026	2025	2026	2025
	(No of Shares)		Rupees
Ordinary shares of Rs 2/- each
- fully paid in cash	599,960,320	599,960,320	1,199,920,639	1,199,920,639
- paid up as bonus shares	814,331,615	814,331,615	1,628,663,230	1,628,663,230
- consideration other than cash	59,112,500	59,112,500	118,225,000	118,225,000
	1,473,404,435	1,473,404,435	2,946,808,869	2,946,808,869
	Un-audited	Audited	Un-audited	Audited
---	---	---	---	---
	2026	2025	2026	2025
10.1 Reconciliation of issued, subscribed and paid-up share capital:
Balance as at January 01	1,473,404,435	1,464,930,745	2,946,808,869	2,929,861,489
Stock options exercised	-	8,473,690	-	16,947,380
Bonus shares issued	-	-	-	-
Balance as at March 31 / December 31	1,473,404,435	1,473,404,435	2,946,808,869	2,946,808,869
	Un-audited March 31,	Audited December 31,
---	---	---
11. TRADE AND OTHER PAYABLES	Note	2026
	Rupees	Rupees
Creditors	521,747,240	417,228,709
Accrued liabilities	4,473,973,299	3,139,427,966
Withholding income tax payable	500,437,656	635,043,957
Subscription money payable	5,788,886	5,788,886
Payable to related parties	3,930,372,630	3,036,154,609
Provision for onerous contracts	-	45,739,224
Sales tax payable	105,074,398	521,203,740
Provident fund payable	427,691,450	197,785,261
	9,965,085,559	7,998,372,352

12. CONTINGENCIES AND COMMITMENTS

12.1 Contingencies

There is no significant change in the contingencies since the date of preceding published annual financial statements.

12.2 Commitments

12.2.1 Guarantees issued by financial institutions on behalf of the Company amounted to Rs. 779.94 million (December 31, 2025: Rs 879.88 million).

| 13. OTHER INCOME | Un-audited
Three Months Ended | |
| --- | --- | --- |
| | March 31, 2026 | March 31, 2025 |
| Income from financial assets | Rupees | Rupees |
| Profit on deposit accounts | 20,970,266 | 10,024,978 |
| Profit on short term investments | 94,775,363 | 58,082,295 |
| Exchange gain / (loss) | (75,212,623) | 180,240,411 |
| Effect of discounting on long term loans | - | 28,111,437 |
| Interest on loan to subsidiaries/associates | 9,076,721 | 109,716,637 |
| Gain on derivative financial instruments | 5,991,685 | 920,579 |
| Income from non financial assets | | |
| Gain on disposal of property and equipment | 62,663,388 | 9,418,908 |
| Others | 106,030,883 | 5,105,131 |
| | 224,295,683 | 401,620,376 |
| 14. EARNINGS PER SHARE | | |
| Profit for the period (rupees) | 2,032,409,526 | 2,006,535,762 |
| | (Number of shares) | |
| Weighted-average number of ordinary shares | | (Restated) |
| outstanding during the period | 1,473,404,435 | 1,465,159,480 |
| Basic (rupees) | 1.38 | 1.37 |
| Diluted earnings per share: | | |
| Profit for the period (rupees) | 2,032,409,526 | 2,006,535,762 |
| | (Number of shares) | |
| Weighted-average number of Ordinary | | (Restated) |
| shares - basic | 1,473,404,435 | 1,465,159,480 |
| Effect of share options | 15,253,760 | 10,806,910 |
| Shares to be issued against Confiz acquisition | 57,578,421 | - |
| | 1,546,236,616 | 1,475,966,390 |
| Diluted (rupees) | 1.31 | 1.36 |

Un-audited Three Months Ended
	March 31, 2026	March 31, 2025
	Rupees	Rupees
15. CASH FLOWS FROM OPERATING ACTIVITIES
Profit before taxation & levy	2,151,415,973	2,121,682,374
Adjustments for:
Depreciation on property and equipment	208,785,159	151,509,297
Depreciation of right-of-use asset	44,461,912	37,873,657
Amortization of intangibles	11,124,243	-
Amortization of deferred employee benefits	29,151,931	25,785,413
Impairment (reversal) / losses on financial assets	(4,525,780)	64,794
Share based payment expense	85,930,257	98,752,038
Finance costs	48,643,247	36,819,618
Exchange loss / (gain)	75,212,623	(180,240,411)
Gain on short term investments	(94,775,363)	(58,082,295)
Profit on bank deposits	(20,970,266)	(10,024,978)
Interest on loan to subsidiaries and associates	(9,076,721)	(109,716,637)
Gain on derivative financial instrument	(5,991,685)	(920,579)
Effect of discounting of long term loans	(30,932,430)	(28,111,437)
Gain on disposal of property and equipment	(62,663,388)	(9,418,908)
	274,373,739	(45,710,428)
Profit before working capital changes	2,425,789,712	2,075,971,946
Effect on cash flow due to working capital changes
(Increase) / decrease in current assets:
Contract Assets - net	(477,481,704)	(1,186,996,870)
Trade debts	(2,797,466,165)	(1,141,605,088)
Loans, advances and other receivables	(630,523,158)	442,379,732
Employee interest free loan	(192,444,523)	(69,072,004)
Trade deposits and short term prepayments	(674,282)	(34,220,682)
	(4,098,589,832)	(1,989,514,912)
Increase in current liabilities:
Trade and other payables	(388,880,605)	(804,234,944)
	(388,880,605)	(804,234,944)
Net cash flows from operations	(2,061,680,725)	(717,777,910)

16. TRANSACTIONS WITH RELATED PARTIES

Related parties comprises of subsidiaries, associated companies, staff retirement fund, directors and key management personnel. The transactions with related parties are made under mutually agreed terms and conditions other than transactions with key management personnel which are carried under of the terms of employment. Transactions with related parties are as follows:

Un-audited Three Months Ended

Undertaking	Relation	Nature of Transaction	March 31, 2020	March 31, 2025
			Rupees	Rupees
		Revenue	2,399,366,944	2,004,739,294
TechVista Systems FZ - LLC	Sub-Subsidiary	Wholly owned by sub subsidiary: Systems International IT Pte. Ltd.	Expenses incurred on behalf of the party by the Company	122,200,702
			Expense incurred on behalf of the company by the party	38,766,399
			Share options issued to employees of related party	17,811,141
Oneload Processing Systems (Private) Limited	Associated company	Wholly owned by Associate: E-Processing Systems B.V.	Disbursements against loan	175,339
			Finance income on loan	6,560,607
			Disbursement against loan	116,176
SUS - Joint Venture (Private) Limited	Subsidiary	94.99% owned subsidiary	Rescepts against loan	116,176
			Revenue	3,256,451,172
			3,201,984,878
Visionet Systems Inc.	Associated company	Common shareholding of directors	Expenses incurred on behalf of the party by the Company	23,892,711
			Expense incurred on behalf of the company by the party	14,331,132
Visionet Deutschland GmbH	Associated company	Common shareholding of directors	Revenue	157,559,042
			Expenses incurred on behalf of the party by the Company	7,291,258
Systems Ventures (Private) Limited	Subsidiary	Wholly owned	Expenses incurred on behalf of the party by the Company	332,971
Systems Australia for Information Technology Pty Limited	Sub-Subsidiary	Wholly owned by sub-subsidiary: TechVista Systems FZ LLC	Revenue	34,979,418
			Expenses incurred on behalf of the party by the Company	428,974
Systems Limited Employee's Provident Fund	Staff retirement fund	Staff retirement fund	Contribution	437,916,359
			Revenue	181,315,754
TechVista Information Technology W.L.L.	Subsidiary	Management Control	Share options issued to employees of related party	350,817
			Expenses incurred on behalf of the party by the Company	12,854,721
			Expense incurred on behalf of the company by the party	35,851,613
			Revenue	221,653,380
Visionet EMEA Limited	Associated company	Common shareholding of directors	Expenses incurred on behalf of the party by the Company	1,191,668
			Consultancy fee by the party	24,106,637
National Data Consultants (Private) Limited	Subsidiary	Wholly owned	Expense incurred on behalf of the company by the party	68,439,112
			Revenue	954,904,265
Systems Arabia for Information Technology	Sub-Subsidiary	Wholly owned by sub-subsidiary: Systems International IT Pte. Ltd.	Share options issued to employees of related party	9,132,363
			Expenses incurred on behalf of the party by the Company	99,245,786
			Expense incurred on behalf of the company by the party	-

Un-audited
Three Months Ended

Undertaking	Relation	Nature of Transaction	March 31, 2025	March 31, 2025
Systems Africa for Information Technologies Pty. Ltd.	Sub-Subsidiary	Wholly owned by sub subsidiary: Systems International IT Pte. Ltd.	Revenue	3,761,314
			Expenses incurred on behalf of the party by the Company	1,525,695
			Share options issued to employees of related party	-
Systems APAC for Information Technology Pte. Ltd.	Sub-subsidiary	Wholly owned by sub-subsidiary: Systems International IT Pte. Ltd.	Revenue	480,791,781
			Share options issued to employees of related party	531,501
			Expenses incurred on behalf of the party by the Company	59,694,736
			Payment of licenses made by the party on behalf of the company	4,109,275
SYS Egypt for Information Technology Services	Sub-subsidiary	Wholly owned by sub-subsidiary: Systems International IT Pte. Ltd.	Revenue	8,270,098
			Consultancy fee by the party	2,111,872
			Expenses incurred on behalf of the company by the party	3,643,230
National Data Consultancy FZE	Sub-subsidiary	Wholly owned by sub-subsidiary: Systems International IT Pte. Ltd.	Share options issued to employees of related party	903,585
			Revenue	128,617,105
			Expenses incurred on behalf of the party by the Company	3,137,303
Visionet Canada Inc.	Associated company	Common shareholding of directors	Revenue	1,728,706
			Expenses incurred on behalf of the party by the Company	490,000
Systems Information Technology Malaysia SDN.BHD.	Sub-subsidiary	Wholly owned by sub-subsidiary: Systems International IT Pte. Ltd.	Revenue	51,301,307
			Expenses incurred on behalf of the party by the Company	9,270,907
AtClose LLC	Associated company	Common shareholding of directors	Revenue	-
PartnerLinQ Inc.	Associated company	Common shareholding of directors	Revenue	330,482,011
			Expenses incurred on behalf of the party by the Company	1,438,928
Sys Bahrain for Information Technology WLL	Sub-subsidiary	Wholly owned by sub-subsidiary: Systems International IT Pte. Ltd.	Revenue	55,498,508
			Expenses incurred on behalf of the party by the Company	49,701,955
British American Tobacco SAA Services (Private) Limited	Subsidiary	Wholly owned	Expenses incurred on behalf of the party by the Company	158,773,440
			Revenue	534,435,097
Confiz LLC	Subsidiary	Wholly owned	Expenses incurred by the party on behalf of the Company	126,156,627
			Expenses incurred by Company on the behalf of the party	8,985,521
Confiz Solutions DMCC	Subsidiary	Wholly owned	Revenue	110,320,312
			Expenses incurred by the party on behalf of the Company	280,000
Confiz Solutions Information Technology Company	Sub-subsidiary	Wholly owned by subsidiary: Confiz Solutions DMCC	Revenue	4,307,443
			Expenses incurred by Company on the behalf of the party	35,803,474
Confiz Digital Solutions-UAE	Sub-subsidiary	Wholly owned by subsidiary: Confiz Solutions DMCC	Consultancy fee by the party	67,659,759
			Expenses incurred by Company on the behalf of the party	230,654
Lean Bricks (Private) Limited	Associated company	49% shareholding	Expenses incurred on behalf of the party	103,770

17. FINANCIAL RISK MANAGEMENT

The Company's financial risk management objective and policies are consistent with those disclosed in the preceding annual audited financial statements for the year ended December 31, 2025.

17.1 Fair values of financial assets and liabilities

The carrying values of other financial assets and financial liabilities reflected in these unconsolidated condensed interim financial statements approximate their fair values. Fair value is determined on the basis of objective evidence at each reporting date.

Un-audited
March 31, 2026
	At fair value through profit or loss	At amortized cost	Total
17.2 Financial instruments by categories	(Rupees)
Financial assets
Long term deposits	-	73,065,319	73,065,319
Contract Assets	-	3,069,698,735	3,069,698,735
Loans, advances and other receivable	-	3,265,185,608	3,265,185,608
Trade debts	-	27,953,280,993	27,953,280,993
Short term investments	3,883,128,853	77,382,800	3,960,511,653
Cash and bank balances	-	4,330,156,591	4,330,156,591
Derivative financial instruments	16,978,292	-	16,978,292
Trade deposits	-	91,427,233	91,427,233
	3,900,107,145	38,860,197,279	42,760,304,424
Financial liabilities
Lease liabilities	-	584,660,422	584,660,422
Short term borrowings	-	4,709,876,245	4,709,876,245
Unclaimed dividend	-	37,724,513	37,724,513
Trade and other payables	-	9,965,085,559	9,965,085,559
	-	15,297,346,739	15,297,346,739
Audited
---	---	---	---
December 31, 2025
	At fair value through profit or loss	At amortized cost	Total
		(Rupees)
Financial assets
Long term deposits	-	85,290,200	85,290,200
Contract assets	-	2,568,422,732	2,568,422,732
Loans, advances and other receivable	-	2,466,088,692	2,466,088,692
Trade debts	-	21,581,220,402	21,581,220,402
Short term investments	4,742,767,189	77,382,800	4,820,149,989
Cash and bank balances	-	2,795,710,355	2,795,710,355
Derivative financial instruments	10,986,607	-	10,986,607
Trade deposits	-	35,565,444	35,565,444
	4,753,753,796	29,609,680,625	34,363,434,421
Financial liabilities
Lease liabilities	-	465,991,241	465,991,241
Short term borrowings	-	2,415,460,379	2,415,460,379
Unclaimed dividend	-	37,698,807	37,698,807
Trade and other payables	-	6,842,124,655	6,842,124,655
	-	9,761,275,082	9,761,275,082

18. Fair value hierarchy

The Company uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation

Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities.

Level 2: other techniques for which all inputs which have a significant effect on the recorded fair value are observable either, directly or indirectly.

Level 3: techniques which use inputs that have a significant effect on the recorded fair value that are not based on observable market data.

	Level 1	Level 2	Level 3	Total
	Rupees	Rupees	Rupees	Rupees
As at March 31, 2026 (Un-audited)
Fair value through profit and loss
- Mutual Fund units	3,883,128,853	-	-	3,883,128,853
- Derivative financial instruments	-	16,978,292	-	16,978,292
As at December 31, 2025 (Audited)
Fair value through profit and loss
- Mutual Fund units	4,742,767,189	-	-	4,742,767,189
- Derivative financial instruments	-	10,986,607	-	10,986,607

19. DATE OF AUTHORIZATION FOR ISSUE

These condensed unconsolidated interim financial statements were authorized for issue on ______ by the Board of Directors of the Company.

20. CORRESPONDING FIGURES

Corresponding figures have been re-arranged or re-classified where necessary for the purpose of comparison, however no significant re-classification or re-arrangements have been made in these condensed unconsolidated interim financial statements.

21. GENERAL

Figures have been rounded off to the nearest rupees, unless otherwise stated.

(CHIEF EXECUTIVE OFFICER)

(CHIEF FINANCIAL OFFICER)

09110

Systems Limited

CONSOLIDATED FINANCIAL STATEMENTS

CONSOLIDATED CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION (UN-AUDITED) AS AT 31 MARCH 2026

| | | Un-audited
31 March | Audited
31 December |
| --- | --- | --- | --- |
| ASSETS | Note | 2026 | 2025 |
| | | Rupees | Rupees |
| Non-current assets | | | |
| Property and equipment | 6 | 4,565,530,556 | 4,222,593,228 |
| Intangibles | | 18,893,103,654 | 11,991,792,090 |
| Long term investments | 7 | 179,646,186 | 157,383,405 |
| Investment in associates | | 89,359,055 | 89,359,651 |
| Right-of-use asset | | 1,123,183,734 | 1,149,418,066 |
| Long term loans | | 689,419,870 | 565,933,316 |
| Deferred taxation - net | | 94,140,852 | - |
| Deferred employee benefits | | 193,436,878 | 156,902,648 |
| Long term receivable | | 328,007,741 | 244,727,720 |
| Long term deposits | | 485,532,133 | 655,209,757 |
| | | 26,641,360,659 | 19,233,319,881 |
| Current assets | | | |
| Contract assets | | 17,495,432,075 | 13,979,755,610 |
| Trade debts | 8 | 23,031,610,024 | 17,575,804,426 |
| Current portion of long term receivable | | 426,212,332 | 427,670,427 |
| Loans, advances and other receivables | | 3,907,180,828 | 2,216,118,998 |
| Trade deposits and short term prepayments | | 2,909,837,052 | 2,287,618,430 |
| Short term investments | 9 | 8,561,676,024 | 5,441,665,232 |
| Tax refunds due from the Government | | 947,774,247 | 721,298,512 |
| Derivative financial instruments | | 16,978,292 | 10,986,607 |
| Current portion of deferred employee benefits | | 91,088,468 | 89,612,845 |
| Cash and bank balances | 10 | 8,305,011,848 | 13,504,721,300 |
| | | 65,692,801,190 | 56,255,252,387 |
| TOTAL ASSETS | | 92,334,161,849 | 75,488,572,268 |
| EQUITY AND LIABILITIES | | | |
| Share capital and reserves | | | |
| Authorized share capital | | | |
| 2,000,000,000 (2025: 2,000,000,000) ordinary shares of Rs. 2 each | | | |
| (2025: Rs 2 each) | | 4,000,000,000 | 4,000,000,000 |
| Issued, subscribed and paid up share capital | 11 | 2,946,808,869 | 2,946,808,869 |
| Capital reserves | | 9,800,140,785 | 9,356,084,401 |
| Reserve for issuance of shares | | 9,788,907,325 | - |
| Unappropriated profits | | 39,299,940478 | 36,274,230,894 |
| | | 61,835,797,457 | 48,577,124,164 |
| Non-controlling interest | | 1,698,353 | 1,698,353 |
| | | 61,837,495,810 | 48,578,822,517 |
| Non-current liabilities | | | |
| Long term advances | | 57,363,146 | 6,302,660 |
| Lease liability | | 1,205,870,140 | 1,076,394,050 |
| Other long term liability - unsecured | | 441,915,226 | 428,305,444 |
| Contract liabilities | | 3,107,533,126 | 2,848,186,391 |
| Deferred taxation - net | | - | 1,573,433 |
| Retirement benefits | | 1,652,480,749 | 1,556,579,442 |
| | | 6,465,162,387 | 5,917,341,420 |
| Current liabilities | | | |
| Trade and other payables | 12 | 13,716,861,507 | 10,709,428,067 |
| Unclaimed dividend | | 37,724,513 | 37,698,807 |
| Current portion of contract liability | | 3,619,540,711 | 2,698,265,644 |
| Short term borrowings from financial institutions - secured | | 4,714,969,934 | 5,956,002,054 |
| Current portion of lease liability | | 257,686,020 | 231,651,227 |
| Current portion of other long term liability | | 755,763,380 | 758,348,886 |
| Provision for taxation | | 926,929,567 | 598,985,626 |
| Current portion of long term advances | | 2,028,020 | 2,028,020 |
| | | 24,031,503,652 | 20,992,408,331 |
| TOTAL EQUITY & LIABILITIES | | 92,334,161,849 | 75,488,572,268 |

CONTINGENCIES AND COMMITMENTS 14
The annexed notes from 1 to 22 form an integral part of this consolidated condensed interim financial information.

(CHAIRMAN)

(CHIEF EXECUTIVE OFFICER)

(CHIEF FINANCIAL OFFICER)

CONSOLIDATED CONDENSED INTERIM PROFIT OR LOSS ACCOUNT (UN-AUDITED) FOR THE THREE MONTHS ENDED 31 MARCH 2026

	Three Months Ended
	Note	31 March	31 March
		2026	2025
		Rupees	Rupees
Revenue from contract with customers - net		23,977,593,876	18,079,554,950
Cost of sales		17,939,420,933	13,529,504,905
Gross profit		6,038,172,943	4,550,050,045
Selling & Distribution expenses		867,116,909	623,884,483
Administrative expenses		1,963,964,032	1,409,780,494
Research & development expenses		61,344,342	17,648,624
Other operating expenses		29,503,192	30,854,853
		2,921,928,475	2,082,168,454
Operating profit		3,116,244,468	2,467,881,591
Other income	15	340,238,493	334,390,249
Share of loss from associate		-	9,000,000
Finance cost		129,313,122	89,636,028
Profit before taxation and Levy		3,327,169,839	2,703,635,813
Levy		169,355,373	109,338,383
Profit before taxation		3,157,814,466	2,594,297,430
Taxation		132,104,882	92,822,300
Profit after taxation		3,025,709,584	2,501,475,129
Attributable to:
Equity holders of the parent		3,025,709,584	2,501,761,877
Non-controlling interest		-	(286,747)
		3,025,709,584	2,501,475,129
Earnings per share:			(Restated)
Basic earnings per share	16	2.05	1.71
Diluted earnings per share		1.96	1.69

The annexed notes from 1 to 22 form an integral part of this consolidated condensed interim financial information.

(CHAIRMAN)

(CHIEF EXECUTIVE OFFICER)

(CHIEF FINANCIAL OFFICER)

CONSOLIDATED CONDENSED INTERIM STATEMENT OF COMPREHENSIVE INCOME (UN-AUDITED) FOR THE THREE MONTHS ENDED 31 MARCH 2026

	Three Months Ended
	31 March	31 March
	2026	2025
	Rupees	Rupees
Profit for the period	3,025,709,584	2,501,475,129
Other comprehensive income
Exchange difference on translation of foreign operations	329,396,720	35,062,190
Total comprehensive income for the period	3,355,106,304	2,536,537,320
Attributable to:
Equity holders of the parent	3,355,106,304	2,536,824,067
Non-controlling interest	-	(286,747)
	3,355,106,304	2,536,537,320

The annexed notes from 1 to 22 form an integral part of this consolidated condensed interim financial information.

(CHAIRMAN)

(CHIEF EXECUTIVE OFFICER)

(CHIEF FINANCIAL OFFICER)

CONSOLIDATED CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY (UN-AUDITED) FOR THE THREE MONTHS ENDED 31 MARCH 2026

	Issued, subscribed and paid up share capital	Capital reserve			Reserve for issuance of shares	Revenue reserve	Total equity attributable to shareholders of parent company	Non-controlling interest	Total
		Share capital premium	Employee compensation reserve	Foreign currency translation reserve		Unappropriated profit
					Rupees
Balance as at 31st December 2024 (Audited)	2,929,861,489	5,433,976,215	766,101,046	2,468,598,715	-	27,129,935,811	38,728,473,276	2,192,380	38,730,665,656
Total comprehensive income for the period	-	-	-	-	-	2,501,475,129	2,501,475,129	(286,747)	2,501,188,382
Other comprehensive income for the period	-	-	-	35,062,190	-	-	35,062,190	-	35,062,190
Revenue reserve of subsidiary	-	-	-	-	-	-	-	-	-
Exercise of Share Options	1,300,000	67,038,440	(49,109,934)	-	-	-	19,228,506	-	19,228,506
Share based payments	-	-	147,609,738	-	-	-	147,609,738	-	147,609,738
Balance as at 31 March 2025 (Un-audited)	2,931,161,489	5,501,014,655	864,600,850	2,503,660,905	-	29,631,410,940	41,431,946,840	1,905,633	41,433,754,472

Balance as at 31st December 2025 (Audited)	2,946,808,869	6,298,648,999	846,074,126	2,211,361,276	-	36,274,230,894	48,577,124,164	1,698,353	48,578,822,517
Total comprehensive income for the period	-	-	-	-	-	3,025,709,584	3,025,709,584	-	3,025,709,584
Other comprehensive income for the period	-	-	-	329,396,720	-	-	329,396,720	-	329,396,720
Revenue reserve of subsidiary	-	-	-	-	-	-	-	-	-
Exercise of Share Options	-	-	-	-	-	-	-	-	-
Share based payments	-	-	114,659,664	-	-	-	114,659,664	-	114,659,664
Acquisition of Confiz	-	-	-	-	9,788,907,325	-	9,788,907,325	-	9,788,907,325
Balance as at 31 March 2026 (Un-audited)	2,946,808,869	6,298,648,999	860,733,790	2,540,757,998	3,788,907,325	39,299,940,478	61,833,757,457	1,698,353	61,837,493,619

The annexed notes from 1 to 22 form an integral part of this consolidated condensed interim financial information.

[CHAIRMAN]

[CHIEF EXECUTIVE OFFICER]

[CHIEF FINANCIAL OFFICER]

CONSOLIDATED CONDENSED INTERIM CASH FLOW STATEMENT (UN-AUDITED) FOR THE THREE MONTHS ENDED 31 MARCH 2026

	Three Months Ended
	31 March	31 March
Note	2026	2025
CASH FLOWS FROM OPERATING ACTIVITIES	Rupees	Rupees
Net cash flows used in operations	18	(3,227,625,732)
Finance costs paid	(43,238,498)	(36,563,620)
Retirement benefits paid	(29,742,795)	(29,206,460)
Taxes & levy paid	(180,184,054)	(145,214,440)
	(253,165,347)	(210,984,520)
Net cash flows used in operating activities	(3,480,791,079)	(1,785,599,661)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property and equipment	(180,814,347)	(82,177,822)
Proceeds from the disposal of property and equipment	180,607,522	1,714,137
(Investment) / disposal of short term investments - net	(3,120,010,792)	969,782,106
Profit received on short term investment	97,541,148	58,082,295
Profit received on bank deposits	18,933,472	12,427,490
Net cash flows (used in) / from investing activities	(3,003,742,997)	959,828,206
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from exercise of share options	-	19,228,506
Decrease in short term borrowings	(1,228,492,377)	(757,359,783)
Increase in Lease Liability	(72,740,603)	(67,658,011)
(Decrease) / Increase in long term advances	(79,971,833)	16,438,969
Net cash flows used in financing activities	(1,381,204,813)	(789,350,320)
Net (decrease) in cash and cash equivalents	(7,865,738,889)	(1,615,121,775)
Net foreign exchange difference	347,377,333	35,062,190
Cash acquired from acquisition	2,318,652,104	-
Cash and cash equivalents at beginning of the period	13,504,721,300	7,820,717,667
Cash and cash equivalents at closing of the period	8,305,011,848	6,240,658,082

The annexed notes from 1 to 22 form an integral part of this consolidated condensed interim financial information.

(CHAIRMAN)

(CHIEF EXECUTIVE OFFICER)

(CHIEF FINANCIAL OFFICER)

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (UN-AUDITED) FOR THE THREE MONTHS PERIOD ENDED MARCH 31, 2026

1. THE GROUP AND ITS OPERATIONS

1.1 Holding company

The Company is a public limited Company incorporated in Pakistan under the repealed Companies Ordinance 1984 (now Companies Act 2017), and is listed on the Pakistan Stock Exchange. The Company is principally engaged in the business of software development, trading of software and business process outsourcing services. The head office of the Company is situated at E-1, Sehjpal Near DHA Phase-VIII (Ex-Air Avenue), Lahore Cantt.

1.2 Merger Of Confiz Limited with and into the Company

The Company and Confiz Limited had filed a joint petition before the Honorable Lahore High Court, seeking / obtaining sanction of the Court for a Scheme of Arrangement for Amalgamation under sections 279 to 283 of the Companies Act, 2017 ("Merger Scheme"). The Court has sanctioned the Merger Scheme without any modifications, additions, or deletions.

As a result of the Merger, from and on the Effective Date:

(ii) The Company shall issue 57,578,421 ordinary shares to the entitled shareholders of the Confiz Limited as consideration for acquisition.

1.3 Subsidiary and sub-subsidiary Companies

1.3.1 Systems Ventures (Private) Limited, a private limited Company registered under the Companies Act, 2017, incorporated on 11 November 2019, is a 100% (2025: 100%) owned subsidiary of Systems Limited. The Company aims to invest in new ventures, start-ups and incubate new ideas.

1.3.2 National Data Consultants (Private) Limited ('NdcTech'), is a 100% (2025: 100%) owned subsidiary of Systems Limited and was acquired in July 2022. The Company has been setup in Pakistan and is engaged in core and digital banking implementation services, with clients in Pakistan, Middle East, Africa and Asia Pacific region.

1.3.3 SUS JV (Private) Limited, a private limited company registered under the Companies Act, 2017 is a 95% (2025: 95%) owned subsidiary of Systems Limited. The Company is set up for the Baluchistan Land Revenue Management Information Systems project. The project is related to digitization of land records and development of a web-based management information system.

1.3.4 Systems Holdings (Private) Limited, is a 100% (2025: 100%) owned subsidiary of Systems Limited incorporated in April 2023, as a Company limited by shares.

1.3.5 Techvista Information Technology W.L.L. ('TVSQ'), a limited liability company is incorporated in the State of Qatar and pursuant to the agreement entered with the shareholders of TVSQ on February 27, 2022 the Holding Company has 100% control and management of TVSQ.

1.3.6 Systems International IT Pte. Ltd., was incorporated in May 2022 and is a wholly owned subsidiary of Systems Ventures (Private) Limited (SVPL). The Company aims to invest in new ventures, start-ups and incubate new ideas in the APAC region through this entity.

1.3.7 Systems APAC for Information Technology Pte. Ltd., is a 100% (2025: 100%) owned subsidiary of Systems International IT Pte Ltd. incorporated in 2022 for the purpose of sale of software services and trading software licenses in the Asia Pacific region.

National Data Consultancy FZE, is a 100% (2025: 100%) owned subsidiary of Systems International IT Pte Ltd. acquired in 2022 in the United Arab Emirates for the purpose of sale of software services and trading software licenses in the region.

1.3.9 Sys Bahrain for information Technology W.L.L, is a 100% (2025: 100%) owned subsidiary of Systems International IT Pte. Ltd. incorporated in February 2023 as a limited liability company for the purpose sale of software services and trading software licenses in the Kingdom of Bahrain.

1.3.10 TechVista Systems East Africa (Private) Limited is a 100% (2025: 100%) owned subsidiary of Systems International IT Pte Ltd., incorporated in Kenya for providing consultancy and data processing software development services and to run data processing centers, computer centers, software development centers and offices.

1.3.11 Sys for information Technology Malaysia SDN. BHD. is a 100% (2025: 100%) owned subsidiary of Systems International IT Pte. Ltd. incorporated in Malaysia.

1.3.12 Systems for information Technology QFZ LLC, is a 100% (2025: 100%) owned subsidiary of Systems International IT Pte. Ltd. incorporated in Qatar.

1.3.13 Systems Arabia for Information Technology LLC, is a 100% (2025:100%) owned subsidiary of Systems International IT Pte Ltd. and was incorporated in December 2022. The Company has been setup in Saudi Arabia to provide IT services.

1.3.14 SYS Egypt for Information Technology Services, is a 100% (2025: 100%) owned subsidiary of Systems International IT Pte Ltd. and was incorporated in May 2022. The Company has been setup in the Arab Republic of Egypt for the purpose of sale of software services and trading software licenses in the Middle East and North Africa region.

1.3.15 Systems Africa for Information Technologies Pty. Ltd, is a 100% (2025: 100%) owned subsidiary of Systems International IT Pte Ltd. and was incorporated in July 2022. The Company has been setup in Republic of South Africa for the purpose of sale of software services and trading software licenses in the region.

1.3.16 Techvista Systems FZ - LLC, a limited liability company incorporated in Dubai Technology and Media Free Zone Authority, is a 100% (2025: 100%) owned subsidiary of Systems International IT Pte Ltd. The Company is engaged in the business of developing software and providing ancillary services.

1.3.17 Techvista Systems LLC is a limited liability company registered in the Emirate of Dubai under Federal Law No. 2 of 2015, is 100% (2025: 100%) controlled by TechVista Systems FZ-LLC. The Company is licensed as a software house.

1.3.18 Techvista Manpower LLC (TechVista MP LLC), a sole establishment, duly licensed by Dubai Economic Department, under License No. 800123, is 100% (2025: 100%) controlled by TechVista Systems FZ-LLC.

1.3.19 Systems Australia for information Technology Pty Limited (formerly TechVista Systems Pty Ltd), is a 100% (2025: 100%) owned subsidiary of Techvista Systems FZ LLC and was incorporated in December 2014 in Australia.

1.3.20 British American Tobacco SAA Services (Private) Limited is wholly owned subsidiary of Systems Limited, is 100% (2025: 100%) , which was acquired by the Company on 31st October, 2025. British American Tobacco SAA Services (Private) Limited is a company incorporated in Pakistan and engaged in the business of transforming traditional and siloed support functions which include but are not limited to Marketing, Finance, HR, Procurement into a centralized, strategic and unified organization that drives efficiency and value across the entire enterprise.

1.3.21 Confiz LLC is a 100% owned subsidiary of Systems Limited which was acquired by the Company on 1st January 2026. Confiz LLC was incorporated in Delaware, USA, as a limited liability company on February 14, 2014. The company is principally engaged in the development and implementation of computer software and rendering of support and other IT related services in United States of America. The registered office is situated at Confiz LLC 3120 139th Avenue SE, Suite 500, Bellevue, WA 98005, United States.

1.3.22 Confiz Solutions DMCC is a 100% owned subsidiary of Systems Limited which was acquired by the Company on 1st January 2026. Confiz Solutions DMCC was incorporated on August 25, 2019 as a Free Zone Company in Dubai, UAE under license No. DMCC-737559 issued by the Dubai Multi Commodities Centre. Its principal activities include IT consultancy, computer systems consultancies, and software development. The registered office is at Unit No. ONEJLT-06-204, Plot No. DMCC EZ1-1AB, Jumeirah Lake Towers, Dubai.

1.3.23 Confiz Inc. is a 100% owned subsidiary of Systems Limited which was acquired by the Company on 1st January 2026. The company was incorporated in Canada on May 1, 2023 with a share capital of CAD 10 and is currently non-operational and has no active business operations. The registered office of the subsidiary is located at 34 Lisa Crescent Richmond Hill, Ontario, Canada.

1.3.24 The Confiz Latam, S.R.L. was incorporated in Costa Rica as a limited liability company on October 22, 2024. It is principally engaged in the development and implementation of computer software, as well as the provision of support and other IT-related services in Costa Rica. The registered office is located at San José, Montes de Oca, San Pedro, Sigma Business Center, Tower A, 2nd Floor, Republic Coworking - Biz Latin Hub Offices. The Company is a 100% owned subsidiary of Confiz LLC.

1.3.25 Confiz Digital Solutions LLC. was incorporated on 25 July 2022 as a Sole Establishment under license issued by the Dubai Department of Economy and Tourism, Government of Dubai, United Arab Emirates. On 21 December 2025, the Company changed its legal status from sole establishment to Limited Liability Company- Single Owner (LLC-SO). The legal form change did not affect the nature of the Company's operations, and the business of the former sole establishment continued under the newly incorporated LLC-SO. The principal activities of the Company as per the trade license are Computer systems and communication equipment software design. The registered office of the Company is Barsha First, Deira - Al Murar, 0000, Dubai, United Arab Emirates. The Company is a 100% owned subsidiary of Confiz Solutions DMCC.

1.3.26 Confiz Solutions Information Technology Co. a limited liability Company in accordance with the company system in the Kingdom of Saudi Arabia, and its commercial Registration was issued in the city of Al Khobar with No. 2051252365 on the date 27/05/1445H. The company's activity is Continuous services Related to Software and IT Solutions. The Company is a wholly owned subsidiary of Confiz Solutions DMCC.

1.4 Associated Companies

1.4.1 SalesFlo (Private) Limited, a private limited Company registered under the Companies Act, 2017 and incorporated on January 28, 2015, is a 19.69% (2024: 19.69%) owned associate of Systems Limited which provides services of software designing, development, implementation, maintenance, testing and benchmarking, and to provide internet/web-based applications. The Group acquired interest in SalesFlo (Private) Limited on July 19, 2021 through its wholly owned subsidiary, Systems Ventures (Private) Limited. Accordingly, the results of SalesFlo (Private) Limited have been accounted for using the equity method of accounting in these consolidated financial statements using consistent accounting policies of the Holding Company.

1.4.2 E-Processing Systems B.V, a private limited Company, incorporated on October 08, 2021 in Netherlands, is a 34.30% (2025: 34.30%) owned associate of Systems Limited which is primarily aimed at attracting foreign investment. The results of E-Processing Systems B.V. have been accounted for using the equity method of accounting in these consolidated financial statements using consistent accounting policies of the Holding Company.

1.4.3 On 30th September 2024, the Group through its wholly owned sub-subsidiary Techvista Systems FZ-LLC entered into a share purchase agreement with Salesflo Pte. Ltd. ("SFPL"). Under the terms of the agreement, subject to completion conditions precedent to closing or waiver thereof, the Group would subscribe to 196,975 shares in SFPL on the closing date notified by the company management, representing 19.69% ordinary voting rights in the company. The closing date notified for completion of the agreement was 31st December 2024. SFPL was formerly a wholly owned subsidiary of Salesflo (Private) Ltd.

1.4.4 Techvista Systems South Africa (Pty) Ltd, a Private Company, is a 48% (2025: 48%) owned associate of Systems Africa for Information Technologies (Pty) Ltd. The Company has been setup in Republic of South Africa for the purpose of sale of software services and trading software licenses in the region.

1.4.5 Lean Bricks (Private) Limited is a private limited company, registered under Companies Ordinance, 1984 (now Companies Act, 2017) and is engaged in the business of information technology and related services. Subsequent to acquisition of Confiz Limited on 1st January 2026, the Company now holds 4,584,511 fully paid ordinary shares of Rs.10/- each representing 49.02% equity interest in the company. The registered office of Lean Bricks (Private) Limited is situated at Leeds Centre, Main Boulevard Gulberg III, Lahore, Pakistan.

STATEMENT OF COMPLIANCE

2.1 This consolidated condensed interim financial information of the Group for the period ended 31 March 2026 has been prepared in accordance with the requirements of the International Accounting Standard 34 - Interim Financial Reporting and provisions of and directives issued under the Companies Act, 2017. In case where requirements differ, the provisions of or directives issued under the Companies Act, 2017 have been followed.

2.2 This interim financial information is un-audited and is being submitted to shareholders, as required by section 237 of the Companies Act, 2017.

BASIS OF PREPARATION

This consolidated condensed interim financial information is not audited and has been prepared in condensed form and does not include all the information as is required to be provided in full set of annual financial statements. This condensed interim consolidated financial information should be read in conjunction with the audited financial statements of the Group for the year ended 31 December 2025.

3.1 Consolidated financial statements

This consolidated condensed interim financial information comprises the financial information of Systems Limited and its subsidiaries, herein-after referred to as "the Group".

3.2 Basis of measurement

This consolidated condensed interim financial information has been prepared under the historical cost convention.

ACCOUNTING POLICIES

The accounting policies adopted for the preparation of this condensed interim financial information are the same as those applied in the preparation of the preceding annual published financial statements of the Group for the year ended 31 December 2025.

ACCOUNTING ESTIMATES AND JUDGMENTS

The preparation of consolidated condensed interim financial information requires management to make judgments, estimates and assumptions that affect the application of accounting policies and reported amount of assets and liabilities, incomes and expenses. Actual results may differ from these estimates. The significant judgments made by management in applying the Group's accounting policies and the key sources of estimation are the same as those that applied to the financial statements for the year ended 31 December 2025.

	Note	Un-audited 31 March	Audited 31 December
		2026	2025
		Rupees	Rupees
6. PROPERTY AND EQUIPMENT
Operating fixed assets	(6.1)	4,432,019,030	4,095,548,439
Capital work in progress	(6.2)	133,511,526	127,044,789
		4,565,530,556	4,222,593,228
6.1 Operating fixed assets:
Opening balance - net book value		4,095,548,439	3,653,301,482
Additions during the period / year - cost	6.1.1	224,347,610	789,275,018
Transfer from right-of-use		-	258,211,993
Acquisition of subsidiary		529,650,563	218,194,915
		4,849,546,612	4,918,983,408
Less:
Disposals during the period / year	6.1.2	(114,340,339)	(50,865,718)
Depreciation during the period / year		(295,946,920)	(777,837,491)
Exchange differences		(7,240,323)	5,268,240
Book value at the end of the period / year		4,432,019,030	4,095,548,439
6.1.1 Additions during the period / year-cost
Computers		170,353,174	536,068,086
Computer equipment and installations		4,000,739	73,252,817
Other equipment and installations		3,485,976	17,547,169
Generator		-	896,876
Furniture and fittings		3,798,413	11,574,659
Vehicles		42,364,816	141,715,913
Office equipment		344,492	5,522,944
Leasehold Improvements		-	2,696,554
		224,347,610	789,275,018
6.1.2 Disposals during the period / year - WDV
Computers		(5,119,230)	(28,636,412)
Computer equipment and installations		(871,922)	(5,472,604)
Furniture and fittings		-	(218,153)
Vehicles		(108,311,254)	(16,352,205)
Office equipment		(37,933)	(186,344)
		(114,340,339)	(50,865,718)
6.2 CAPITAL WORK IN PROGRESS
Civil works	6.2.1	133,511,526	127,044,789
		133,511,526	127,044,789
6.2.1 Balance at the beginning of the period / year
Additions during the period / year		127,044,789	1,514,872
Balance at the end of the period / year		6,466,737	125,529,917
		133,511,526	127,044,789
7. Long Term Investments
At fair value through OCI (FVOCI)
Unquoted:
Boston Health AI Inc.		179,646,186	157,383,405
		179,646,186	157,383,405
8. TRADE DEBTS
Considered good
Export	(8.1)	21,156,844,378	15,858,335,489
Local		2,190,634,960	2,073,741,555
		23,347,479,338	17,932,077,044
Less: Allowance for ECL		(315,869,314)	(356,272,618)
		23,031,610,024	17,575,804,426

		Un-audited31 March	Audited31 December
	Note	2026	2025
		Rupees	Rupees
8.1 This includes receivables from related parties which are as follows:
Visionet Systems Incorporation - USA		4,233,520,984	3,030,202,887
Visionet EMEA Limited - UK		496,256,676	286,221,717
Visionet Deutschland GMBH - Germany		199,210,925	46,268,838
PartnerLinQ Incorporation - USA		657,297,266	328,072,235
Visionet Canada Incorporation - Canada		25,268,556	24,107,898
9. SHORT TERM INVESTMENTS
Fair value through profit and loss
- Mutual fund units		5,383,994,947	4,892,325,673
Amortized cost
- Term deposit receipts (TDRs)		3,177,681,077	549,339,559
		8,561,676,024	5,441,665,232
9.1 These carry markup at rates ranging from 8% to 9.85% (December 31, 2025: 5.47% to 10%) per annum.
10. CASH AND BANK BALANCES
Cash in hand		1,267,075	37,094
Cheques in hand		-	150,538,264
Balance with banks
Local currency:
Current accounts		507,192,388	509,992,070
Deposit accounts	(10.1)	3,420,047,067	1,716,015,414
		3,927,239,455	2,226,007,484
Foreign currency - current accounts		4,376,505,318	11,128,138,458
		8,305,011,848	13,504,721,300

10.1 These carry markup at rates ranging from 6.75% to 9.8% (December 31, 2025: 2.60% to 11.50%) per annum.

11. ISSUED, SUBSCRIBED AND PAID UP SHARE CAPITAL
	31 March	31 December	31 March	31 December
	2026	2025	2026	2025
	No of Shares		Rupees
Ordinary shares of Rs. 2/-fully paid in cash	599,960,320	599,960,320	1,199,920,639	1,199,920,639
Ordinary shares of Rs. 2/- each fully paid up as bonus shares	814,331,615	814,331,615	1,628,663,230	1,628,663,230
Ordinary shares of Rs 2/- each issued for consideration otherwise than cash	59,112,500	59,112,500	118,225,000	118,225,000
Ordinary shares of Rs. 2/-	1,473,404,435	1,473,404,435	2,946,808,869	2,946,808,869
11.1 Reconciliation of issued, subscribed and paid-up share capital:
Balance as at 1st January	1,473,404,435	1,464,930,745	2,946,808,869	2,929,861,489
Stock options exercised	-	8,473,690	-	16,947,380
Balance as at 31 March 2025	1,473,404,435	1,473,404,435	2,946,808,869	2,946,808,869
			Un-audited	Audited
			31 March	31 December
			2026	2025
12. TRADE AND OTHER PAYABLES			Rupees	Rupees
Creditors			2,328,043,932	1,247,517,147
Accrued liabilities			8,804,022,270	6,975,407,758
Provident fund contribution payable			486,995,131	220,781,054
Withholding income tax payable			637,747,484	673,501,718
Payable to related parties			655,124,866	317,346,804
Sales tax payables			741,761,409	1,157,430,711
Subscription money payable			5,788,886	5,788,886
Provision for onerous contracts			57,377,529	111,653,989
			13,716,861,507	10,709,428,067

OPERATING SEGMENT INFORMATION

13.1 Vertical Segments

The Group has realigned it's strategy for growth and has started monitoring performance based on industry verticals along with geographical segments. This helps to capture synergies through the cross-selling of technologies and solutions across different verticals. This approach allows the Group to leverage its expertise and capabilities more effectively across various sectors, increasing operational efficiency.

The Group can also better understand its competitive footprint within each vertical, identifying areas where it can capitalize on its strengths. Moreover, the emphasis on industry verticals highlights the importance of expanding within sectors that offer higher margins, indicating a strategic approach to revenue generation and profitability.

The Group will continue to use geographical segments as well in addition to vertical segments. However, the five primary segments now revolve around industry verticals, reflecting the Group's strategic shift:

Banking Financial Services & Insurance (BFSI): This segment includes activities related to banking, financial services, and insurance.
Retail & CPG (Consumer Packaged Goods): This segment encompasses retail operations and consumer goods.
Technology: This segment includes technology-related solutions, products and services.
Telco (Telecommunications): This segment involves telecommunications services and technologies.
Others: This catch-all category remaining segments that don't fall into the specific verticals mentioned above.

	BFSI		1st Year		1st-Year		1st-Year & CPG		1st-Year
	Un-audited		Un-audited		Un-audited		Un-audited		Un-audited
	Three months ended		Three months ended		Three months ended		Three months ended		Three months ended
	2008	2007	2008	2007	2008	2007	2008	2007	2008	2007
Rugues
Revenue - net	6,713,224,592	5,479,635,262	6,125,612,353	4,329,742,969	3,333,329,322	2,103,549,963	3,239,378,991	1,904,348,668	4,566,051,526	4,262,278,368
Cost of sales	(5,193,685,954)	(4,132,902,764)	(4,655,507,876)	(3,440,082,408)	(2,181,352,235)	(1,452,639,464)	(2,331,145,192)	(1,212,729,253)	(3,277,730,578)	(3,251,151,017)
Gross profit	1,519,539,528	1,346,732,518	1,270,104,477	889,660,261	1,151,977,007	610,910,499	908,238,900	691,619,415	1,188,320,951	1,011,127,351
Research & Development Expenses	(31,975,289)	(13,403,923)	(11,380,173)	(1,547,605)	(6,661,072)	(751,746)	(3,589,369)	(669,027)	(7,738,438)	(1,276,323)
Distribution expenses	(219,769,414)	(189,089,800)	(195,144,656)	(149,409,611)	(111,842,965)	(72,588,744)	(177,393,790)	(65,714,758)	(163,766,083)	(147,081,570)
Administrative expenses	(528,010,287)	(427,282,804)	(476,399,940)	(337,618,198)	(264,866,446)	(164,027,473)	(340,277,564)	(148,494,452)	(355,209,797)	(332,357,567)
	(779,754,990)	(628,776,527)	(682,924,769)	(488,575,414)	(381,770,483)	(237,367,963)	(521,268,723)	(214,878,237)	(526,714,318)	(490,715,460)
Profit (loss) before taxation and
Percentage increase in taxation	722,784,526	750,000,000	687,579,320	695,594,836	779,206,664	673,522,530	666,100,477	650,743,170	661,604,551	650,451,000
Other operating expenses
Other income (excluding exchange gain)
Exchange (loss) / gain
Share of loss from associates
Finance cost
Profit before taxation and levy
Levy
Profit before taxation
Taxation

13.2 Geographical segments

The geographical segments of the Group comprise of the following:

	1999 Annual		1st-Year		2nd-Year		2nd-Year		3rd-Year
	Un-audited		Un-audited		Un-audited		Un-audited		Un-audited
	Three months ended 31 March		Three months ended 31 March		Three months ended 31 March		Three months ended 31 March		Three months ended 31 March
	1999	2007	1999	2007	1999	2007	1999	2007	1999	2007
Rugues
Revenue - net	4,973,869,083	3,726,484,193	1,188,156,927	979,451,108	13,963,096,503	10,199,321,120	914,830,777	587,649,681	2,036,844,585	2,730,649,842
Cost of sales	(3,585,755,858)	(2,398,535,565)	(790,841,598)	(556,516,515)	(19,544,766,497)	(7,487,821,046)	(648,040,148)	(366,762,190)	(2,370,002,841)	(2,547,848,687)
Gross profit	1,388,113,225	1,157,948,628	397,315,338	318,934,594	3,419,116,007	2,671,499,177	266,796,638	219,867,491	566,841,744	192,899,155
Research & Development Expenses	(6,916,542)	(6,082,636)	(1,784,000)	(1,523,149)	(43,694,715)	(6,146,969)	(1,335,098)	(2,471,185)	(7,813,988)	(1,424,685)
Distribution expenses	(143,424,856)	(28,270,623)	(29,250,074)	(10,707,398)	(527,438,085)	(396,997,657)	(78,900,189)	(94,296,767)	(88,103,706)	(133,612,039)
Administrative expenses	(317,932,236)	(278,311,107)	(81,199,663)	(69,536,405)	(1,272,713,419)	(882,835,908)	(87,424,667)	(57,474,632)	(195,093,034)	(121,622,442)
	(467,271,687)	(312,864,368)	(112,134,756)	(81,796,952)	(1,843,846,218)	(1,285,980,534)	(177,859,904)	(114,242,584)	(280,810,728)	(236,059,165)
Profit (loss) before taxation and
Percentage increase in taxation	722,784,526	750,000,000	687,579,320	695,594,836	779,206,664	673,522,530	666,100,477	650,743,170	661,604,551	650,451,000
Other operating expenses
Other income (excluding exchange gain)
Exchange (loss) / gain
Share of loss from associates
Finance cost
Profit before taxation and levy
Levy
Profit before taxation
Taxation

14. CONTINGENCIES AND COMMITMENTS

14.1 Contingencies

There is no significant change in the contingencies since the date of preceding published annual financial statements.

14.2 Commitments:

14.2.1 Guarantees issued by financial institutions on behalf of the Group amounts to Rs. 779.9 million [2025: Rs 879.9 million).

14.2.2 The Group has issued Performance Guarantee to National Bank of Pakistan Hong Kong against services contract amounting to PKR 3.9 million (USD 13,950) [2025: PKR 3.9 million (USD 13,950)] and National Bank of Pakistan Kingdom of Saudi Arabia against services contract amounting to PKR 14 million (USD 50,000) [(2025: PKR 14 million (USD 50,000)] obtained from Bank Al Habib Limited for a 100% cash margin withheld by bank as security.

14.2.3 Guarantee issued by the financial institution on behalf of the Group amounts to PKR 2,979 million (AED 39.2 million) [2025: 2,343 million (AED 30.8 million)] for customers in UAE.

	Un-audited Three months ended 31 March	Un-audited Three months ended 31 March
	2026	2025
	Rupees	Rupees
Other Income
Income from financial assets:
Profit on deposit accounts	18,933,472	12,427,489
Profit on short term investments	97,541,148	58,082,295
Exchange gain / (loss)	(26,240,578)	196,015,140
Interest on loan to associates	6,661,566	7,442,811
Effect of discounting of long term loans	-	28,111,437
Gain on derivative financial instruments	5,991,685	920,579
	102,887,293	302,999,751
Income from non-financial assets:
Gain on disposal of property & equipment	66,267,180	9,226,370
Others	171,084,020	22,164,128
	237,351,200	31,390,498
	340,238,493	334,390,249
EARNINGS PER SHARE
Basic earnings per share
Profit for the period attributable to equity holder of parent	3,025,709,584	2,501,761,877
	(Number of shares) (Restated)
Weighted average number of ordinary shares in issue during the period	1,473,404,435	1,465,159,480
Basic - in Rupees	2.05	1.71
Diluted earnings per share
Profit for the period attributable to equity holder of parent	3,025,709,584	2,501,761,877
	(Number of shares) (Restated)
Weighted-average number of ordinary shares (basic)	1,473,404,435	1,465,159,480
Effect of share options	15,253,760	10,806,910
Shares to be issued against Confiz acquisition	57,578,421	-
	1,546,236,616	1,475,966,390
Diluted - in Rupees	1.96	1.69

17. TRANSACTIONS WITH RELATED PARTIES

Related parties comprise of associated companies, staff retirement fund, directors, key management personnel and also close members of the family of all the aforementioned related parties. The holding company in normal course of business carries out transactions with related parties. Transactions with related parties other than remuneration and benefits to key management personnel under the terms of their employment, are as follows:

Undertaking	Relation	Nature of transactions	Unaudited Three Months Ended 31 March
			2026 Rupees	2025 Rupees
Visionet Systems Incorporation - USA	Associated company	Common shareholding of directors	Revenue	3,466,313,698	3,316,463,661
			Expenses incurred on behalf of the party by the Company	23,892,711	7,134,500
			Expense incurred on behalf of the company by the party	14,331,132	59,440,862
Visionet EMEA Limited	Associated company	Common shareholding of directors	Revenue	221,653,380	232,613,222
			Expenses incurred on behalf of the party by the Company	1,191,668	3,138,774
			Consultancy fee by the party	24,106,637	33,145,662

Undertaking	Relation	Nature of transactions	Unaudited Three Months Ended 31 March
			2026 Rupees	2025 Rupees
Visionet Deutschland GMBH	Associated company	Common shareholding of directors	Revenue Expenses incurred on behalf of the party by the Company	157,559,042 7,291,258	249,305,581 15,115,071
Visionet Canada	Associated company	Common shareholding of directors	Revenue Expenses incurred on behalf of the party by the Company	1,728,706 490,000	1,167,994 81,230
Atclose	Associated company	Common shareholding of directors	Revenue	-	230,746,168
PartnerLinQ Inc.	Associated company	Common shareholding of directors	Revenue Expenses incurred on behalf of the party by the Company	330,482,011 1,438,928	421,868,983 1,403,861
Oneload Processing Systems (Private) Limited	Associated company	Common shareholding of directors	Disbursement of loan Interest income	175,339 6,560,607	5,602,437 7,442,811
Systems Limited Employees' Provident Fund		Staff retirement fund	Contribution	437,916,359	396,651,437
18. CASH FLOWS FROM OPERATING ACTIVITIES
Profit before taxation				3,327,169,839	2,594,297,430
Adjustments to reconcile profit before tax to meet cash flows:
Depreciation on property and equipment				295,946,920	184,271,403
Depreciation on right-of-use asset				134,152,801	49,389,414
Amortization of intangible assets				284,942,066	185,693,542
Allowance for expected credit loss				29,503,192	30,854,853
Share based payment expense				114,659,664	147,609,738
Lease interest				68,004,428	26,859,984
Finance cost				52,798,655	46,555,514
Unwinding of long term liability				8,510,038	16,220,530
Gratuity expense				103,361,832	95,489,064
Share of loss of associate				-	9,000,000
Interest on loan to associate				(6,661,566)	(7,442,811)
Exchange loss / (gain) on translation of export receivables				26,240,578	(196,015,140)
Gain on disposal of property and equipment				(66,267,180)	(9,226,370)
Gain on short term investments				(97,541,148)	(58,082,295)
Gain on derivative financial instrument				(5,991,685)	(920,579)
Effect of discounting of long term loan				-	(28,111,437)
Profit on bank deposits				(18,933,472)	(12,427,490)
				922,725,123	479,717,921
Profit before working capital changes				4,249,894,962	3,074,015,350
Effect on cash flow due to working capital changes
(Increase) / decrease in current assets:
Contract assets - Net				(3,257,462,189)	(3,617,972,076)
Trade debts				(2,398,268,803)	1,400,063,148
Loans, advances and other receivables				(1,494,805,195)	(111,107,954)
Long term deposits				273,923,581	41,380,997
Employee interest free loans				(146,926,258)	(43,286,591)
Long term receivable				(81,821,926)	(14,890,404)
Trade deposits and short term prepayments				(622,218,622)	(343,651,272)
				(8,627,579,412)	(2,689,464,151)
Increase / (Decrease) in current liabilities:
Trade and other payables				111,462,652	(2,025,416,910)
Long term liability				2,514,237	-
Contract Liability				1,036,081,829	66,250,570
				(7,477,520,694)	(4,648,630,491)
Net cash flows used in operations				(3,227,825,732)	(1,574,615,141)

19. FINANCIAL RISK MANAGEMENT

19.1 Financial risk factors

There is no change in the Group's objectives, policies, procedures for measuring and managing the financial risks including capital management risk, since the preceding annual financial year ended 31 December 2025.

19.2 Fair values of financial assets and liabilities

The carrying values of all financial assets and liabilities reflected in financial statements approximate to their fair values. Fair value is determined on the basis of objective evidence at each reporting date. Accordingly, detailed disclosure with reference to fair value has not been given in this condensed interim financial information.

Fair value hierarchy

The Group uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation technique:

Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities

Level 2: other techniques for which all inputs which have a significant effect on the recorded fair value are observable either, directly or indirectly

Level 3: techniques which use inputs that have a significant effect on the recorded fair value that are not based on observable market data

During the three months period ended 31 March 2026, there were no transfers between Level 1 and Level 2 fair value measurements.

	31 March 2026
19.3 Financial instruments by categories	Financial Assets at fair value through P&L	Financial Assets at amortized cost	Total
	(Rupees)
Financial assets as per balance sheet
Long term deposits		485,532,133	485,532,133
Long term receivable		754,220,073	754,220,073
Contract assets		17,495,432,075	17,495,432,075
Trade debts		23,031,610,024	23,031,610,024
Loans, advances and other receivables		3,907,180,828	3,907,180,828
Security deposits		428,993,502	428,993,502
Trade deposits and prepayments		2,909,837,052	2,909,837,052
Short term investments	5,383,994,947	3,177,681,077	8,561,676,024
Cash and bank balances	-	8,305,011,848	8,305,011,848
	5,383,994,947	60,495,498,612	65,879,493,559
	31 December 2025
---	---	---	---
	Financial Assets at fair value through P&L	Financial Assets at amortized cost	Total
	(Rupees)
Financial assets as per balance sheet
Long term deposits	-	655,209,757	655,209,757
Long term receivable	-	672,398,147	672,398,147
Contract assets	-	13,979,755,610	13,979,755,610
Trade debts	-	17,575,804,426	17,575,804,426
Loans, advances and other receivables	-	940,741,189	940,741,189
Security deposits	-	1,414,719,647	1,414,719,647
Trade deposits and prepayments	-	2,287,618,430	2,287,618,430
Short term investments	4,892,325,673	549,339,559	5,441,665,232
Cash and bank balances	-	13,504,721,300	13,504,721,300
	4,892,325,673	51,580,308,065	56,472,633,736
	31 March 2026	31 December 2025
---	---	---
	Financial Liabilities at amortized cost
	Rupees	Rupees
Financial liabilities as per balance sheet
Lease liabilities	1,463,556,161	1,308,045,277
Other long term liability - unsecured	1,197,678,606	1,186,654,330
Markup accrued on short term borrowing	23,808,432	18,456,225
Short term borrowing	4,714,969,934	5,956,002,054
Unclaimed Dividend	37,724,513	37,698,807
Long term advances	57,363,146	6,302,660
Trade and other payables	12,337,352,614	8,878,495,638
	13,532,453,406	17,391,654,991

DATE OF AUTHORIZATION FOR ISSUE

This consolidated condensed interim financial information was authorized for issuance on ______ by the Board of Directors of the Group.

CORRESPONDING FIGURES

GENERAL

22.1 Figures have been rounded off to the nearest rupee unless otherwise stated.

CHAIRMAN

(CHIEF EXECUTIVE OFFICER)

(CHIEF FINANCIAL OFFICER)

NOTES

www.jamapunji.pk

Jama Punji

سرمایه کاری سمجھداری کے ساتھ

Be aware, Be alert, Be safe

Learn about investing at www.jamapunji.pk

Key features:

Licensed Entities Verification
Scam meter*
Jamapunji games*
Tax credit calculator*
Company Verification
Insurance & Investment Checklist
FAQs Answered
Stock trading simulator (based on live feed from KSE)
Knowledge center
Risk profiler*
Financial calculator
Subscription to Alerts (event notifications, corporate and regulatory actions)
Jamapunji application for mobile device
Online Quizzes

JAMA Punji is an Investor

Education Initiative of

Securities and Exchange

Commission of Pakistan

jamapunji.pk

@jamapunji_pk

*Mobile apps are also available for download for android and ios devices

systems

Pakistan

Lahore (Head Office)

E-1, Sehjpal Near DHA Phase-VIII (Ex-Air Avenue), Lahore Cantt, 54700

Lahore (BPO Office)

Commercial building
Plaza No 1, Block -CCA, Phase 8C, DHA Lahore Cantt

Karachi

Sumaya Business Avenue, Plot No. 11-B, Muhammad Ali Housing Society, Fatima Jinnah Road, Karachi.

Karachi

Plot No.ST-2 & 3, Block-E, Sir Shah Muhammad Suleman Road, Gulshan-e-Iqbal, Block-14, Karachi

Islamabad

Plot No. 21,1st Floor Fazeelat Arcade, Sector G-II Markaz, Islamabad

Islamabad

Amazon Mall, 7th Floor, NH 5, Sector A DHA Phase II, Islamabad

Islamabad

5-A Constitution Ave, F-5/1 F-5, Islamabad

Multan

Plot No. 842/23 near Northern By-pass Chowk, Bosan Road, Multan

Faisalabad

First floor Sitara Technopark, Lower east canal road, near Jhal Khanwana, Peoples Colony No. 1, Faisalabad

UAE

Dubai

Premises No. 208, Floor no. 2, Publishing Pavilion, Dubai Production City, Dubai, UAE

Dubai

404, Dubai Hills Business Park
Building 3, Al Khail Road, P.O. box: 500497 Dubai, UAE

Sharjah

ELOB Office No. E-32G-02, Hamriyah Free Zone, Sharjah, UAE P.O Box 42741

KSA

Riyadh

6499 Saeed Ibn Zaid Road, 2498 Qurtubah Dist, 13248., Riyadh, Saudi Arabia

Bahrain

Office No. 2273, Building No. 574 Road 31, Block No 611, Al Hamriya

Qatar

Doha

Palm Towers B, Floor 41 Westbay, P.O. Box: 22750, Doha, Qatar

Doha

Office 209, Sharq Plaza, D-Ring Road, P.O. Box 22750, Doha, Qatar

Costa Rica

San José

SIGMA Business Center, Torre A, Piso 2, Republic Coworking, San Pedro, Montes de Oca, San José, 94088, Costa Rica

South-Africa

Centurion

119 Witch Hazel Avenue, Highveld Technopark Centurion Gauteng 0157, PO Box 10512

Australia

Sydney NSW

Level 22, 2 Market St, Sydney NSW 2000, Australia

Singapore

36 Robinson Road, #20-01, City House, Singapore 068877.

Malaysia

Kaula Lumpur

Level 7, Mercu 3 No 3, Jalan Bangsar, KL Eco City, 59200, Kaula Lumpur

Egypt

Giza

Building No. B 2116, the Smart Village, 28 Kms, Cairo-Alexandria Road, Giza, Egypt

AI assistant

Systems Limited — Interim / Quarterly Report 2026

72445_rns_2026-05-29_f3902fc1-06dc-40fc-9095-64c80646eaa0.pdf

AI at the Core, Impact at Scale

The Content

02-10

Company Profile

11-28

Standalone Financial Statements

29-43

Consolidated Financial Statements

Company Information

Board of Directors

Human Resource & Compensation committee

Audit Committee

Sustainability Committee

Chief Financial Officer

Head of Internal Audit

Tax Advisors

External Auditors

Legal Advisors

Company Secretary

Share Registrar

Registered Address

Banks

DIRECTOR'S REPORT

FINANCIAL RESULTS

Consolidated:

Unconsolidated:

PERFORMANCE BY SEGMENT - BY VERTICAL AND BY GEOGRAPHY

FUTURE OUTLOOK

Middle East:

مستحکم کا انکشاف

کمرک

کمرک کی فہرست

کمرک کی فہرست

کمرک کی فہرست

کمرک کی فہرست

کمرک کی فہرست

کمرک کی

کمرک کی

غیر ملکم

Unconsolidated Revenue (PKR Million) CAGR 33%

Unconsolidated Operating Profit (PKR Million) - CAGR 26%

Unconsolidated Net Profit (PKR Million) - CAGR 17%

Unconsolidated Basic EPS (PKR) CAGR 16%

کارکردگی بالکل شعبہ - بہ طابق جمہوری و جغرافیائی

ڈائریکٹرز کی جاٹزور پورٹ برائے 31 مارچ 2026ء

ماہی کی نتائج

مظلم:

Consolidated Revenue (PKR Million) CAGR 46%

Consolidated Operating Profit (PKR Million) - CAGR 33%

Consolidated Net Profit (PKR Million) - CAGR 26%

Consolidated Basic EPS (PKR) CAGR 24%

UNCONSOLIDATED FINANCIAL STATEMENTS

UNCONSOLIDATED CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION (UN-AUDITED) AS AT MARCH 31, 2026

CONTINGENCIES AND COMMITMENTS

UNCONSOLIDATED CONDENSED INTERIM STATEMENT OF PROFIT OR LOSS (UN-AUDITED) FOR THE THREE MONTHS PERIOD ENDED MARCH 31, 2026

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

FOR THE THREE MONTHS PERIOD ENDED MARCH 31, 2026

UNCONSOLIDATED CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY (UN-AUDITED) FOR THE THREE MONTHS PERIOD ENDED MARCH 31, 2026

UNCONSOLIDATED CONDENSED INTERIM STATEMENT OF CASH FLOWS (UN-AUDITED) FOR THE THREE MONTHS PERIOD ENDED MARCH 31, 2026

NOTES TO THE UNCONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (UN-AUDITED) FOR THE THREE MONTHS PERIOD ENDED MARCH 31, 2026

1. THE COMPANY AND ITS OPERATIONS

1.2 MERGER OF CONFIZ LIMITED WITH AND INTO THE COMPANY

2. BASIS OF PREPARATION

2.1 STATEMENT OF COMPLIANCE

3. SIGNIFICANT ACCOUNTING POLICIES

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

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

4. CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS

4.1 Taxation

12. CONTINGENCIES AND COMMITMENTS

12.1 Contingencies

12.2 Commitments

16. TRANSACTIONS WITH RELATED PARTIES

17. FINANCIAL RISK MANAGEMENT

17.1 Fair values of financial assets and liabilities

18. Fair value hierarchy

19. DATE OF AUTHORIZATION FOR ISSUE

Systems Limited Interim / Quarterly Report 2026