Telecard Limited — Interim / Quarterly Report 2026

Mar 18, 2026

Half Yearly Report December 31,

2025

www.telecard.com.pk

Company Information

Board of Director	Mr. S. M. Pervez Sadiq (Chairman) Mr. Syed Aamir Hussain (CEO) Mr. Waseem Ahmad Mr. Syed Imran Haider Jaffery Mr. Asad Mujtaba Naqvi Mrs. Fabzia Ahsen Ms. Naueen Ahmed
Board Audit Committee	Mr. Asad Mujtaba Naqvi (Chairman) Mr. S.M. Pervez Sadiq Ms. Naueen Ahmed
Human Resource Remuneration Committee	Mr. Asad Mujtaba Naqvi (Chairman) Ms. Naueen Ahmed Mrs. Fabzia Ahsen
Chief Executive Officer	Mr. Syed Aamir Hussain
Chief Financial Officer	Mr. Subhan Ali Bhatti
Company Secretary	Mr. Waseem Ahmad
Banks	Habib Metropolitan Bank Ltd. Meezan bank Ltd. Bank Al – Habib Ltd. Silk Bank Ltd. Habib Bank Ltd.
Registrar and Share Transfer Office	Jwaffs Registrar Services (Pvt.) Ltd. Office No. 20 5th floor, Arkay Square Extension, New Chali, Shahrah-e Karachi Liaquat,
Registered Office	rd floor, 75 East, Blue Area, Fazal ul Haq Road, 3 Islamabad, Pakistan
Corporate Officer	th 7 floor, World Trade Center, 10- Khayaban-e Roomi, Clifton, Karachi, Pakistan

CONSOLIDATED CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION AS AT DECEMBER 31, 2025 TELECARD LIMITED

		(Un-audited) Dec 31, 2025	(Audited) June 30, 2025
	Note	---(Rupees in '000') ---
ASSETS
NON-CURRENT ASSETS
Property, plant and equipment	4	754,352	751,573
Intangible assets		128,195	127,832
Right-of-use assets	5	112,235	125,837
		994,782	1,005,241
Long-term deposits		72,074	58,546
Deferred taxation		84,842	78,969
		1,151,697	1,142,756
CURRENT ASSETS
Communication stores		874,237	376,813
Trade debts		2,956,197	3,160,667
Loans and advances		601,547	376,157
Deposits and prepayments		699,866	565,805
Accrued mark-up		8,918	9,003
Short term investment		63,052	35,341
Other receivables	6	3,034,029	2,952,198
Taxation – net		131,152	53,088
Cash and bank balances		368,791	451,169
		8,737,788	7,980,241
TOTAL ASSETS		9,889,486	9,122,997

The annexed notes from 1 to 14 form an integral part of these condensed interim consolidated financial statements.

Chief Executive Officer Director

Chief Financial Officer

TELECARD LIMITED CONSOLIDATED CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION AS AT DECEMBER 31, 2025

		(Un-audited) Dec 31, 2025	(Audited) June 30, 2025
	Note	---(Rupees in '000') ---
EQUITY AND LIABILITIES
SHARE CAPITAL AND RESERVES Authorised share capital 400,000,000 (June 30, 2025: 400,000,000) ordinary shares of
Rs. 10/- each		4,000,000	4,000,000
Issued, subscribed and paid-up capital Foreign currency translation reserve Accumulated profit / (loss)	7	3,386,250 96,077 530,685	3,386,250 102,322 429,969
Capital and reserves attributable to the owners of the Holding Group Non-controlling interest TOTAL EQUITY		4,013,012 1,084,386 5,097,398	3,918,541 960,144 4,878,685
NON-CURRENT LIABILITIES
Long-term financing Lease liabilities Deferred liabilities	8	231,401 71,489 12,868 315,758	307,902 93,026 13,128 414,056
CURRENT LIABILITIES
Trade and other payables Unclaimed dividend Accrued interest/mark-up	9	3,755,246 4,417 285,489	3,138,513 4,417 243,644
Short term finance and current portion of long term financing and lease liabilities		431,178 4,476,330	443,682 3,830,256
Contingencies & commitments	10
TOTAL EQUITY AND LIABILITIES		9,889,486	9,122,997

The annexed notes from 1 to 14 form an integral part of these condensed interim consolidated financial statements.

Chief Executive Officer Director

Chief Financial Officer

TELECARD LIMITED CONSOLIDATED CONDENSED INTERIM STATEMENT OF PROFIT OR LOSS FOR THE HALF YEAR ENDED DECEMBER 31, 2025 (UN-AUDITED)

		Half-year ended		Quarter ended
	Dec 31,		Dec 31,
	2025	2024	2025	2024
		--------------- (Rupees in '000') ---------------
Revenue – net	4,528,097	5,409,370	2,154,879	3,198,424
Direct costs	(3,293,601)	(4,256,114)	(1,590,361)	(2,603,770)
Gross profit	1,234,497	1,153,256	564,519	594,654
Administrative & distribution costs	(791,119)	(676,021)	(400,656)	(344,431)
Allowance for expected credit losses	(45,637)	(72,538)	(45,637)	(27,531)
Exchange (loss) / gain	7,450	(335)	7,450	(335)
Other income and expenses	51,112	(16,517)	49,810	(21,093)
	(778,195)	(765,411)	(389,034)	(393,390)
Operating profit	456,302	387,845	175,485	201,264
Finance costs	(68,185)	(58,673)	(53,997)	(27,643)
Profit before taxation & levy	388,116	329,172	121,487	173,621
Levy	(62,280)	(54,737)	(31,555)	(50,383)
Profit before taxation	325,837	274,435	89,933	123,238
Taxation	(100,879)	(93,342)	(25,980)	(35,068)
Profit after taxation	224,958	181,093	63,953	88,170
Profit / (loss) is attributable to:
Owners of the Holding Group	100,716	118,994	17,043	69,019
Non-controlling interests	124,242	62,099	46,910	19,151
	224,958	181,093	63,953	88,170
Earning per share - basic
& diluted (Rupees)	0.30	0.35	0.05	0.20

The annexed notes from 1 to 14 form an integral part of these condensed interim consolidated financial statements.

Chief Executive Officer Chief Financial Officer Director

CONSOLIDATED CONDENSED INTERIM STATEMENT OF COMPREHENSIVE INCOME FOR THE HALF YEAR ENDED DECEMBER 31, 2025 (UN-AUDITED) TELECARD LIMITED

		Half-year ended		Quarter ended
	Dec 31,		Dec 31,
	2025	2024	2025	2024
		--------------- (Rupees in '000') ---------------
Net profit for the period	224,958	181,093	63,953	88,170
Items that may be reclassified to profit or loss
Exchange differences on translation of foreign operation	(6,245)	248	(2,151)	(9,761)
Total comprehensive income for the period	218,713	181,341	61,802	78,409
Total comprehensive income / (loss) attributable to:
Owners of the Holding Group	94,471	119,242	14,892	59,258
Non-controlling interests	124,242	62,099	46,910	19,151
	218,713	181,341	61,802	78,409

The annexed notes from 1 to 14 form an integral part of these condensed interim consolidated financial statements.

Chief Executive Officer Chief Financial Officer Director

TELECARD LIMITED CONSOLIDATED CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY FOR THE HALF YEAR ENDED DECEMBER 31, 2025 (UN-AUDITED)

	Attributable to the owner of Holding Co.
	Issued subscribed paid-up capital	Accumulated profit / (loss)	Foreign currency translation	Non - controlling interest	Total
			reserve ---------------- (Rupees in '000') ----------------
Balance as at June 30, 2024 (Audited)	3,386,250	285,560	96,852	752,310	4,520,972
Net profit for the period	-	118,994	-	62,099	181,093
Other comprehensive income	-	-	248	-	248
Total comprehensive income / (loss) for the period	-	118,994	248	62,099	181,341
Issuance of bonus shares	-	-	-	-	-
Balance as at December 31, 2024 (Un-audited)	3,386,250	404,555	97,100	814,409	4,702,313
Balance as at June 30, 2025 (Audited)	3,386,250	429,969	102,322	960,144	4,878,685
Net Profit/(loss) for the period	-	100,716	-	124,242	224,958
Other comprehensive income	-	-	(6,245)	-	(6,245)
Total comprehensive income	-	100,716	(6,245)	124,242	218,713
Total comprehensive loss for the period
Issuance of bonus shares	-	-	-	-	-
Balance as at December 31, 2025 (Un-audited)	3,386,250	530,685	96,077	1,084,386	5,097,398

The annexed notes from 1 to 14 form an integral part of these condensed interim consolidated financial statements.

Chief Executive Officer Chief Financial Officer Director

TELECARD LIMITED FOR THE HALF YEAR ENDED DECEMBER 31, 2025 (UN-AUDITED) CONSOLIDATED CONDENSED INTERIM STATEMENT OF CASH FLOWS

	Half-year ended
	Dec 31,
	2025	2024
	(Un-audited)	(Un-audited)
	---- (Rupees in '000') ----
CASH FLOWS FROM OPERATING ACTIVITIES
Cash generated from operations	444,049	176,796
Income tax paid	(248,984)	(135,175)
Finance costs paid	(26,341)	(58,224)
Net cash generated from operating activities	168,724	(16,603)
CASH FLOWS FROM INVESTING ACTIVITIES
Additions to property, plant and equipment	(106,603)	(128,025)
Short term investments	(27,711)	-
Net cash used in investing activities	(134,314)	(128,025)
CASH FLOWS FROM FINANCING ACTIVITIES
Repayment of long-term finances-net	- (76,501)	(41,413)
Lease rentals against right-of-use assets	(21,537)	(17,345)
Short-term running financing- net	(12,504)	-
Net cash used in financing activities	(110,542)	(58,758)
Exchange difference on translation of foreign subsidiary	(6,245)	248
Net increase/ (decrease) in cash and cash equivalents	(82,378)	(203,138)
Cash and cash equivalents at the beginning of the period	451,169	739,440
Cash and cash equivalents at the end of the period	368,791	536,302

The annexed notes from 1 to 14 form an integral part of these condensed interim consolidated financial statements.

Chief Executive Officer Chief Financial Officer Director

TELECARD LIMITED NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX MONTHS PERIOD ENDED DECEMBER 31, 2025

1. THE GROUP AND ITS OPERATIONS

The Group comprises of:

• > Telecard Limited Ultimate parent Company
• > Supernet Technologies Limited Subsidiary Company
• > Supernet Limited Subsidiary Company
• > Supernet Infrastructure Solutions (Private) Limited Sub Subsidiary Company of Supernet Limited
• > Supernet E-Solution (Private) Limited Subsidiary Company of Supernet Limited
• > Supernet Secure Solution (Private) Limited Subsidiary Company of Supernet Limited
• > Phoenix Global ZSE Subsidiary Company of Supernet Limited
• > Telegateway Limited Subsidiary Company
• > Lytel (Private) Limited Subsidiary Company
• > Xperio (Private) Limited Subsidiary Company
• > Nexus Communications (Private) Limited Subsidiary Company
• > Glitz Communications (Private) Limited Subsidiary Company
• > Globetech Communications (Private) Limited Subsidiary Company

Telecard Limited was incorporated in Pakistan on October 29, 1992 as a public limited Group. The shares of the Holding Group are listed on the Pakistan Stock Exchange. The Holding Group is licensed to provide fully integrated telecommunication services, including basic wireless telephony, long distance and international services and payphones. The registered office of the Holding Group is located at World Trade Centre 75-East Blue Area, Fazal-ul-Haq road, Islamabad. The principal place of business of the Group is located at World Trade Centre, 10- Khayaban-e-Roomi, Clifton, Karachi.

The Supernet Technologies Limited (Formerly Hallmark Limited) was incorporated as a Public Limited Company on 31 October, 1981 under the repealed Companies Act, 1913, now the Companies Act, 2017, and subsequently obtained registration under the repealed Insurance Act, 1938, as an insurer. In November 2016 get revoked the Insurance License, consequently, the principal activity was changed to trading of computer and allied I.T. equipment. Currently, the Company mainly engaged in I.T. Enabled export services. Telecard Limited holds 62.84% equity of Supernet Technologies Limited (Formerly Hallmark Limited).

Supernet Limited has been granted a license by the Ministry of Communications, Government of Pakistan to establish and operate a data network system in Pakistan. The Company is engaged in providing satellite and microwave communication services e.g. internet, radio links, Single Channel Per Carrier (SCPC), Time Division Multiple Access (TDMA), etc. and sale and installation of related equipment and accessories. Telecard Limited holds 62.61% equity of Supernet Limited, including indirect holding through Hallmark Company Limited.

Supernet Infrastructure Solutions (Private) Limited is engaged in the business of consultancy supplies and deals in all type of computer accessories, software, hardware, system integration and multimedia services. Supernet Limited holds 100% equity of Supernet Infrastructure Solutions (Private) Limited.

Supernet E-Solutions (Private) Limited is engaged in providing telecommunication solutions and other IT related services. Supernet Limited holds 100% equity of Supernet-E-Solution (Private) Limited.

Supernet Secure Solutions (Private) Limited is engaged in providing networking support services. Supernet Limited holds 80% equity of Supernet Secure Solutions (Private) Limited.

Phoenix Global FZE, a Group based in United Arab Emirates (UAE). Its principle business is provision of telecommunication services and sales of telecom equipment within UAE. Supernet Limited holds 100% equity of Phoenix Global FZE. The registered office of the Group is located at World Trade Centre, 75, East Blue Area, Fazal-ul-Haq Road, Islamabad.

Telegateway Limited is engaged in the business of providing means of communicating audio, video or audio/video messages transmitted by radio cable, impulses and beams or by any combination thereof or by any other means through space, air, land, water, underground or underwater as permissible under the law. Telecard Limited holds 100% equity of Telegateway Limited. The Company is currently inactive.

Lytel (Private) Limited is engaged in the business of providing/developing software, services and solutions in the field of information and communication technology including call centers and other related services. Telecard Limited holds 99.98% equity of Lytel (Private) Limited.

Xperio (Private) Limited is engaged in the business of providing / developing software, services and solutions in the field of information and communication technology including call centers and other related services.

Nexus Communications (Private) Limited has been incorporated to provide telecommunication and other related services. Telecard Limited holds 100% equity of Nexus Communications (Private) Limited. The Company is currently inactive.

Glitz Communications (Private) Limited has been incorporated to provide telecommunication and other related services. Telecard Limited holds 100% equity of Glitz Communications (Private) Limited. The Company is currently inactive.

Globetech Communications (Private) Limited has been incorporated to provide telecommunication and other related services. Telecard Limited holds 100% equity of Globetech Communications (Private) Limited. The Company is currently inactive.

2. BASIS OF PREPARATION

2.1 Statement of compliance

These condensed interim consolidated financial statements comprise the financial statements of the Holding Company and its subsidiary companies and prepared using uniform accounting policies. The assets, liabilities, income and expenses of the subsidiary companies have been consolidated on a line by line basis. Inter-group transactions and balances have been eliminated for the purpose of consolidation.

3. ACCOUNTING POLICIES

The accounting policies and methods of computation followed in the preparation of these condensed interim consolidated financial statements are same as those applied in preparing the consolidated financial statements for the year ended June 30, 2025.

		(Un-audited) Dec 31, 2025	(Audited) June 30, 2025
		---- (Rupees in '000') ----
4.	PROPERTY, PLANT AND EQUIPMENT
	Operating fixed assets	754,352	751,573
4.1	Operating fixed assets
	Opening net book value	751,573	707,303
	Additions during the period / year	106,603	252,200
		858,176	959,503
	Depreciation charged during the period / year	(103,824)	(207,930)
		754,352	751,573
5.	RIGHT-OF-USE ASSETS
	Opening net book value	125,836	50,406
	Addition / reassessment	-	146,815
	Termination of lease	-	(44,452)
	Depreciation for the period / year	(13,601)	(26,932)
	Closing net book value	112,235	125,837

		(Un-audited) Dec 31, 2025	(Audited) June 30, 2025
6.	OTHER RECEIVABLES	---- (Rupees in '000') ----
	Considered good
	Karachi Relief Rebate	349,954	349,954
	Amount withheld by PTCL against PTA-Escrow	96,041	96,041
	In Escrow account with PTA	397,594	397,594
	Pakistan Telecommunication Authority - APC for USF	1,547,559	1,547,559
	Pakistan Telecommunication Authority - ARFSF	118,135	118,135
	Pakistan Telecommunication Authority - others	117,197	117,197
	Insurance claims	-	5,547
	Due from a contractor	4,149	4,026
	Punjab Revenue Authority (PRA)	34,956	34,956
	Others	368,444 3,034,029	281,189 2,952,198
7.	ISSUED, SUBSCRIBED AND PAID-UP CAPITAL
	(Un-audited) (Audited)	(Un-audited)	(Audited)
	Dec 31, June 30,	Dec 31,	June 30,
	2025 2025	2025	2025
	Number of Shares ---- ('000') ----	---- (Rupees in '000') ----
	315,000 315,000 Fully paid ordinary shares of Rs.10/- each issued for cash	3,150,000	3,150,000
	23,625 23,625 Fully paid ordinary shares of Rs.10/- each issued as bonus shares	236,250	236,250
	338,625 338,625	3,386,250	3,386,250
8.	LONG TERM FINANCING
	Secured
	From banks and financial institutions
	Term finance certificates	561,560	580,739
	Current maturity shown under current liabilities
	Over due payments - Term finance certificates	(182,921)	(125,599)
	Term finance certificates	(147,238)	(147,238)
		231,401	307,902
9.	TRADE AND OTHER PAYABLES
	Interconnect operators	35,916	22,569
	Others	2,434,643 2,470,558	1,947,949 1,970,518
	Other payables
	Contractual liability to customers	772	9,644
	Advances from customer	11,431	12,065
	Accrued liabilities Payable to employees provident fund	330,492 8,075	223,761 9,923
	Workers' welfare fund	16,693	15,721
	Others	917,224	896,880
		1,284,688	1,167,995
		3,755,246	3,138,513

10. CONTINGENCIES AND COMMITMENTS

(a) Contingencies

10.1 There has been no change in the status of other contingencies reported in the consolidated financial statements for the year ended June 30, 2025.

			(Un-audited)	(Audited)
			Dec 31,	June 30,
			2025	2025
			---- (Rupees in '000') ----
	(b)	Commitments
10.2		Counter guarantees given to banks	235,716	252,552

11. SHARIAH COMPLIANCE STATUS DISCLOSURE

		Shariah-compliant		Conventional
		Dec. 31,	June 30,	Dec. 31,	June 30,
		2025	2024	2025	2024
		(Un-audited)	(Audited)	(Un-audited) (Audited)
	Note	---------------------------------- ( Rupees in '000') ----------------------------------
Statement of financial position - Asset side
Bank balances		201,218	95,665	167,500	355,504
- Liability side
Long–term finance	8	-	-	231,401	307,902
Short term finance and current portion of
long term financing and lease liabilities		-	-	431,178	443,682
Markup accrued		-	-	285,489	243,644
		Shariah-compliant			Conventional
		Dec. 31,	Dec. 31,	Dec. 31,	Dec. 31,
		2025	2024	2025	2024
		(Un-audited)	(Audited)	(Un-audited) (Audited)
		---------------------------------- ( Rupees in '000') ----------------------------------
Statement of profit or loss

Revenue	4,528,097	5,409,370	-	-
Profit on balances with banks	216	1,257	3,255	3,374

Relationship with shariah compliant Banks

The Company maintains its bank balances with Al Baraka Bank (Pakistan) Limited, BankIslami Pakistan Limited, Meezan Bank Limited and MCB Bank Limited, which also acts as the custodian of the Company.

12. FINANCIAL RISK MANAGEMENT

The Group's financial risk management objectives and policies are consistent with those disclosed in the annual audited consolidated financial statements for the year ended June 30, 2025.

13. DATE OF AUTHORISATION FOR ISSUE

These condensed interim consolidated financial statements were authorized for issue on _______________ by the board of directors of the Holding Company.

14. GENERAL

Figures in these condensed interim consolidated financial statements have been rounded off to the nearest thousand rupees, unless otherwise stated.

CHIEF EXECUTIVE OFFICER CHIEF FINANCIAL OFFICER DIRECTOR Page 10 of 10

Telecard Limited Unconsolidated Condensed Interim Statement of Financial Position As at December 31, 2025

		December 31, 2025 (Un-audited)	June 30, 2025 (Audited)
	Note		---(Rupees in '000') ---
Assets
Non-current assets
Fixed assets
Property and equipment	5	292,829	299,794
Long-term investments	6	130,555	130,555
Long-term deposits Long term deposits		64,405	50,878
Deferred taxation		20,945	20,704
		508,734	501,931
Current assets
Trade debts		1,018,913	860,112
Due from related parties	7	805,241	787,936
Loans and advances Loans And Advances		70,316	62,397
Deposits and prepayments	DEPOSITS AND PREPAYMENTS	53,244	46,643
Accrued mark-up	8	8,918	9,003
Other receivables	9	2,766,957	2,734,659
Taxation – net TAXATION – NET		130,876	121,985
Bank balances	10	33,424	227,845
		4,887,889	4,850,580
Total assets		5,396,623	5,352,511

Chief Executive Officer Chief Financial Officer Director

Telecard Limited Unconsolidated Condensed Interim Statement of Financial Position As at December 31, 2025

		December 31, 2025 (Un-audited)	June 30, 2025 (Audited)
	Note	---(Rupees in '000') ---
Equity and liabilities
Share capital and reserves
Authorised share capital	11.1	4,000,000	4,000,000
Issued, subscribed and paid-up share capital	11.2	3,386,250	3,386,250
Accumulated loss		(270,950)	(296,129)
		3,115,300	3,090,121
Non-current liabilities
Long-term financing	12	231,401	307,902
Deferred liabilities		8,155	7,855
		239,556	315,757
Current liabilities
Trade and other payables	13	1,424,328	1,431,092
Unclaimed dividend	Unclaimed dividend	4,394	4,394
Accrued mark-up	14	282,886	238,310
Current portion of long term finance	15	330,159	272,837
		2,041,767	1,946,633
Total equity and liabilities		5,396,623	5,352,511
Contingencies and commitments	16

Chief Executive Officer Chief Financial Officer Director

Telecard Limited Unconsolidated Condensed Interim Statement of Profit or Loss (Un-audited) For the half year ended December 31, 2025

		Half-year ended		Quarter ended
		December 31,		December 31,
		2025	2024	2025	2024
	Note			------------------ (Rupees in '000') -------------------
Revenue – net	17	939,946	1,031,271	440,832	559,760
Direct costs		(610,180)	(743,904)	(282,210)	(424,847)
Gross profit		329,766	287,367	158,622	134,913
Distribution costs and administrative expenses Exchange gain		(277,937) 437 (277,500)	(281,449) 176 (281,273)	(126,108) 145 (125,963)	(139,429) 28 (139,401)
Other income Loss allowance for ECLs	7	72,066 (16,973)	70,753 -	36,736 (16,973)	35,472 -
Operating profit		(222,407) 107,359	(210,520) 76,847	(106,200) 52,422	(103,929) 30,985
Finance costs		(46,507)	(37,799)	(40,168)	(17,682)
Profit / (loss) before taxation and levy		60,852 | 39,048<br>	12,254	13,303
Levy		(35,914)	(26,328)	(19,965)	(11,028)
Profit / (loss) before taxation		24,938	12,720	(7,711)	2,275
Taxation Profit / (loss) after taxation		241 25,179	13,034 25,754	241 (7,470)	9,262 11,537
Earning / (loss) per share - basic and diluted (Rs.)	18	0.07	0.08	(0.02)	0.03

Chief Executive Officer Chief Financial Officer Director

Telecard Limited

Unconsolidated Condensed Interim Statement of Other Comprehensive Income (Un-audited) For the half year ended December 31, 2025

	Half-year ended		Quarter ended
	December 31,		December 31,
	2025	2024	2025	2024
			------------------(Rupees in '000')------------------
Profit / (loss) after taxation	25,179	25,754	(7,470)	11,537
Other comprehensive income	-	-	-	-
Total comprehensive income
for the period	25,179	25,754	(7,470)	11,537

Chief Executive Officer Chief Financial Officer Director

Telecard Limited Unconsolidated Condensed Interim Statement of Changes in Equity For the half year ended December 31, 2025

	Issued, subscribed and paid-up	Accumulated loss	Total
	share capital
		---------------- (Rupees in '000') ----------------
Balance as at June 30, 2024 (Audited)	3,386,250	(361,775)	3,024,475
Profit after taxation	-	25,754	25,754
Other comprehensive income	-	-	-
Total comprehensive income for the period	-	25,754	25,754
Balance as at December 31, 2024 (Un-audited)	3,386,250	(336,021)	3,050,229
Balance as at June 30, 2025 (Audited)	3,386,250	(296,129)	3,090,121
Profit after taxation	-	25,179	25,179
Other comprehensive income	-	-	-
Total comprehensive income for the period	-	25,179	25,179
Balance as at December 31, 2025 (Un-audited)	3,386,250	(270,950)	3,115,300

Chief Executive Officer Chief Financial Officer Director

Telecard Limited Unconsolidated Condensed Interim Statement of Cash Flows (Un-audited) For the half year ended December 31, 2025

		Half-year ended
		December 31,
		2025	2024
	Note	----- (Rupees in '000') -----
Cash flows from operating activities
Profit before taxation & levy		60,852	39,048
Adjustments for non cash and other items:
Depreciation	5	10,907	19,947
Provision for gratuity		300	296
Finance costs		46,507	37,799
Income on unwinding of receivable		(34,278)	(70,659)
Loss allowance for ECLs		16,973	-
Gain on disposal of property & equipment		(37,762)	-
Amortisation of intangible assets		-	130
		2,647	(12,488)
Operating profit before working capital changes		63,499	26,560
(Increase) / decrease in current assets
Trade debts		(158,801)	(44,930)
Loans and advances		(7,919)	55,616
Accrued mark up		85	-
Stock in trade		-	24,823
Other receivables		5,464	(33,190)
Deposits, prepayments and other receivables		(6,601)	11,867
		(167,772)	14,186
Increase / (decrease) in current liabilities
Trade and other payables		(6,764)	64,536
Cash (used in) / generated from operations		(111,037)	105,282
Income tax paid		(44,805)	(48,307)
Interest paid		(1,931)	(35,499)
Finance cost against lease liabilities paid		-	(18,177)
		(46,736)	(101,983)
Net cash (used in) / generated from operating activities		(157,773)	3,299
Cash flows from investing activities
Fixed capital expenditure	5.1.1	(3,942)	(16,200)
Due from related parties		-	70,659
Long term deposits		(13,527)	-
Net cash (used in) / generated from investing activities		(17,469)	54,459
Cash flows from financing activities
Long term financing paid		(19,179)	(73,622)
Lease rentals paid		-	(20,761)
Net cash used in financing activities		(19,179)	(94,383)
Net decrease in cash and cash equivalents		(194,421)	(36,625)
Cash and cash equivalents at the beginning of the period		227,845	54,292
Cash and cash equivalents at the end of the period	10	33,424	17,667

Chief Executive Officer Chief Financial Officer Director

Telecard Limited

Notes to the Unconsolidated Condensed Interim Financial Statements (Un-audited) For the half year ended December 31, 2025

1. THE COMPANY AND ITS OPERATIONS

1.1 Telecard Limited (the Company) was incorporated in Pakistan on October 29, 1992 as a public limited company under the repealed Companies Ordinance, 1984, [Repealed with the enactment of Companies Act, 2017] (the Act). The shares of the Company are listed on the Pakistan Stock Exchange. The Company itself and through its subsidiary is licensed to provide fully integrated telecommunication services, these include basic wireless telephony, long distance and international services.

The registered office of the Company is located at World Trade Centre 75-East Blue Area, Fazal-ul-Haq road, Islamabad. The principal place of business of the Company is located at World Trade Centre, 10- Khayaban-e-Roomi, Clifton, Karachi while the site office is situated at B-1, SITE area, Manghopir road, Karachi.

The regional offices of the Company are situated at the following addresses:

• 1) House no. 1, White House Lane near Aitchison College, Sundreas Road, Zaman Park, Lahore.
• 2) Near Guttwala Bridge, Sheikhupura Road, Faisalabad.
• 3) 4th Floor, Evacuee Trust Property Board Building, Opposite PTCL Dera Adda Exchange, Multan.

These unconsolidated condensed interim financial statements are separate financial statements of the Company in which investment in subsidiaries have been accounted for at cost less accumulated impairment losses, if any.

1.2 LONG DISTANCE INTERNATION AND LOCAL LOOP LICENSE ("LICENSES")

During the period end, the Long Distance International (LDI) and Local Loop (LL) licenses were up for renewals. The Company had initiated the process of renewals of LDI and FLL licenses with the Pakistan Telecommunication Authority (PTA). However, due to pending litigations with PTA and the MoIT had precluded the finalization of the renewals by the Regulator. Furthermore, the Company, along with other LDI and LL operators had filed suits with various courts and secured injunctions till final adjudication of the matters before the courts. The stay thus granted precluded the regulator and the Ministry from any interference in the operations of the Company till such time the applications are decided. Therefore, the Company is robustly doing the business under these licenses without any let and hindrance.

The direct revenue from these licenses during the period under review account for only 35% (June 30, 2025: 32%) of its overall revenues which will nevertheless continue under various contracts and arrangements with other operators/entities. Further during the period, one of the subsidiary of the Telecard Group has also acquired a Local Loop license for the next twenty years that can be leveraged to continue the Company's services under this license if the need arises. Notwithstanding the above efforts, the management is actively engaging PTA at the highest levels and is confident that the renewals will be forthcoming soon.

2. BASIS OF PREPARATION

2.1 Statement of compliance

These unconsolidated condensed interim financial statements of the Company for the half year ended December 31, 2025 have been prepared in accordance with the accounting and reporting standards as applicable in Pakistan for interim financial reporting purposes. The accounting and reporting standards as applicable in Pakistan for interim financial reporting comprises of:

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

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

These unconsolidated condensed interim financial statements do not include all the information and disclosures required in the unconsolidated annual audited financial statements, and should be read in conjunction with the Company's unconsolidated annual audited financial statements for the year ended June 30, 2025.

These unconsolidated condensed interim financial statements are un-audited and are being submitted to the shareholders as required under section 237 of the Act and the Listing Regulation of Pakistan Stock Exchange Limited.

3. MATERIAL ACCOUTING POLICIES

The accounting policies and methods of computation adopted in the preparation of these unconsolidated condensed interim financial statements are consistent with those applied in the preparation of the unconsolidated annual audited financial statements for the year ended June 30, 2025.

3.1 Change in accounting standards, interpretations and amendments to published accounting and reporting standards

a) Amendments to published accounting and reporting standards which became effective during the period:

There were certain amendments to accounting and reporting standards which became mandatory for the Company during the period. However, the amendments did not have any significant impact on the financial reporting of the Company and, therefore, have not been disclosed in these unconsolidated condensed interim financial statements.

b) Amendments to published accounting and reporting standards that are not yet effective:

There are certain amendments to the accounting and reporting standards that will be mandatory for the Company's annual accounting periods beginning on or after July 1, 2024. However, these amendments will not have any significant impact on the financial reporting of the Company and, therefore, have not been disclosed in these unconsolidated condensed interim financial statements.

4. ACCOUNTING ESTIMATES AND JUDGEMENTS

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

The judgements and estimates made by the management in the preparation of these unconsolidated condensed interim financial statements are the same as those applied in the unconsolidated annual audited financial statements of the Company for the year ended June 30, 2025.

Telecard Limited

5.	PROPERTY AND EQUIPMENT	Note	December 31, 2025 (Un-audited) ---- (Rupees in '000') ----	June 30, 2025 (Audited)
5.1	Operating fixed assets
	Opening net book value		299,794	295,140
	Additions during the period / year	5.1.1	3,942	29,291
	Disposals during the period / year		303,736 -	324,431 -
	Depreciation charged during the period / year		(10,907)	(24,637)
	Property, plant and equipment		292,829	299,794
5.1.1	Details of additions during the period / year are as follows:
	Apparatus, plant and equipment		3,383	27,098
	Computers & accessories		559	1,617
	Furniture, fixtures and office equipment		-	576
			3,942	29,291
6.	LONG TERM INVESTMENTS
	In subsidiary companies - at cost	6.1	131,355	131,355
	Less: provision for impairment		(800)	(800)
			130,555	130,555
	Others - at fair value through OCI	6.2	300,449	300,449
	Unrealised loss on remeasurement of
	investment through OCI		(300,449) -	(300,449) -
			130,555	130,555
6.1	Subsidiary companies Quoted
	Supernet Limited	6.1.1	115,355	115,355
	37,260,050 (June 30, 2025: 37,260,050) ordinary shares of Rs. 10/- each 30.19% holding
	Supernet Technologies Limited	6.1.2	15,000	15,000
	314,220 (June 30, 2025: 314,220 ) ordinary shares of Rs. 47.74/- each 62.84% holding

December 31,	June 30,
2025	2025
(Un-audited)	(Audited)
---- (Rupees in '000') ----

Unquoted

Telegateway Limited 50,000 (June 30, 2025: 50,000) ordinary shares of Rs. 10/- each	500	500
Nexus Communication (Private) Limited 10,000 (June 30, 2025: 10,000) ordinary shares of Rs. 10/- each	100	100
Glitz Communication (Private) Limited 10,000 (June 30, 2025: 10,000) ordinary shares of Rs. 10/- each	100	100
Globetech Communication (Private) Limited 10,000 (June 30, 2025: 10,000) ordinary shares of Rs. 10/- each	100	100
Lytle (Private) Limited 10,000 (June 30, 2025: 10,000) ordinary shares of Rs. 10/- each	100	100
Xperio (Private) Limited 10,000 (June 30, 2025: 10,000) ordinary shares of Rs. 10/- each	100	100
	1,000	1,000
	131,355	131,355

• 6.1.1 This represent the investment in Supernet Limited which was incorporated as wholly owned subsidiary in March 14,1995 to carryout the business of satellite and microwave communication services. The subsidiary Company become Listed in 2022, and as part of business reorganisation in 2024 the Company has transferred its 51% shareholding to another subsidiary Company, however, the Company retained effective shareholding of 62% and thereby continues to recognise investment in Supernet as subsidiary.
• 6.1.2 This represents the investment made by the Company in Supernet Technologies Limited in the year 2024. The company is involved in the business of computer and allied I.T equipment and I.T. enabled services export.
• 6.1.3 This represents the investment in wholly owned subsidiary Lytle (Private) Limited which is involved in the business of providing/developing software, services and solutions in the field of information and communication technology including call centres and other related services.
• 6.1.4 This represents the investment in wholly owned subsidiary Xperio (Private) Limited which is involved in the business of providing / developing software, services and solutions in the field of information and communication technology including call centres and other related services.

		December 31,	June 30,
		2025	2025
		(Un-audited)	(Audited)
		---- (Rupees in '000') ----
6.2	Others - At fair value through OCI
	AUGERE HOLDINGS (NETHERLANDS) B.V.-LONG TERM INVESTMENT Augere Holdings
	Augere Holding Class A preference ordinary shares each	300,449	300,449

6.2.1 Disclosures in respect of foreign investment as required by Companies Act, 2017 are as follows:

Name	Augere Holdings
Jurisdiction	Prins Bernhardplein 200 Amsterdam,
	1097 JB Netherlands
Date of investment	February 24, 2012
Beneficial owner	Not available
Investment in foreign currency	USD 5.305 million against issuance of
	credit note

6.3 This represent the provision against investment in Augere Holdings and unquoted subsidiaries.

		December 31,	June 30,
		2025	2025
		(Un-audited)	(Audited)
		---- (Rupees in '000') ----
7.	DUE FROM RELATED PARTIES
	Opening	787,936	632,118
	Adjustment against the payment	-	14,500
	Unwinding interest on due from related parties	34,278	141,318
		822,214	787,936
	Loss allowance for ECL	(16,973)	-
	Closing	805,241	787,936

7.1 This represents the amount receivable from Supernet Technologies Limited (STL) against disposal of investment in Supernet Limited (SNL). The amount was receivable by August 15, 2025 which has become now overdue. Accordingly, loss allowance for expected credit losses has been recognized during the period ended December 31, 2025. Consequent to the approval of merger as disclosed in note 24, the amount is expected to be settled by STL through funds from business operations of the merged entity and /or through right issue.

8.	ACCRUED MARK-UP	Note	December 31, 2025 (Un-audited) ---- (Rupees in '000') ----	June 30, 2025 (Audited)
	Accrued Mark Up-others Markup on loan to third parties		8,918	9,003
9.	OTHER RECEIVABLES
	Considered good
Other	Karachi Relief Rebate Package	9.1	349,954	349,954
s - Due	Due from PTCL against ICH		96,041	96,041
from In	In Escrow account with NBP		397,594	397,594
Escro Other	receiv Pakistan Telecommunication Authority - APC for USF	9.1	1,547,559	1,547,559
Under Protes	Pakistan Telecommunication Authority - ARFSF	9.1	118,135	118,135
Late	Pakistan Telecommunication Authority - Others	9.1	117,197	117,197
paym Due	Due from a contractor		4,149	4,026
from Punj	Punjab Revenue Authority (PRA)	9.1	34,956	34,956
Other Recei	Others		101,372	69,197
	Other Receivables - Others		2,766,957	2,734,659

9.1 There has been no significant change in status of legal cases / financial claims as reported in the annual unconsolidated audited financial statements of the Company for the year ended June 30, 2025.

			December 31,	June 30,
			2025	2025
			(Un-audited)	(Audited)
		Note	---- (Rupees in '000') ----
10.	BANK BALANCES
	In current accounts

In current accounts - Local currency - Local currency		6,875	18,440
In current accounts - Foreign currency - Foreign currency		-	5
		6,875	18,445
In saving accounts
In savings accounts - Local currency	10.1	26,549	209,400
		33,424	227,845

10.1 These carry mark-up at rates, ranging between 6.96% to 7.87% (June 30, 2025: 6.89% to 18.63%) per annum.

		December 31, 2025	June 30, 2025
		(Un-audited)	(Audited)
		---- (Rupees in '000') ----
11.	SHARE CAPITAL AND RESERVES
11.1	Authorised share capital
	400,000,000 (June 30, 2025: 400,000,000) ordinary
	shares of Rs. 10/- each	4,000,000	4,000,000
11.2	Issued, subscribed and paid-up share capital
	315,000,000 (June 30, 2025: 315,000,000) ordinary shares	3,150,000	3,150,000
	of Rs. 10/- each issued for cash
	23,625,000 (June 30, 2025: 23,625,000 allotted as bonus shares)	236,250	236,250
		3,386,250	3,386,250

11.3 As at reporting date, chief executive officer, directors and their spouses held 0.01% (June 30, 2025: 0.01%), associated undertaking held nil (June 30, 2025: nil) and the balance of 99.99% (June 30, 2025: 99.99%) are held by individual and others.

11.4 All ordinary shares rank equally with regard to residual assets of the Company. The ordinary shareholders are entitled to receive all distributions including dividends and other entitlements in the form of bonus and right shares as and when declared by the Company. Voting rights, board selection, right of first refusal and block voting are in proportion to shareholding.

		December 31, 2025	June 30, 2025
		(Un-audited)	(Audited)
		---- (Rupees in '000') ----
12.	LONG TERM FINANCING
	Secured
	Term finance certificates (TFC)	561,560	580,739
	Shown under current liabilities	(330,159)	(272,837)
		231,401	307,902

Telecard Limited

45,987 46,107 282,886 238,310

12.1 The term finance certificates (TFC's) issued by the Company were restructured effective from October 2021. Under the restructured terms, the outstanding principal amount is repayable over 20 equal quarterly instalments beginning from March 31, 2022. Further, markup accrued till December 31, 2020 and the markup accrued post restructuring shall be paid in eight quarterly instalments starting from March 31, 2027. These TFC's carry markup at the rate of three month KIBOR.

2025 2025 (Un-audited) (Audited) Note ---- (Rupees in '000') ---- TRADE AND OTHER PAYABLES 13. Interconnect operators 35,916 22,569 Trade Others 172,180 249,120 and 208,096 271,689 Other payables Other Current accounts with related parties 13.1 611,534 559,219 Payab Advance from customer 11,431 12,065 Accru Accrued liabilities 150,457 73,519 ed Contr Contract liability to customers 772 772 act Work Workers' welfare fund 9,927 9,927 ers Other payables - others Others 432,111 503,901 1,216,232 1,159,403 1,424,328 1,431,092 13.1 Current accounts with related parties Supernet Limited 515,590 558,988 Supernet Infrastructure Solutions (Private) Limited 81,306 - Supernet Secure Solutions (Private) Limited 14,407 - Glitz Communication (Private) Limited 80 80 Globetech Communication (Private) Limited 80 80 Nexus Communication (Private) Limited 71 71 611,534 559,219		December 31,	June 30,

13.2 The above amounts are current account balances with related parties and are payable on demand and are interest free.

		December 31,	June 30,
		2025	2025
		(Un-audited)	(Audited)
		---- (Rupees in '000') ----
14.	ACCRUED MARK-UP
	On secured
	Mark-up on TFC Interest / mark-up against financing	236,899	192,203
	On unsecured
Unsec	Current accounts with related parties	1,697	1,697
ured - Accru	Current accounts with third parties	44,290	44,410

Page 13 of 16

Telecard Limited

December 31,	June 30,
2025	2025
(Un-audited)	(Audited)
---- (Rupees in '000') ----

15. CURRENT PORTION OF LONG TERM FINANCE

Current maturity - TFC	147,238	147,238
Over due instalment - TFC	182,921	125,599
	330,159	272,837

16. CONTINGENCIES AND COMMITMENTS

16.1 Contingencies

There are no significant changes in the status of contingencies as reported in note 27 to the annual unconsolidated audited financial statements of the Company for the year ended June 30, 2025.

16.2 Commitments

Counter guarantees given to banks amounting to 47.225 million (June 30, 2025: Rs. 33.725 million).

			Half-year ended December 31,		Quarter ended December 31,
		2025	2024	2025	2024
			(Un-audited)		(Un-audited)
			-------------------- (Rupees in '000') --------------------
17.	REVENUE
	Turnover	939,946	1,031,271	440,832	559,760

18. BASIC AND DILUTED EARNINGS PER SHARE

Earnings / (loss) per share has been computed by dividing profit after taxation by the weighted average number of ordinary shares outstanding during the period.

		Half-year ended		Quarter ended
		December 31,		December 31,
		2025	2024	2025	2024
		(Un-audited)		(Un-audited)
	Profit / (loss) after taxation (Rs. '000)	25,179	25,754	(7,470)	11,537
	Weighted average number of ordinary shares (in thousands)
	(note 18.1)	338,625	338,625	338,625	338,625
	Basic (loss) / earning per share - (Rs.)	0.07	0.08	(0.02)	0.03
18.1	Weighted average number of ordinary shares
	Outstanding number of shares	338,625	338,625	338,625	338,625

18.2 There is no dilutive effect on the basic earnings per share as the Company has no potential convertible ordinary shares in issue as at the end of the reporting period.

19. TRANSACTIONS WITH RELATED PARTIES

Related parties include subsidiaries, associated entities, directors, other key management personnel and close family members of directors and other key management personnel. Details of transactions with related parties during the period, other than those which have been disclosed elsewhere in these unconsolidated condensed interim financial statements, are as follows:

December 31,	December 31,
2025	2024
(Un-audited)	(Un-audited)
	------- (Rupees in '000') -------

Name	Nature of transaction
	Payment against
	current account	54,407	-
Supernet Limited	Receipt against
	current account	97,804	-
	Payment against
Supernet Secure Solutions	current account	23,165	-
(Private) Limited	Receipt against	38,000	-
	current account
Supernet E-Solutions	Payment received	-	14,500
(Private) Limited	Services received	2,556	4,081
Key management personnel
Remuneration and benefits		53,532	52,183
Staff retirement benefits - Provident fund		3,735	2,056

20. SHARIAH COMPLIANCE STATUS DISCLOSURE

		Shariah-compliant		Conventional
		December 31,	June 30,	December 31,	June 30,
		2025	2025	2025	2025
		(Un-audited)	(Audited)	(Un-audited)	(Audited)
	Note		---------------------------------- ( Rupees in '000') ----------------------------------
Statement of financial position - Asset side
Long-term investments		130,555	130,555	-	-
Due from related parties	7	805,241	787,936	-	-
Bank balances	10	4,676	18,473	28,748	209,372
- Liability side
Long–term Finance	12	-	-	231,401	307,902
Accrued mark-up	14	-	-	282,886	238,310
Current maturity of
long term finance	15	-	-	330,159	272,837
		Half-year ended		Quarter ended
		December 31,	December 31,	December 31,	December 31,
		2025	2024	2025	2024
		(Un-audited)	(Un-audited)	(Un-audited)	(Un-audited)
		---------------------------------- ( Rupees in '000') ----------------------------------
Statement of profit or loss
Revenue	17	939,946	1,031,271	-	-
Unrealised income		34,278	70,659	-	-
Profit on balances with banks		-	-	26	94

Relationship with shariah compliant Banks

The Company maintains its bank balances with Al Baraka Bank (Pakistan) Limited and Meezan Bank Limited which also acts as the custodian of the Company.

21. FINANCIAL RISK MANAGEMENT AND FINANCIAL INSTRUMENT

There have been no changes in the risk management policies during the period, consequently these unconsolidated condensed interim financial statements do not include all the financial risk management information and disclosures required in the unconsolidated annual financial statements.

22. SEGMENT REPORTING

These unconsolidated condensed interim financial statements are prepared on the basis of single reporting segment consistent with the information reviewed by the chief operating decision maker.

The Company is domiciled in Pakistan. All of the Company's assets are located in Pakistan as at the reporting date.

23. CORRESPONDING FIGURES

Corresponding figures and balances have been rearranged and / or reclassified, where considered necessary, for the purpose of comparison and better presentation, however no material reclassifications were made during the period.

24. NON-ADJUSTING EVENT AFTER THE STATEMENT OF FINANCIAL POSITION DATE

"With respect to the subsidiaries of Telecard Limited i.e. Supernet Technologies Limited ("STL") and Supernet Limited ("SNL"), the Honourable High Court of Sindh has allowed the merger petition and sanctioned the Scheme pertaining to the corporate / capital re-organization of the said subsidiaries, involving, inter alia, the merger of SNL with and into STL (the "Proposed Arrangement"), vide order dated February 24, 2026 passed in petition bearing J.C.M. No. 24 of 2025. Consequently, the Scheme and the Proposed Arrangement in terms thereof are deemed to be effective from the effective date i.e. January 01, 2025. This transformation, enabled by the Scheme, has consolidated and amalgamated all assets, liabilities and obligations of Supernet Limited with and into Supernet Technologies Limited."

25. GENERAL

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

26. AUTHORISATION FOR ISSUE

These unconsolidated condensed interim financial statements has been approved and authorized for issue by the Board of Directors of the Company in its meeting held on ________________. 27 February 2026

Chief Executive Officer

Chief Financial Officer Director