Financial Results for the Quarter Ended 31-03-2026

2026

AEL/BOD/03/26

The General Manager

Pakistan Stock Exchange Limited Stock Exchange Building Stock Exchange Road

Karachi:

Dear Sir,

We have to inform you that the Board ofDirectors Altern Energy Limited in their meeting held on Tuesday, April 21, 2026, at 11:30 am has recommended the following:

DIVIDEND- NIL

BONUS SHARES- NIL

RIGHT SHARES- NIL

The approved Unconsolidated and Consolidated financial results of the Company are enclosed herewith as at Annexure "A" and "Annexure B"

Following Statements are attached as: Annexure-A (Unconsolidated)

1. Standalone Statements of Financial Position

2. Standalone Statements of Profit and Loss

   
   
   

3. Standalone Statement of Changes in Equity

4. Standalone Statements of Cash Flows

Annexure-B (Consolidated)

1. Consolidated Statements of Financial Position

2. Consolidated Statements of Profit and Loss

3. Consolidated Statement of Changes in Equity

4. Consolidated Statements of Cash Flows

S. Director Report

The Quarterly Report of the Company will be transmitted through PUCARS separately, within the specified time.

Thanking you Yours faithfully,

For Altern Energy Limited

(S "AN ALI)

ALTERN ENERGY LIMITED

CONDENSED INTERIM UNCONSOLIDATED STATEMENT OF FINANCIAL POSITION (UN-AUDITED) AS AT MARCH 3» zoz6

EQUITY AND LIABILITIES

SMARE CAPTOR MNO RESERVES

Authorized share capital

4° ,ooo,ooo (June 3 zoos: qoo,ooo,ooo) ordinary shares

Note

Un-Auditcd Au‹lited

March 3 Junc 3O,

aoz6 zoz5

(Rupees in thousand)

ASSETS

NON-CURRENT ASSETS

Note

Un-Audited Audited

March gt, June 3o,

zoa6 s

(Rupees in thousand)

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

Chief Executi

Chief Fin ' 1 Officer

Director

ALTERN ENERGY LIMITED

CONDENSED INTERIM UNCONSOLIDATED STATEMENT OF PROFIT OR LOSS (UN-AUDITED) FOR THE THREE-MONTH AND NINE-MONTH PERIOD ENDED MARCH 3i, z0z0

Revenue

Note

ti

Three-month period ended March 3i, March 3i,

° 88 * 85

{Rupees in thousand}

Nine-month period ended March 3i, March 3*i

eOet aOe5

(Rupees in thousand)

34,zz5

Direct costs

(*6,oig) (83i6o) (++3,534)

(70385)

(Loss} / profit after taxation (36,o6z) 3.7+O,zg6 (16i,ou8)

(Loss) / earnings per share - basic and diluted - Rupees

(O.IOg tO.2t ( '44)

i6.oo

The annexed notes i to zz form an inte al part of these condensed interim unconsolidated fin net statements.

Chief Executive Chief Fin cial Officer

Director

ASTERN ENERGY LIMITED

CONDENSED INTERIM UNCONSOLIDATED STATE6iENT OF CHANGES IN EQUITY (UN-AUDITED) FOR THE NINE•MONTH PERIOD ENDED MARCH3 i, aou6

Share

° T I

(Rupees in thousand)

Profit for the petiod

Other comprehensive income for the period Toial comprehensive income for the period

Total contributions s and d:siribusons tp

°^"°*• °+'>" Company recot;nized directly in equity: 8' 8* interim cash dividend for the year ended June 3o, sozs

GRs. 5.9o per ordinary share

88 in ten ni CRSh dfVfdt•nd fOF tht• }9pp t•tydgd Jtjty q 3p› pp2

G 9•7° per ordinary share

41,660

73›8A8

(3•584,786)

(3.5°4.786)

Balance •* °^ ^* 3•, zoz5 (Un-Audited)

j,6jj,8oo

qt,66o 3,89s 69z

Balnnce as on July Ol, p°2S (Audited)

L° Corlhepeñod

Olercomprehensiveincomt/lor,for ¿g q# ToCztco preensvelosstotthtpeñod

¥OtnlCOUt¥*buhOnSbyxxflfl;S(ñbuGon&(g

OWhC¥SOF(ICCO#ponypyp yp{y@@# pp(}y ppqpt ;

3é33%°°

3›*38›8o°

4 ,66o

4i,66o

92,OOx

(***›°27)

3°•97S

C6nO£7)

(i6i,°87)

(i6i,°*7)

3•7°*43S

° °°"°^ "°'•' ' to °° *°'"' °" '°'"8' o•• of ihese condeuse‹1 interim unconsolidated financial st ments. -

Chief Financial Officer

D1t'tCtOK

ALTERN ENERGY LIMITED

CONDENSED INTERIM UNCONSOLIDATED STATEMENT OF CASH FLOWS (UN-AUDITED) FOR THE NINE-MONTH PERIOD ENDED MARCH 3i, zoa6

CASH FLOWS FROM OPERATING ACTIVITIES

Note

March 3 March 3*.

noa6 s

(Rupees in thousand)

Cash used in operations 15

Finance costs paid

Income tax and final tax paid Employee benefit obligations paid

Net cash outflow from operating activities

CASH FLOWS FROM INVESTING ACTIYITIES

Payment for property, plant & equipment and intangible assets Profit on short term investments received

Dividend received from PMCL (wholly owned subsidiary) Profit on bank deposits received

Net cash inflow from investing activities

CASH FLOWS FROM FINANCING ACTIVITIES

(io8,g67)

(6, 51)

(ilS,118)

6,747

(86,i83)

(zi,8z8)

(io8,oii)

5›939.481

Dividends paid

Net cash outflow from financing activities

5 175 31)

(57a.>93) (s,175. 31)

Net decrease in cash and cash equivalents

Cash and cash equivalents at beginning of the period

(68o,6641 8is.641

656,439

19 ›* 4

Cash and cash equivalents at the end of the period i6

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

Chief Executi e Chief Financial Officer

Director

ALTERN ENERGY LIMITED AND TTS SUBSIDIARIES

CONDENSED INTERIM CONSOLIDATED STATEMENT OF FINANCIAL POSITION (UN-AUDITED) AS AT MARCH 3+› * *

EQUITY AND LIABILITIES

SHARECAPTTALANDRESERVES

Note

Un-Audited Audited

March 3+. June 3o,

zoz6 zoz5

(Rupees in thousand)

ASSETS

NON-CURRENT ASSETS

l4OtE

Un-Audited Audited

March 31, *• • 3O,

zoz6 • s

(Rupees in thousand)

Authorized share capital

4 o,ooo,ooo (June 3 z 25: 4oo,ooo,ooo) ordinary shares of Rs to each

z|,OOO,OOO z[,OOO,OOO

Property, plant and equipment Intangible assets

6 3**›*5

7 43

338.7>>

io6

Issued, subscribed and paid up share capital

Long term security deposits

*7.5 376

363,38O,ooo (June 3o, zo 5: 363.38o,ooo) ordinary shares of Rs io each

Capital reserve: Share premium

3,633.8oo

4',66o

3,633,

4›,66o

3**.s6B

339›8 4

Revenue reserve: Un-appropriatedprofits

i,85a,6oo z,69+.96O

Attributable to owners of the Parent Company

s,s"8,o6o

›367,42O

Non-controlling interests

>.97*.';6o 3,¿29,938

Total equity

NON-CURRENT LIABILITIES

Employees' benefit obligations Deferred taxation

CURRENT LIABILITIES

Trade and other payables Unclaimed dividends Dividends Payable Provision for taxation

8.49g,62o

+7.63O

9qO,2i3

457 843

866,ig5

9› 97•35

339,3^3

8*7,943

CURRENT ASSETS

Store, spares & loose tools Trade debts - secured

Loans, advances, prepayments and other receivables

Short term investments Bank balances

8

9

9,5oi,o9o

! ›7*5,z|OO

CONTINGENCIES AND COMMITMENTS

5

g,8z¿,6¿8 »,o64.684

g,8 3,658 ii,o64,8 4 -

fñcer

The annexed notes i to 3 form an integral part of these condensed interim consolidated financial statements.

Chief Exe tive

Chief Fin

Director

AkTERN ENERGY LIMITED AND ITS SUBSIDIARIES

CONDENSED INTERIM CONSOLIDATED STATEMENT OF PROFfT OR LOSS (UN-AUDITED)

FOR THE THBfE-MONTH AND NINE-MONTH PERIOD ENDED MARCH 3i, eoz6

Note

Three-month period ended March 3i, March yt,

zoz6 zoos

(Rupees in thousand)

Nine-month period ended March 3i. March 3i,

zoz6 . zoes

(Rupees in thousand)

Finance cost *5

Profit J (loss) before income tax and final tax

Taxation - finai tax i6

(Loss) / profit before income tax ror tJte period

Tuaionlncometa i6

(Loss) J profit for the period

(q,46g) 99›838

(+,47 .85!)

(2,@O2)

(+.373.4+7)

(*s,66s)

853›z6s

(344,54 )

(9+,875)

i86,9qz

(tg,z6sJ

sg8,55i

(+.557,839)

(i, z58,688) (*39• S )

(7.7*6,9°6)

ss8,8o6)

766,3oo

(7,5+9.4+8)

Attributable to:

Equity holders of the Parent Company Non-controlling interest

(+,4 ,484) +8*,7 .'3

87 o67 74,839

(*487.66i)

8g,gsj

(4,¿6g,844)

f1,°49,q68)

(+,.87?,4+7) 86 (* R9773 )

(Loss) / earnings per share attributable to equity holders of the Parent Company during the period - basic and diluted

Rupees

(3-85)

o.3i

(4t9)

The annexed notes i to s3 form an integral part of these condensed interim co olidate financial statements.

Chief Execu

Chief Fina a O cer

Director

ALTERN ENERGY LIMITED AND ITS SUBSIDIARIES

CONDENSED INTERIb4 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (UN-AUDITED) FOR THE NINE-MONTH PERIOD ENDED MARCH Ayr, zoz6

Attributable to equity holders o£Parent Com oov

Balance as on July i, •°z4 tAudited)

Loss for the period

Other comprehensive income / (loss) for the period

Share capital

3,6$3,88

Share

qt,66u

Un-appropriated

(Rupees in thousand)

(4.36g,844)

m,918,8q7

controlling Interests

J'otal

(3. 4s,s68)

(7.5*9 4'8l

87.794.3+5

Total comprehensive loss for the period

Transactions with owners in their capacity as owners:

1st Interim cash dividend @ Rs S.9o per ordinary share by Parent Company

zndt Interim cash dividend @L 9.7o per ordinary share by Parent Company

Final cash dividend paid to non-controlling interest by Rousch

1st Interim cash dividend paid to non-controlling interest by Rousch

t4,36g, 44)

($, 4g,568) (7.5+9.4+*J

(3.5*4.786)

(+.55*.5 5) (+.558.5851

(s,g67. 9J (e,g67. 9J

Balance os on March 3x, zoz5 tUn-Aiidited)

3,6d:3,8oo 66o o,o86,66›

Balance as on July of, ooo5 {Audited)

tLos•l / profit for the period

Other comprehensive income / (loss) for the period Total comprehensive Ooss) / profit for the period

Effect ol'changes in sharehoding withtn the Group

Decrease in non-controlling interest Effect of chan8e in ownership

§t,66o

e,6gi,g6o

t*•4>7•66i)

(é 7,66i)

3,5^9,938

89.9*3

(6q8,$oi)

9,897.35

(+.397.738J

f• 397•73B)

(64,3°)

648goi

Balance as on March 3i, aoa6 (Un Audited)

*.97*.$6o 8,ggg,6zo

The anne.xed notes › +^ 83 *arman integral part of these condensed interim consolidated financial rtctem ts.

1 i

C ' ecutive Chief Finan r

D*FfCtOF

ALTERN ENERGY LIMITED AND ITS SUBSIDIARIES

CONDENSED INTERIM CONSOLIDATED STATEMENT OF CASH FLOWS (UN-AUDITED) FOR THE NINE-MONTH PERIOD ENDED MARCH 3*› ROR6

CASH FLOWS FROM OPERATING ACTIVITIES

Note

March 3•. March 3i,

zoa6 noz5

(Rupees in thousand)

Cash (used in) / generated from operations

Long term deposits - net Finance cost paid

Income tax and final tax paid Employee benefit obligations paid

Net cash (outflow) / inflow from operating activities

Payment for property, plant and equipment and intangible assets Profit on short term investment received

Profit on bank deposits received

Proceeds from disposal of operating fixed assets

Net cash inflow from investing activities

17 (351,g6i)

(i,O17›154)

(1,369,iis)

573.6io

l7›4O1,197

(766,s22)

i6,634.675

47›2l3

Dividends paid

Net cash outflow from financing activities

(57 93) (i 339 344)

(572,*93) (i:2•339•344)

Net (decrease) / increase in cash and cash equivalents Cash and cash equivalents at the beginning of the period Cash and cash equivalents at the end of the period

(1,367›79 )

g,1O7›3

18 7›739›59O

5•14*›544

3.9 6,o8o

9•l8p604

Chief Execu ve

The annexed notes i to z3 form an integral part of these condensed interim consolidated financial statements.

Chief Financial Officer Director

Principal Activities:

The Company's principal activities are the ownership, operation, and maintenance of a 3•-megawatt gas-fired thermal power plant located near Fateh Jang, District Attock, Punjab, and sale of electricity. The electricity produced is sold to its sole customer, Central Power Purchasing Agency (Guarantee) Limited ('CPPA') through the transmission network of the National Transmission and Dispatch Company ('NTDC'). The Company has a Power Purchase Agreement ('PPA') with its sole customer, CPPA, for thirty years, which commenced from June 6, 2001, ending on June 6, zo3i. The Company also holds direct and indirect investments in other companies engaged in power generation, as detailed in note 8 to the condensed interim unconsolidated financial statements annexed with this report.

Group Structure:

The Company owns ioo% shares ofPower Management Company(Private) Limited ('PMCL') (a special purpose vehicle), which in turn holds 67.3*% (June 3o, zO25: 59 98%) shares of Rousch (Pakistan) Power Limited ('RPPL').

MATERIAL INFORMATION

Given continued operational losses suffered by the Company as a result of nil dispatch demand from the off-taker during the past several years, during the previous fiscal year on April •7. 2025. the Shareholders of the Company approved the proposal of the Board of Directors for early termination of: (i) the Power Purchase Agreement ("PPA") with CPPA, (ii) the Implementation Agreement with the President of Islamic Republic of Pakistan on behalf of the Government of Pakistan ("IA"), and (iii) the Guarantee issued by the Government of Pakistan ("Guarantee"), (the PPA, IA and the Guarantee are hereinafter collectively referred to as the "Agreements"). Subsequently, on May og, z 25. the Company submitted a request for early termination/retirement of the Agreements with CPPA and Private Power and Infrastructure Board ("PPIB"). The Company, on November •4. zoo5, initialled a "Termination Agreement" ("TA"), to be executed in due course by the Company, PPIB, and CPPA.

Pursuant to the draft TA, the following agreements shall stand terminated with mutual consent of the relevant parties:

1. The Implementation Agreement executed with the GOP,

2. The Guarantee issued by the GOP.

e) The Power Purchase Agreement executed with CPPA, and

d) The Gas Supply Agreement executed with SNGPL.

On March 3i, 2O26, the Federal Cabinet approved the TA and marked it back to the concerned departments for further process.

As a result of no/low generation revenue during the past several years, the major income to support the cashflows of the Company has been dividends from RPPL. As mentioned in the ensuing paragraphs, in December 2o24RPPL handed over itspower generation complex to the Government and cannolonger generate and sell electricity to CPPA. These conditions indicate a material uncertainty on the Company's ability to continue as a going concern and, therefore, it may be unable to realize its assets and discharge its liabilities in the normal course of business. However, these condensed interim financial statements have been prepared on a going concern basis, as RPPL has invested the funds received from the Government in mutual funds, which are expected to generate sufficient dividend income in future to support the Company in meeting its expenditures, based on the cash flow projections of RPPL and the Company.

During the period under review, the Company incurred gross loss of Rs 79 million as compared to gross loss of 70 mlllion in corresponding period of 2024 The Company incurred net loss after tax of Rs. i6i million resulting in a loss per share of Rs 44. as compared to net profit of Rs. 3,8i5 million and earnings per share of Rs. i6 in corresponding period of 2o>4 The net profit for the corresponding period included dividend income

amounting to Rs. 5,864 million from the subsidiary, PMCL.

Your Company's consolidated loss attributable to the equity holders of Altern Energy Limited for the period under review was Rs. 1,4 8 million resulting in loss per share Rs 4 o9. as compared to consolidated loss of Rs.

4.37 rRillion andloss per share of Rs. 3 in the corresponding period of the last year.

OPERATIONS AND MAINTENANCE

During the period under review, the dispatch from the plant was zero to the off-taker similar to no dispatch during the corresponding period of the previous fiscal year, on account of no dispatch demand from NPCC.

During the period under review, all other scheduled and preventive maintenance activities were conducted in accordance with the Original Equipment Manufacturer ('OEM')'s recommendations. We are pleased to report that all the engines and their auxiliary equipment are in sound working condition.

The Company adheres to a set of QEHS Principles implemented to achieve optimal standards of health and safety for its employees. Overall, the health, safety and environment performance of the plant remained satisfactory during the period under review.

SUBSIDIARY REVIEW

During the period under review, your Company's subsidiary Rousch (Pakistan) Power Limited ('RPPL') posted turnover of Rs 469 million (corresponding period in 2o24: 7.970 million) and the cost of sales was Rs 495 million (2o24: 4.097ITlillion). Net profit for the period was Rs. 270 million as compared to net loss of Rs. 7.871ITlllIion in corresponding period of 2O24. delivering earnings per share of Rs. O.31 (2024: loss per share of

*3). The net loss during the corresponding period was mainly due to write-off of fixed assets and current assets due to termination of Agreements as result of a Negotiated Settlement Agreement ('NSA') as mentioned in ensuing paragraph.

During the previous fiscal year, RPPL was approached by the Government of Pakistan for Termination of its PPA with CPPA, the IA with the President of the Islamic republic of Pakistan, and the Guarantee issued by the President Islamic Republic of Pakistan ('the Agreements'). In November zo•4. RPPL signed a NSA for Termination of the Agreements. As per the terms of the NSA, CPPA paid the agreed outstanding receivables to RPPL by December 3i, 2 >4 Accordingly, RPPL handed over the Complex to the Government of Pakistan's designated entity National Power Parks Management Company Limited ('NPPMCL'). As a result of the execution of the NSA, RPPL no longer owns the Complex to generate and sell electricity to CPPA.

Composition of the Board ofDirectors

The election of Directors was held on 3i•t December 2o•s. after which the total numbers of directors are eight including Chief Executive (Deemed Director) as per the following:

Male 6

Female 2

The composition of the board is as follows:

• On September oz, zO2s. Mr. Shah Muhammad Chaudhry resigned from his position as a Director of the Company. The casual vacancy was filled within the legal timelines.

Committees of the Board

The Board has established two committees which are chaired by Independent or non-executive directors. These committees are as follows:

The Audit Committee comprises of three (3) members as follows:

Mrs. Aliya Saeeda Khan Mr. Farooq Nazir

Mr. Syed Rizwan Ali Shah

(Independent Director - Chairperson) (Non-executive Director)

(Non-Executive Director)

Human Resource & Remuneration Committee

The Human Resource & Remuneration Committee comprises of three (31 members as follows:

Mr. Farooq Nazir

Mrs. Mehreen Dawood Mr. Syed Rizwan Ali Shah

(Non-executive Director - Chairman) (Non-Executive Director)

(Non-Executive Director)

Internal Audit and Control

The Board of Directors has set up an independent audit function headed by a qualified person reporting to the Audit Committee. The scope of the internal audit function within the Company is clearly defined by the Audit Committee which involves regular review of internal financial controls.

RISK MANAGEMENT

There has been no change in the risk management profile and risk policies of the Company as disclosed in Note 32 Of the annual audited financial statements of the Company for the year ended June 3o, 2025.

CORPORATE SOCIAL RESPONSIBILITY

The Company is committed to act responsibly towards the community and environment for mutualbenefit. The Company recognizes the importance of being a good corporate citizen in steering its business as well as delivering its obligations in social welfare of its staff and community in general. Particular attention is given to protect the environment of the local community by planting trees. Additionally, local community benefits from the strategy of employing more staff at our plant site from surrounding areas.

The remuneration of Board members is fixed by the Board itself. A formal directors' remuneration policy approved by the Board is inplace. The policy states procedure for remuneration to Directors in accordance with requirements of the Companies Act 2017( the Act'), and the Listed Companies Code of Corporate Governance Regulations, 2 19 ( the Regulations').

RELATED PARTY TRANSACTIONS

The transactions with related parties are conducted in ordinary course of business on an arm's length basis. In accordance with the requirements of the Act and the Regulations, the Board ofDirectors have approved apolicy for related party transactions. The Company has made appropriate disclosure of the related party transactions in the condensed interim financial statements annexed with this report.

FUTURE OUTLOOK

During the previous year, as a result of the negotiations between public and private sector IPPs and the Government of Pakistan, tariffs of various IPPs were reduced and the Agreements of some IPPs were terminated. Your company's subsidiary, RPPL, was one of the IPPs whose Agreements were terminated as a result ofnegotiations with the Task Force, and its complex was handed over to NPPMCL. Resultantly, RPPL will no longer be able to generate operational revenue in the future.

Your Company's PPA with CPPA, based on a take-and-pay arrangement, has been subjected to a serious challenge ofmeeting its fixed costs due to zero dispatch from the off-taker during the last few years. During the previous fiseal year, upon approval from the shareholders, the Company has submitted request for early termination / retirement ofits Agreements with the Government. Subsequent to termination ofthe Agreements, the Company will evaluate future course of action. In the meanwhile, the Company remains a going concern due to future dividend income from RPPL.

ACKNOWLEDGEMENT

The Board remains grateful to its employees and management for their continued dedication and commitment and for placing their confidence and trust to steer the Company in these challenging times.

For and on Behalf of the Board

Umer Shehzad She' Chief Executive

Date: April 2i, zoz6 Place: Lahore.

Farooq Nazir Director