Transmission of Half Yearly Report for the Period Ended September 30, 2025

2025 5

Company Information 2

Chairman's Review (English) 4

Chairman's Review (Urdu) 7

Independent Auditor's Review Report to the Members 9

Condensed Interim Statement of Financial Position 10

Condensed Interim Statement of Profit or Loss and Other Comprehensive Income 12

Condensed Interim Statement of Changes in Equity 13

Condensed Interim Statement of Cash Flows 14

Notes to the Condensed Interim Financial Statements 15

COMPANY INFORMATION BOARD OF DIRECTORS

Aamir H. Shirazi

Chairperson

Abid Naqvi

Director

Mashmooma Zehra Majeed

Director

Azam Faruque

Director

Masanori Kito

Director

Koji Sugita

Director

Kazushi Yamanaka

Director

Saquib H. Shirazi

Chief Executive Officer

Maheen Fatima

Company Secretary

AUDIT COMMITTEE

Mashmooma Zehra Majeed

Chairperson

Abid Naqvi

Member

Azam Faruque

Member

Farrukh Munir

Head of Internal Audit

Maheen Fatima

Secretary

HUMAN RESOURCE & REMUNERATION COMMITTEE

Mashmooma Zehra Majeed

Chairperson

Abid Naqvi

Member

Saquib H. Shirazi

Member

Saadullah Ejaz

Secretary

MANAGEMENT

Saquib H. Shirazi

Chief Executive Officer

Afaq Ahmed

Vice President Marketing

Khuwaja Shujauddin

General Manager JVs Coordination

Danyal Ahmed Rasheed

Chief Financial Officer

Faisal Mahmud

General Manager Plants

Hassan Mushtaq Cheema

General Manager After Sales

Muhammad Ammar

General Manager New Model Center

Muhammad Rashad Rashid

General Manager Quality Assurance

Rashid Ahmed

General Manager Commercial & Planning

Saadullah Ejaz

General Manager Human Resources & Administration

Sajid Saleem

General Manager Production, Planning & Control

Tahir Khan

General Manager Information & Technology

Tahir Nazir

General Manager Supply Chain

Zia ul Hassan Khan

General Manager Sales

AUDITORS

Shinewing Hameed Chaudhri & Co. Chartered Accountants

LEGAL ADVISORS

Mohsin Tayebaly & Co.

TAX ADVISORS

EY Ford Rhodes, Chartered Accountants

SHARES REGISTRAR

Hameed Majeed Associates (Pvt.) Limited H.

M. House, 7-Bank Square, Shahrah-e-Quaid-e-Azam, Lahore Tel: (92-42) 37235081-82

Fax: (92-42) 37358817

BANKERS

Allied Bank Limited Askari Bank Limited Bank Al-Habib Limited Bank Alfalah Limited Faysal Bank Limited Habib Bank Limited

Habib Metropolitan Bank Limited Khushali Bank Limited

MCB Bank Limited Meezan Bank Limited National Bank of Pakistan

Standard Chartered Bank (Pakistan) Limited United Bank Limited

REGISTERED OFFICE

1-McLeod Road, Lahore-54000

Tel: (92-42) 37225015-17, 37233515-17 Fax:

(92-42) 37233518, 37351119

E-mail: ahl@atlas.com.pk Website: https://www.atlashonda.com.pk

FACTORIES

F-36, Estate Avenue, S.I.T.E., Karachi-75730 UAN: (92-21) 111-111-245

Tel: (92-21) 32575561-65

Fax: (92-21) 32563758

26-27 KM, Lahore-Sheikhupura Road, Sheikhupura-39321

Tel: (92-56) 3406501-8

Fax: (92-56) 3406009

BRANCH OFFICES & CUSTOMER CARE CENTRES

Azmat Wasti Road, Multan Tel: (92-61) 4570413-14

(92-61) 111-112-411

Fax: (92-61) 4541690

Islamabad Corporate Center,

Plot No. 784/785, Golra Road, Islamabad Tel: (92-51) 5495921-7,

Fax: (92-51) 5475928

Makhdoom Altaf Road, West Sadiq Canal Bank, Near City School, Rahimyar Khan Tel: (068) 5883415-19,

Fax: (068) 5883414

2nd Floor, Dawood Centre, Autobhan Road, Hyderabad.

Tel: (022) 3411361-9

Fax: (022) 34113670

1st Floor, Meezan Executive Tower, 4 - Liaquat Road, Faisalabad

Tel: (92-41) 2541011-7, 2541014

1st Floor, 28-Mozang Road, Lahore Tel: (92-42) 36361191-5, 36360740-7

SHOW ROOM

West View Building, Preedy Street, Saddar, Karachi

Tel : (92-21) 32720833, 32727607

CUSTOMER CONTACT CENTRE

UAN: (92-42) 111-245-222

Toll Free: 0800-245-22

Email: contact.centre@atlashonda.com.pk (Within working hours from Monday to Friday)

I am pleased to present the unaudited condensed interim financial information of the Company for the half year ended September 30, 2025.

MACROECONOMIC OVERVIEW

Pakistan's economy is gradually moving towards stability. Prudent fiscal management, monetary discipline and continued engagement with international partners have strengthened market confidence. The IMF program has played a vital role in restoring macroeconomic balance and creating a platform for sustainable growth. However, external pressures, structural challenges, and the impact of recent floods have limited the pace of recovery. Consequently, GDP growth is projected at 3.5%, reflecting a cautious but improving outlook for the year ahead.

On the external front, indicators showed relative stability, though pressures persisted. The current account deficit for the first three months of FY26 stood at USD 0.62 billion, compared to USD 0.43 billion in the same period last year. The trade deficit widened to USD 5.1 billion, reflecting a 6.2% increase, largely driven by higher trade volumes as imports and exports grew by 8.8% and 10.2%, respectively. Home remittances remained a key source of external stability, rising to USD 9.5 billion, which helped maintain foreign exchange reserves at USD 19.8 billion. Headline inflation eased to 5.6%, while the State Bank of Pakistan kept the policy rate unchanged at 11%. Lower inflationary pressures and a more balanced external position boosted investor confidence, propelling the PSX 100 Index to a historic high of 168,990 points. However, fiscal collections remained below expectations, with total revenue at Rs. 2.884 trillion against a target of Rs. 3.083 trillion.

Agricultural growth is expected to remain moderate at 2.6% in FY26, reflecting the impact of flood-related challenges. However, improved input availability and easing supply-chain constraints are supporting a steady recovery. Agricultural credit disbursement rose by 19.5%, while imports of agricultural machinery increased by 66.7%, signaling renewed investment in the sector. These gains in farming productivity are expected to sustain firm demand for consumer durables in rural markets.

Large-Scale Manufacturing (LSM) posted growth of 4.44% during the first two months of FY26, reflecting renewed industrial momentum. This improvement was supported by a stable exchange rate, easing inflation, and a more favorable external environment.

Sales

(Rs. in million)

Sep 24

Sep 25

92,944

125,338

Growth was recorded in 16 out of 22 sectors, led by food, apparel, and non-metallic minerals. The automobile industry also showed encouraging signs, driven by higher production volumes and improved market sentiment. With stable macroeconomic conditions and gradually easing financing costs, the industrial sector is expected to maintain its positive trajectory in the coming months.

OPERATING RESULTS

Profit

(Rs. in million)

Sep 24

Sep 25

During the half year ended September 30, 2025, the Company achieved net sales of Rs. 125 billion, an increase of 35% compared to the corresponding period of the last year. The gross profit increased from Rs. 8.3 billion to Rs. 15.9 billion, up by 92% as a result of higher sales volume, improved sales mix, together with stable exchange rates and material prices. Sales and marketing expenses rose to Rs. 2.4 billion, an increase of 26% mainly attributable to promotional activities on account of new models launched during the year and general inflation.

Administrative expenses also increased by 22% mainly due

to inflation. Other income, net of other operating expenses and financial charges, contributed an impressive Rs. 2.7

6,621

9,618

billion to the bottom line. This is on account of efficient treasury operations. The above factors supported the Company in achieving six months profit before tax of Rs.

15.6 billion as compared to profit before tax of Rs. 10.6 billion in the same period last year. Resultantly, the profit

after tax for the six-months period ended stood at Rs. 9.6 billion, up by 45%. This is translated into Earnings per Share (EPS) of Rs. 77.36 against Rs. 53.36 in the corresponding period of last year.

FUTURE OUTLOOK

The economy is poised for moderate growth, supported by efforts to stabilize key fundamentals. Sustained fiscal discipline, continued adherence to the IMF program, and timely external financing will remain essential for maintaining momentum. Inflationary pressures, particularly from rising food prices, are expected to persist in the near term, calling for a cautious and balanced monetary stance to safeguard both stability and growth. The government's commitment to structural reforms, especially in privatization and export-led development, will play a pivotal role in strengthening the industrial base and enhancing long-term economic resilience.

The Company remains focused on navigating these evolving conditions by improving its operating results and maintaining market leadership, all with the goal of developing a

long-term business strategy that continues to enhance the stakeholder's value. In this regard, the "Atlas Way" and "Atlas Systems" remain fundamental to our business philosophy.

ACKNOWLEDGEMENT

The Atlas Group takes great pride in its partnership with Honda Motor Company Limited. We wish to acknowledge their continued support and cooperation in maintaining high standards of excellence. I would like to thank our valued customers for their ongoing trust, the management team for their dedicated efforts, the Board of Directors for their guidance, and Mr. Saquib H. Shirazi - CEO, for his inspiring leadership. I also express gratitude to all stakeholders - including bankers, dealers, vendors, associates and shareholders for their contributions in building Atlas Honda Limited into an exceptional company.

Dated: October 30, 2025, Karachi

Aamir H. Shirazi

ہزئاج اک نیمرئیچ

ربمتس 30 تامولعم یتایلام یروبع رصتخم ہدش قیدصت ریغ یک ینپمک ھتاس ےک ترسم تیاہن ںیم 2025 ۔ںوہ اہر رک شیپ ےیل ےک لاس فصن ےلاو ےنوہ متخ وک

ہزئاج یشاعم

یرٹینام مظنم ،طبض و مظن یلام طاتحم ۔ےہ یہر ھڑب فرط یک ماکحتسا جیردتب تشیعم یک ناتسکاپ طوبضم وک دامتعا ےک ٹیکرام ےن طباور یراج ھتاس ےک ںوراد تکارش یماوقالا نیب روا ،یسیلاپ داینب ےیل ےک یقرت رادیئاپ روا یلاحب یک نزاوت کمانکا ورکیم ےن مارگورپ فیا میا یئآ ۔ےہ ایک تارثا ےک بالیس ہیلاح روا ،زجنلیچ یتخاس ،ؤابد ینوریب ،مہات ۔ےہ ایک ادا رادرک مہا ںیم ےنرک مہارف لاس ہدنئآ وج ،ےہ عقوتم دصیف 3.5 ومن یک یپ یڈ یج ،اًتجیتن ۔ےہ ایک دودحم وک راتفر یک یلاحب ےن ۔ےہ یترک رہاظ وک ناحجر تبثم رگم طاتحم ےیل ےک

نیت یلہپ یک 2026 لاس یلام ۔اہر رارقرب ؤابد مہات ،ےہر مکحتسم اًتبسن ےیراشا ںیم ےبعش ینوریب یسا ےک لاس ہتشزگ وج ،اہر رلاڈ یکیرما نیلب 0.62 ہراسخ ٹنؤاکا ٹنرک نارود ےک تدم یک ہام نیلب 5.1 رک ھڑب ہراسخ یتراجت ۔ےہ ہدایز ںیم ےلباقم ےک رلاڈ یکیرما نیلب 0.43 ےک ےصرع تادمآرب روا تادمآرد رپ روط یداینب وج ،ےہ اترک رہاظ ہفاضا دصیف 6.2 وج ،ایگ وہ رلاڈ یکیرما یک ںویناتسکاپ میقم کلم نوریب ۔اوہ ںیم ےجیتن ےک ےفاضا دصیف 10.2 روا دصیف 8.8 بیترتلاب ںیم وک رئاخذ ےک ہلدابمرز ےن سج ،ایگ چنہپ کت رلاڈ یکیرما نیلب 9.5 رک وہ ہفاضا ںیم رز تالیسرت

19.8 ایگ آ کت ٪5.6 رک وہ مک رز ط¸ ارفا یعومجم ۔ید ددم ںیم ےنھکر رارقرب رپ رلاڈ یکیرما نیلب

ںیم ؤابد ےک رز ط¸ ارفا ۔اھکر رارقرب رپ دصیف 11 وک ٹیر یسیلاپ ےن ناتسکاپ فآ کنیب ٹیٹسا ہکبج

ےجیتن ےک سج ،اید غورف وک دامتعا ےک ںوراک ہیامرس ےن یرتہب ںیم نزاوت ینوریب روا یمک

یلام ،مہات ۔ایگ چنہپ کت سٹنئاوپ 168,990 حطس یخیرات سکیڈنا 100 سکیا سیا یپ ںیم

نیلیرٹ 3.083 وج ںیہر ےپور نیلیرٹ 2.884 تالوصحم لک روا ںیہر مک ےس تاعقوت ںایلوصو ۔ںیہ مک ےس فدہ ےک ےپور

زجنلیچ قلعتم ےس بالیس وج ،ےہ عقوتم دصیف 2.6 ںیم 2026 لاس یلام یقرت یک ےبعش یعرز

یرتہب ںیم نیچ یئالپس روا یبایتسد رتہب یک سٹپ نا یعرز ،مہات ۔ےہ یترک رہاظ وک تارثا ےک

ہکبج اوہ ہفاضا دصیف 19.5 ںیم میسقت یک ںوضرق یعرز ۔ےہ یراج یلاحب جیردتب ثعاب ےک ےک یراک ہیامرس ںیم ےبعش سا وج ،ایگ اھکید ہفاضا دصیف 66.7 ںیم تادمآرد یک یرنیشم یعرز

طوبضم گنام یک ءایشا یک نیفراص ںیم ںوقالع یہید ےس ںویرتہب نا ۔ےہ تمالع یک ناحجر ےئن ۔ےہ عقوت یک ےنہر

رہاظ ومن دصیف 4.44 ےن ںوتعنص یک حطس یڑب نارود ےک ہام ود یئادتبا ےک 2026 لاس یلام ،حرش یک ہلدابمر¸ ز مکحتسم یرتہب ہی ۔ےہ یترک یساکع یک یرتہب ںیم ںویمرگرس یتعنص وج ،یک

ںوبعش 16 ےس ںیم 22 ۔یئوہ نکمم ثعاب ےک یرتہب ںیم لوحام ینوریب روا ،رز ط¸ ارفا مک

لئابوموٹآ ۔ںیہ ںایامن تایندعم یتاھد ریغ روا تاسوبلم ،کاروخ ںیم نج ،یئگ یک ڈراکیر یقرت ںیم تفر شیپ ازفا ہلصوح ثعاب ےک یرتہب ںیم تابذج ےک ٹیکرام روا راوادیپ یھب ںیم یرٹسڈنا ںونیہم ہدنئآ ہبعش یتعنص ،ھتاس ےک ںوتگال یتایلام یتوہ مک روا تالاح یشاعم مکحتسم ۔یئگ یھکید ۔ےہ اتھکر عقوت یک ےنھکر رارقرب تمس تبثم ینپا ںیم

یگدرکراک یلمع

برا 125 تخورف صلاخ یک ینپمک نارود ےک لاس فصن ےلاو ےنوہ متخ وک 2025 ربمتس سیت عفانم یعومجم ۔ےہ ہدایز دصیف 35 ںیم ےلباقم ےک ےصرع یسا ےک لاس ہتشزگ وج ،یہر ےپور

8.3 یک سا ۔ےہ اترک رہاظ ہفاضا دصیف 92 وج ،ایگ وہ ےپور برا 15.9 رک ھڑب ےس ےپور برا

لام ماخ روا ،حرش یک ہلدابمر¸ ز مکحتسم ،جازتما یتخورف رتہب ،مجح یتخورف ہدایز تاہوجو یداینب وج ،ےئگ ھڑب کت ےپور برا 2.4 تاجارخا ےک گنٹیکرام روا زلیس ۔ںیہ ماکحتسا ںیم ںوتمیق یک

26 ۔اوہ ثعاب ےک یئاگنہم یمومع روا زاغآ ےک زلڈام ےئن وج ،ںیہ ےترک رہاظ ہفاضا دصیف

رگید ۔ےہ اترک رہاظ وک تارثا ےک رز ط¸ ارفا وج اوہ ہفاضا دصیف 22 یھب ںیم تاجارخا یماظتنا ہنازخ رثؤم وج ،یہر ےپور برا 2.7 ،دعب ےک تاجارخا یتایلام روا تاجارخا گنٹیرپآ رگید ،یندمآ برا 15.6 لبق ےس سکیٹ ےن ینپمک رپ داینب یک لماوع نا ۔ےہ یترک یساکع یک یگدرکراک یتاج

دعب

6

ےک سکیٹ ۔ےہ ہدایز ٪45 تبسن یک لاس ےلھچپ ںیم لاس ہتشزگ وج ،ایک لصاح عفانم اک ےپور ہتشزگ وج یئوہ لصاح یندمآ رئیش یف ےپور 77.36 ےس سا ۔اہر برا 9.6 عفانم صلاخ اک ہام یھت 53.36 نارود ےک تدم سا یک لاس

ہزئاج اک لبقتسم

یک مارگورپ فیا میا یئآ ،طبض و مظن یتایلام داینب یک سج ،ےہ نزماگ رپ ہار یک ومن لدتعم تشیعم ثعاب ےک ےفاضا ںیم ںوتمیق یک کاروخ ۔ےہ رپ تنواعم یلام ینوریب تقورب روا ،یرادساپ رارقرب نزاوت نایمرد ےک ومن روا ماکحتسا اذہٰل ،ےہ ناکما اک ےنہر رارقرب ؤابد ےک یئاگنہم اًصوصخ ،تاحالصا یتخاس یک تموکح ۔ےہ یرورض انانپا یسیلاپ یرٹینام طاتحم ےیل ےک ےنھکر وک تشیعم روا ےنانب طوبضم وک داینب یتعنص ،تامادقا ےک یقرت ینبم رپ تادمآرب روا یراکجن ۔ےگ ںیرک ادا رادرک یدیلک ںیم ےنرک مہارف ماکحتسا یتدم لیوط

ردق یک زرڈلوہ کیٹسا روا ےنھکر رارقرب تدایق ںیم ٹیکرام ،ےنانب رتہب وک یگدرکراک ینپا ینپمک ںیم نمض سا ۔ےہ ےئوہ ےیک زوکرم ہجوت رپ یلمع ت¸ مکح یرابوراک یتدم لیوط ےک ےفاضا ںیم "۔ںیہ داینب یک ےفسلف یرابوراک یرامہ" زمٹسس سلٹیا" روا" ےو سلٹیا

رکشت ر¸ اہظا

نواعت لسلسم ےک نا مہ ۔ےہ رخف رپ تکارش ینپا ھتاس ےک ڈٹیمل ینپمک رٹوم اڈنوہ وک پورگ سلٹیا دامتعا اک نیفراص ززعم ےنپا ںیم ۔ںیہ رازگ رکش ےک تنواعم ںیم ےنھکر رارقرب رایعم یٰلعا روا یک زرٹکیرئاڈ فآ ڈروب ،ںوششوک کھتنا یک میٹ یماظتنا ،ںوہ اترک ادا ہیرکش رپ ےنھکر رارقرب ۔ںوہ اترک شیپ نیسحت ¸جارخ رپ تدایق یلاثم یک یزاریش. چیا بکاس بانج وا یا یس روا ،یئامنہر

اترک ادا ہیرکش اک زرڈلوہ کیٹسا مامت تیمس زرڈلوہ رئیش روا نینواعم ،زرڈنیو ،زرلیڈ ،ںورکنیب ںیم

۔ایک ادا رادرک انپا ںیم ےنانب ینپمک نیرتہب کیا وک ڈٹیمل اڈنوہ سلٹیا ےن ںوہنج ںوہ

2025 ربوتکا 30 ،یچارک یزاریش. چیا رماع

INDEPENDENT AUDITOR'S REVIEW REPORT TO THE MEMBERS

Report on review of Interim Financial Statements

Introduction

We have reviewed the accompanying condensed interim statement of financial position of Atlas Honda Limited as at September 30, 2025 and the related condensed interim statement of profit or loss and other comprehensive income, condensed interim statement of changes in equity, and condensed interim statement of cash flows, and notes to the financial state-ments for the half year then ended (here-in-after referred to as the "interim financial state-ments"). Management is responsible for the preparation and presentation of these interim financial statements in accordance with accounting and reporting standards as applicable in Pakistan for interim financial reporting. Our responsibility is to express a conclusion on these financial statements based on our review.

The figures of the condensed interim statement of profit or loss and other comprehensive income for the quarters ended September 30, 2025 and 2024 have not been reviewed, as we are required to review only the cumulative figures for the half year ended September 30,

2025.

Scope of Review

We conducted our review in accordance with International Standard on Review Engage-ments 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity". A review of interim financial statements consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the accompanying interim financial statements are not prepared, in all material respects, in ac-cordance with the accounting and reporting standards as applicable in Pakistan for interim financial reporting.

The engagement partner on the review resulting in this independent auditor's review report is Osman Hameed Chaudhri.

SHINEWING HAMEED CHAUDHRI & CO. CHARTERED ACCOUNTANTS

KARACHI;

UDIN: RR202510104Q3jf8dIa0

Assets

Note

Unaudited Audited

September 30, March 31,

2025 2025

------- (Rupees in '000) -------

Equity and Liabilities

Note

Unaudited Audited

September 30, March 31,

2025 2025

------- (Rupees in '000) -------

The annexed notes 1 to 17 form an integral part of these condensed interim financial statements.

Aamir H. Shirazi

Chairman

Saquib H. Shirazi

Chief Executive Officer

Danyal Ahmed Rasheed

Chief Financial Officer

Note

Quarter ended Half year ended September 30, September 30, September 30, September 30,

2025 2024 2025 2024

---------------------------- (Rupees in '000) ----------------------------

--------------------------------- (Rupees) ---------------------------------

Earnings per share

- basic and diluted 12 38.77 25.33 77.51 53.36

The annexed notes 1 to 17 form an integral part of these condensed interim financial statements.

Aamir H. Shirazi

Chairman

Saquib H. Shirazi

Chief Executive Officer

Danyal Ahmed Rasheed

Chief Financial Officer

ATLAS HONDA LIMITED

CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY -UNAUDITED FOR THE HALF YEAR ENDED SEPTEMBER 30, 2025

Issued, Capital reserves Revenue reserves

subscribed and paid-up

Share premium

Gain on

sale of land

General reserve

Unappro-

priated profit

Total

---------------------------------- (Rupees in '000) ----------------------------------

Transaction with owners

in their capacity as owners

Interim dividend for the half year

The annexed notes 1 to 17 form an integral part of these condensed interim financial statements.

Aamir H. Shirazi

Chairman

Saquib H. Shirazi

Chief Executive Officer

Danyal Ahmed Rasheed

Chief Financial Officer

13 | Quarterly Report September 2025

Half year ended

September 30,

2025 2024

Note ------ (Rupees in '000) ------

The annexed notes 1 to 17 form an integral part of these condensed interim financial statements.

Aamir H. Shirazi

Chairman

Saquib H. Shirazi

Chief Executive Officer

Danyal Ahmed Rasheed

Chief Financial Officer

11..

22..

2.1

THE COMPANY AND ITS ACTIVITIES

Atlas Honda Limited (the Company) is a public limited company incorporated in Pakistan and is listed on Pakistan Stock Exchange Limited. The Company is principally engaged in progressive manufacturing and marketing of motorcycles and spare parts. The Company is a subsidiary of Shirazi Investments (Private) Limited, which holds 52.43% (March 31, 2025: 52.43%) of issued, subscribed and paid-up capital of the Company.

BASIS OF PREPARATION

Statement of compliance

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

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

• Islamic Financial Accounting Standards (IFAS) issued by the Institute of Chartered Accountants of Pakistan (ICAP) as notified under the Companies Act, 2017; and

• Provision of and directives issued under the Companies Act, 2017.

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

These condensed interim financial statements have been subjected to limited scope review by the auditors, as required under section 237 of Companies Act, 2017 and should be read in conjunction with audited annual financial statements of the Company for the year ended March 31, 2025.

1. MATERIAL ACCOUNTING POLICY INFORMATION

   1. The material accounting policies and the methods of computation adopted in the preparation of these condensed interim financial statements are consistent with those applied in the preparation of audited annual financial statements for the year ended March 31, 2025.

      There are certain International Financial Reporting Standards, amendments to published standards and interpretations that are mandatory for the financial year beginning on April 1, 2025. These are considered not to be relevant or to have any significant effect on the Company's financial reporting and operations and are, therefore, not disclosed in these condensed interim financial statements.

   2. Taxes on income in the interim periods are accrued using tax rate that would be applicable to expected annual profit or loss.

   3. Actuarial valuations are normally carried out on annual basis. The last actuarial valuation was carried out on March 31, 2025. The impact of re-measurement of post-employment benefit plans has not been incorporated in the condensed interim financial statements.

2. ACCOUNTING ESTIMATES AND JUDGMENTS

The preparation of these condensed interim financial statements are in conformity with the approved accounting standards requires the use of certain critical accounting estimates. It also requires management to exercise its judgment in the process of applying the Company's accounting policies. Estimates and judgments are continually evaluated and are based on historical experience and other factors, including the expectation of future events that are believed to be reasonable under the circumstances. Actual results may differ from these estimates.

During the preparation of these condensed interim financial statements, the significant judgments 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 audited annual financial statements of the Company for the year ended March 31, 2025.

(March 31, 2025: Rs.669,711 thousand) - at book value (111,787) (160,670)

Written-off costing Rs.Nil

(March 31, 2025: Rs.977,480 thousand) - at book value - (73,630) Depreciation charge for the period / year (785,018) (1,543,077)

Book value at end of the period / year 12,247,787 12,105,062

Balance at beginning of the period / year Share of profit for the period / year - net of tax Dividend received during the period / year

Balance at end of the period / year

1. Includes contract liabilities - advances from customers aggregating Rs.24,800,708 thousand (March 31, 2025: Rs.22,231,592 thousand).

2. CONTINGENCIES AND COMMITMENTS

   1. Contingencies

      1. There is no change in status of the contingencies as disclosed in note 27.1.1 of the audited annual financial statements of the Company for the year ended March 31, 2025.

         Unaudited Audited

         September 30, March 31,

         2025 2025

         ---- (Rupees in '000) ----

      2. Guarantees issued by banks on behalf of the Company 4,153,861 3,859,614

   2. Commitments

      1. Commitments in respect of:

         • capital expenditure, raw materials and components

           through confirmed letters of credit 6,040,773 6,310,248

         • capital expenditure other than through letters of credit 158,678 88,960

      2. Aggregate commitments for ijarah arrangements of vehicles and plant & machinery as at period / year end are as follows:

         Unaudited		Audited
         September 30,		March 31,
         2025		2025
         ---- (Rupees in '000) ----
         Not later than one year	474,592	490,099
         Later than one year and not later than five years	1,246,131	1,377,675
         More than five years	76,229	151,463
         	1,796,952	2,019,237

3. COST OF SALES -------------------------- Unaudited --------------------------

   Quarter ended September 30,

   Half year ended September 30,

   2025 2024 2025 2024

   ----------------------- (Rupees in '000) -----------------------

   Opening stock of finished goods 2,330,109 1,950,989 2,342,094 2,993,078

   Cost of goods manufactured	50,775,133	37,849,207	99,296,024	76,032,420
   Purchases during the period	4,244,284	3,747,192	10,170,215	7,336,594
   	55,019,417	41,596,399	109,466,239	83,369,014
   	57,349,526	43,547,388	111,808,333	86,362,092
   Closing stock of finished goods	(2,333,582)	(1,677,758)	(2,333,582)	(1,677,758)
   	55,015,944	41,869,630	109,474,751	84,684,334

4. EARNINGS PER

   -------------------------- Unaudited --------------------------

   SHARE

   - basic and diluted

   Quarter ended September 30,

   Half year ended September 30,

   2025 2024 2025 2024

   ----------------------- (Rupees in '000) -----------------------

   Profit for the period 4,810,466 3,143,463 9,617,732 6,620,835

   ------------------------ (Number of shares) ------------------

   Weighted average number of ordinary

   shares in issue during the period 124,087,935 124,087,935 124,087,935 124,087,935

   ----------------------- Rupees -----------------------

   Basic earnings per share 38.77 25.33 77.51 53.36

   1. There is no dilutive effect on the basic earnings per share of the Company.

5. CASH GENERATED FROM OPERATIONS

   Profit before levies and income tax

   Adjustments for:

   Depreciation Amortization

   Provision for compensated absences Provision for gratuity

   Mark-up / interest on saving deposit accounts, term deposit receipts, PIBs and treasury bills

   Gain on sale of investments at fair value through profit or loss

   Fair value gain on investments at fair value through profit or loss

   Dividend income

   Workers' profit participation fund Workers' welfare fund

   Loss on disposal of operating fixed assets Share of net profit of an Associate Interest on lease liabilities

   Changes in working capital

   1. Changes in working capital

      (Increase) / decrease in current assets:

      • Stores, spares and loose tools

      • Stock-in-trade

      • Trade debts

      • Loans and advances

      • Trade deposits and prepayments

      • Other receivables

      	15,560,054	10,656,711
      	835,934	770,759
      	8,107	6,903
      	113,189	100,452
      	82,975	368,280
      	(2,058,490)	(2,802,432)
      	(608,383)	(135,451)
      	(850,385)	(617,483)
      	(13,270)	(1,604,567)
      	456,200	146,980
      	326,086	179,364
      	8,143	31,197
      	(30,809)	(27,915)
      	40,133	30,114
      13.1	2,317,317	(4,611,355)
      	16,186,801	2,491,557

      Note

      Unaudited Half year ended September 30,

      2025 2024

      ---- (Rupees in '000) ----

      (210,839)	61,454
      (2,754,051)	669,186
      176,412	(959,029)
      1,639	(7,210)
      (228,395)	(98,868)
      646,283	8,977

      (2,368,951) (325,490)

      Increase / (decrease) in trade and other payables 4,686,268 (4,285,865)

      2,317,317 (4,611,355)

6. FINANCIAL RISK MANAGEMENT AND FINANCIAL INSTRUMENTS

   1. Financial risk factors

      The Company's activities expose it to a variety of financial risks: market risk (including foreign exchange risk, interest rate risk and price risk), credit risk and liquidity risk.

      There have been no significant changes in the risk management policies since the year end.

      The condensed interim financial statements do not include all financial risk management information and disclosures required in the annual financial statements and should be read in conjunction with the Company's audited annual financial statements for the year ended March 31, 2025.

   2. Fair value measurement of financial instruments

      The carrying values of all financial assets and liabilities reflected in the condensed interim financial statements are a reasonable approximation of their fair values.

      The table below analyses financial instruments carried at fair value, by valuation method. The different levels have been defined as follows:

      • Quoted prices (unadjusted) in active markets for identical assets or liabilities [Level 1].

      • Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices) [Level 2].

      • Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs) [Level 3].

      Assets - Recurring fair value measurement

      Level 1 Level 2 Level 3 Total

      --------------------- Rupees in '000 ---------------------

      Financial assets at fair value through profit or loss

      September 30, 2025 Short term investments	30,028,862	-	-	30,028,862
      March 31, 2025 Short term investments	24,048,674	-	-	24,048,674

      There was no transfers amongst the levels and any change in valuation techniques during the period.

7. TRANSACTIONS WITH RELATED PARTIES

   1. Significant transactions with related parties are as follows: The Holding Company

Sales of:

Unaudited Half year ended September 30,

2025 2024

---- (Rupees in '000) ----

Unaudited Audited

September 30, March 31,

2025 2025

---- (Rupees in '000) ----

Financial Reporting', corresponding figures in the condensed interim statement of financial position comprise of balances as per the audited annual financial statements of the Company for year ended March 31, 2025 and the corresponding figures in the condensed interim statement of profit or loss and other comprehensive income, condensed interim statement of cash flows and condensed interim statement of changes in equity comprise of balances of comparable period as per the condensed interim financial statements of the Company for the year ended September 30, 2024.

17. DATE OF AUTHORIZATION

This condensed interim financial statements was authorized for issue on October 30, 2025 by

the Board of Directors of the Company.

Aamir H. Shirazi

Chairman

Saquib H. Shirazi

Chief Executive Officer

Danyal Ahmed Rasheed

Chief Financial Officer

Atlas Honda Limited

l-McLeod Road, Lahore-54000

Ph: (92-42) 37225015-17, 37233515-17

Fax: (92-42) 37233518, 37351119

E-mail: ahl@atlas.compk Website: https://www.atlashonda.compk