Transmission of Quarterly Report for the 1st Quarter Ended September 30, 2025

BALUCEISTAfl

£LASS LIMITED

CONDENSED INTERIM FINANCIAL STATEMENTS

(UN-AUDITED)

FOR THE PERIOD ENDED

SEPTEMBER 30, 2025

COMPANY INFORMATION 02

DIRECTORS' REVIEW 03

CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION 07

CONDENSED INTERIM STATEMENT OF PROFIT OR LOSS 08

CONDENSED INTERIM STATEMENT OF COMPREHENSIVE INCOME 09

CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY 10

CONDENSED INTERIM STATEMENT OF CASH FLOWS 11

NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS 12

BALUCHISTAN GLASS LIMITED 01

FOR THE 1ST QUARTER ENDED SEPTEMBER 30, 2025

BOARD OF DIRECTORS

Mr. Mohammad Baig CEO

Mr. Muhammad Tousif Peracha Chairman Mrs. Tabassum Tousif Peracha

Mr. Mustafa Baig

Mr. Mohsin Iqbal Khan Mr. Tahir Farooq

Mr. Muhammad Niaz Paracha

AUDIT COMMITTEE

Mr. Mohsin Iqbal Khan Chairman Audit Committee Mr. Muhammad Tousif Peracha Member

Mr. Mustafa Baig Member

HR & REMUNERATION COMMITTEE

Mr. Mohsin Iqbal Khan Chairman HR & R Committee Mr. Muhammad Tousif Peracha Member

Mr. Mohammad Baig Member

CHIEF FINANCIAL OFFICER

Mr. Muhammad Kashif Siddique, FCA, FPA

COMPANY SECRETARY

Mr. Mohsin Ali

BANKERS

Meezan Bank Limited Soneri Bank Limited United Bank Limited MCB Bank Limited

Al Baraka Bank Pakistan Limited Faysal Bank Limited

Bank Alfalah Limited The Bank of Punjab

National Bank of Pakistan JS Bank Limited

Bank Islami Pakistan Limited Habib Bank Limited

AUDITORS

PKF F.R.A.N.T.S.

Chartered Accountants

LEGAL ADVISOR

Masood Khan Ghory (Advocate & Legal Consultant)

REGISTERED OFFICE

Plot no. 8, Sector M, H.I.T.E.,

Hub, District Lasbella, Baluchistan. Tel : 0853 - 363657

HEAD OFFICE

128-J/I, Model Town, Lahore. Tel: 042-35836866 - 35837311

Web: https://www.balochistanglass.com Email: info@balochistanglass.com

FACTORIES UNIT-I

Plot no. 8, Sector M, H.I.T.E., Hub, District Lasbella, Baluchistan.

UNIT-II

29-KM, Sheikhupura Road, Sheikhupura.

UNIT-III

12-KM, Sheikhupura Road, Kot Abdul Malik,Lahore.

SHARE REGISTRAR

Corplink (Pvt.) Limited

Wings Arcade,1-K, Commercial, Model Town, Lahore.

BALUCHISTAN GLASS LIMITED 02

FOR THE 1ST QUARTER ENDED SEPTEMBER 30, 2025

The Directors of Baluchistan Glass Limited (the "Company" / "BGL") present before you the Condensed Interim Financial Information for the first quarter ended September 30, 2025.

Financial and Operational Performance:

Analysis of key operating results for the current period in comparison with the previous period is given below:

Quarter Ended September 30,

2025-2026 2024-2025

Rupees in thousands

During the quarter under review, no production operations were carried out at any of the Company's units. Sales recorded during the period primarily represent dispatches from available finished goods inventory of tableware and pharmaceutical glass packaging. The continuation of furnace shutdown mainly was due to non-availability of consistent gas pressure, high energy tariffs and adverse cost dynamics at Unit-I.

The management adopted a cautious and disciplined approach for inventory liquidation and cash flow management. However, the limited sales volume and persistent increase in input and overhead costs adversely affected the gross margin and overall financial performance of the Company. Despite these challenges, efforts remain directed towards maintaining customer relationships and sustaining its market position until production activities resume.

During the previous financial year, the Company successfully completed a significant equity restructuring through the conversion of outstanding sponsor loans into share capital, resulting in a strengthened equity base and a reduction in leverage. The management continues to work on improving the financial position through prudent working capital management and close coordination with associated companies for operational support.

In this context, sponsors and associated companies have reiterated their continued financial and technical support, ensuring that the Company retains the capability to restart operations once gas supply and energy cost conditions improve. The management is also engaged in assessing the technical feasibility and cost implications of resuming operations at Unit-I located at Hub, Baluchistan.

Future Outlook:

The industry continues to face multiple challenges including high energy costs, inconsistent gas supply, rising input prices and subdued market demand which have impacted production viability. The management of the Company remains focused on achieving long-term sustainability through a strategic and phased revival of operations, with particular attention to improving energy efficiency, cost optimization and value-added product diversification.

BALUCHISTAN GLASS LIMITED 03

FOR THE 1ST QUARTER ENDED SEPTEMBER 30, 2025

The near-term outlook remains cautious, contingent upon improvement in energy availability at competitive tariffs and a revival in industrial demand. The management is optimistic that with the expected easing of inflationary pressures and gradual economic stabilization, operational conditions may improve, enabling the Company to recommence production at Unit-I in the ensuing quarters.

The Board acknowledges the continued support of shareholders, sponsors, associated companies, financial institutions, employees and reaffirms its commitment to restore sustainable operations and financial stability in the near future.

For and on behalf of the Board

BALUCHISTAN GLASS LIMITED 04

FOR THE 1ST QUARTER ENDED SEPTEMBER 30, 2025

BALUCHISTAN GLASS LIMITED 05

FOR THE 1ST QUARTER ENDED SEPTEMBER 30, 2025

BALUCHISTAN GLASS LIMITED 06

FOR THE 1ST QUARTER ENDED SEPTEMBER 30, 2025

AS AT SEPTEMBER 30, 2025

Un-Audited 30-09-2025

Audited 30-06-2025

EQUITY AND LIABILITIES SHARE CAPITAL AND RESERVES

Authorized share capital

Issued, subscribed and paid-up share capital Discount on shares

Capital reserve:

Surplus on revaluation of property (land and building) - net of tax

Revenue reserve:

Accumulated losses

Loan from director

NON-CURRENT LIABILITIES

Long term loan from related parties Deferred liabilities

CURRENT LIABILITIES

Trade and other payables Short term borrowings Mark up accrued Unclaimed dividend

Note

(Rupees in thousands)

7,000,000

5,870,321

1,253,119

(7,309,808)

(186,368)

1,234,846

1,048,478

647,256

2,209,355

CONTINGENCIES AND COMMITMENTS 5

TOTAL EQUITY AND LIABILITIES

ASSETS

NON-CURRENT ASSETS

Property, plant and equipment 6

CURRENT ASSETS

Stores, spare parts and loose tools Stock in trade

Trade debts

Loans and advances

Trade deposits, prepayments and other receivable Advance income tax - net of provision for taxation Cash and bank balances

TOTAL ASSETS

The annexed notes from 1 to 11 form an integral part of these condensed interim financial statements.

3,905,089

3,337,021

568,068

3,905,089

CHIEF EXECUTIVE OFFICER CHIEF FINANCIAL OFFICER DIRECTOR

BALUCHISTAN GLASS LIMITED 07

FOR THE 1ST QUARTER ENDED SEPTEMBER 30, 2025

FOR THE 1ST QUARTER ENDED SEPTEMBER 30, 2025

Note

Quarter Ended September 30, 2025 2024

(Rupees in thousands)

The annexed notes from 1 to 11 form an integral part of these condensed interim financial statements.

CHIEF EXECUTIVE OFFICER CHIEF FINANCIAL OFFICER DIRECTOR

BALUCHISTAN GLASS LIMITED 08

FOR THE 1ST QUARTER ENDED SEPTEMBER 30, 2025

Quarter Ended September 30, 2025 2024

(124,926)

-(124,926)

(Rupees in thousands)

Loss for the period

Other comprehensive income

Total comprehensive loss for the year

(231,957)

-(231,957)

The annexed notes from 1 to 11 form an integral part of these condensed interim financial statements.

CHIEF EXECUTIVE OFFICER CHIEF FINANCIAL OFFICER DIRECTOR

BALUCHISTAN GLASS LIMITED 09

FOR THE 1ST QUARTER ENDED SEPTEMBER 30, 2025

FOR THE 1ST QUARTER ENDED SEPTEMBER 30, 2025

(Rupees in thousands)

The annexed notes from 1 to 11 form an integral part of these condensed interim financial statements.

CHIEF EXECUTIVE OFFICER CHIEF FINANCIAL OFFICER DIRECTOR

BALUCHISTAN GLASS LIMITED 10

FOR THE 1ST QUARTER ENDED SEPTEMBER 30, 2025

FOR THE 1ST QUARTER ENDED SEPTEMBER 30, 2025

Quarter Ended September 30,

Adjusted loss before working capital changes Working capital changes

Decrease / (Increase) in current assets Stores, spare parts and loose tools Stock in trade

Trade debts

Loans and advances

Trade deposits, prepayments and other receivables

(Decrease) / Increase in current liabilities

Trade and other payables

Cash used in operations Payments for:

Finance cost Income taxes

Net cash outflow from operating activities A

CASH FLOW FROM INVESTING ACTIVITIES

Sale proceeds from disposal of operating fixed assets

Net cash outflow from investing activities B

CASH FLOW FROM FINANCING ACTIVITIES

Loan received from holding company Short term borrowings - net

Net cash inflow from financing activities C

Net decrease in cash and cash equivalents A+B+C

Cash and cash equivalents at beginning of the period Cash and cash equivalents at end of the period

(23,060)

19,691

(3,369)

-(19,453)

(22,822)

-

-(22,822)

28,092

5,270

(102,805)

(319,915)

(422,720)

(63,330)

(21,738)

(507,788)

(20,782)

340,381

(188,189)

215,322

27,133

The annexed notes from 1 to 11 form an integral part of these condensed interim financial statements.

CHIEF EXECUTIVE OFFICER CHIEF FINANCIAL OFFICER DIRECTOR

BALUCHISTAN GLASS LIMITED 11

FOR THE 1ST QUARTER ENDED SEPTEMBER 30, 2025

FOR THE 1ST QUARTER ENDED SEPTEMBER 30, 2025

1. STATUS AND NATURE OF BUSINESS

   1. Baluchistan Glass Limited (the Company) was incorporated in Pakistan as a public limited company in 1980 under the repealed Companies Act, 1913 (now the Companies Act, 2017). Its shares are listed on the Pakistan Stock Exchange. The Company is engaged in manufacturing and sale of glass containers, glass tableware, pharmaceutical glass bottles and plastic shells. Following are the business units of the Company, along with their respective geographical locations:

      • Unit-I & Registered office: Plot no. 8, Block M, Hub Industrial Trading Estate, Lasbella - Hub

      • Unit-III: 12-Km Lahore, Sheikhupura Road, Kot Abdul Malik, Sheikhupura

      • Unit-II: 29 - Km Lahore, Sheikhupura Road, Sheikhupura

      • Head office: 128, Block J/1, Model Town, Lahore

   2. The Company is a subsidiary of MMM Holding (Private) Limited (the Holding Company), which holds 93.59% (June 30, 2025: 93.59%) shareholding in the Company at the period-end.

2. BASIS OF PREPARATION

   1. 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 as applicable in Pakistan for interim financial reporting comprise of:

      • International Financial Reporting Standards (IFRS Standards) issued by the International Accounting Standards Board (IASB) as notified under the Companies Act, 2017; and

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

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

   2. These condensed interim financial statements are being presented and submitted to the shareholders as required by the Listing Regulations of the Pakistan Stock Exchange and section 237 of the Companies Act, 2017. These condensed interim financial statements do not include all the information required for the complete set of financial statements and should be read in conjunction with the annual audited financial statements for the year ended June 30, 2025. However, selected explanatory notes are included to explain events and transactions that are significant to an understanding of the changes in the Company's financial position and performance since the last annual audited financial statements.

3. STATEMENT OF CONSISTENCY IN MATERIAL ACCOUNTING POLICY INFORMATION

   1. The material accounting policy information and methods of computation adopted for the preparation of these condensed interim financial statements are the same as those applied in preparation of financial statements of the Company for the year ended June 30, 2025.

   2. Changes in accounting standards, interpretations and pronouncements

      1. Standards and amendments to approved accounting standards that are effective during the period ended September 30, 2025

         There are certain amendments to published International Financial Reporting Standards and interpretations that are mandatory for the financial period beginning on July 01, 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.

         BALUCHISTAN GLASS LIMITED 12

         FOR THE 1ST QUARTER ENDED SEPTEMBER 30, 2025

      2. Standards and amendments to approved accounting standards that are not yet effective

      There are certain standards, amendments to the accounting standards and interpretations that are mandatory for the Company's accounting periods beginning on or after July 1, 2025 and have not been early adopted by the Company. However, these will not have any significant impact on the financial reporting of the Company and, therefore, have not been disclosed in these condensed interim financial statements.

4. SIGNIFICANT ACCOUNTING ESTIMATES, JUDGEMENTS AND FINANCIAL RISK MANAGEMENT

   1. The preparation of these condensed interim financial statements in conformity with accounting and reporting standards, as applicable in Pakistan, requires management to make judgements, estimates and assumptions that affect the application of the accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. The significant accounting estimates and judgments made by management in preparation of these condensed interim financial statements are consistent with those applied in preparation of the annual financial statements of the Company for the year ended June 30, 2025.

   2. The financial risk management objectives and policies are consistent with those disclosed in the financial statements of the Company for the year ended June 30, 2025.

5. CONTINGENCIES AND COMMITMENTS

   1. Contingencies

      There is no material change in the status of contingencies as disclosed in the annual audited financial statements of the Company for the year ended June 30, 2025.

   2. Commitments

      There are no known material commitments as at period end (June 30, 2025: Nil).

      Un-Audited September 30, 2025

      Audited June

      30, 2025

      Note (Rupees in thousands)

6. PROPERTY, PLANT AND EQUIPMENT

Operating fixed assets -owned 6.1

Capital work in progress 6.2

3,260,140

25,045

3,311,976

25,045

6.2 At period end, capital work-in-progress comprises of plant and machinery i.e. glass tempering machine purchased in the previous years, however, due to change in business strategies, the same could not be installed / made available for intended use till period-end. The management expects its recoverable amount higher than its carrying value and therefore no impairment is required at period-end.

BALUCHISTAN GLASS LIMITED 13

FOR THE 1ST QUARTER ENDED SEPTEMBER 30, 2025

Un-Audited September 30, 2025

Un-Audited September 30, 2024

(Rupees in thousands)

8.1 The related parties comprise of the holding company, associated companies, directors and their associates, companies with common directorship, employees post employment benefit plan and key management personnel. The Company in the normal course of business carries out transactions with various related parties. Significant related party transactions made during the period are as follows:

Holding Companies

MMM Holding (Private) Limited (Holding Company)

Funds received against loan Markup charged on loan

16,000

5,686

Associated Companies

Tariq Glass Industries Limited (Common directorship)

Sale of goods inclusive of sales tax - net of trade discounts Markup charged on short term loan

Purchases - stock and stores

Commission charged on guarantee issued to banks

482,674

-291,976

9,272

Gharibwal Cement Limited (Common directorship)

Markup charged on short term loan Markup paid

Commission charged on guarantee issued to banks

34,758

44,230

9,272

Employees retirement benefit plan BGL Officers' Provident fund

Contributions by the Company 32

1. INFORMATION ABOUT BUSINESS SEGMENTS

   1. These condensed interim financial statements have been prepared on the basis of single reportable segment

      i.e. glass containers segment as the plastic shells segment has not been operative since 2016.

   2. All of the revenue of the Company during the period relates to the customers in Pakistan.

   3. All non-current assets of the Company as at period end are located in Pakistan.

      BALUCHISTAN GLASS LIMITED 14

      FOR THE 1ST QUARTER ENDED SEPTEMBER 30, 2025

2. FAIR VALUE ESTIMATION

   Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The carrying values of all financial assets and liabilities reflected in these condensed interim financial statements are a reasonable approximation of their fair values. During the period, there were no significant changes in the business or economic circumstances that affect the fair value of the Company's financial assets and financial liabilities. There was no transfer amongst the levels of fair value hierarchy and any changes in valuation techniques during the period.

   The management estimates regarding fair values of the financial instruments and the fair value hierarchy are same as disclosed in the annual audited financial statements of the Company for the year ended June 30, 2025.

3. GENERAL

   1. These condensed interim financial statements are presented in Pakistan Rupee which is also the Company's functional currency. Figures have been rounded off to the nearest thousand Pakistan Rupee, unless otherwise stated.

   2. Comparative figures have been rearranged and reclassified wherever required to facilitate better comparison while no major reclassification has been made in corresponding figures.

   3. These condensed interim financial statements were authorized for issue on October 27, 2025 in accordance with the resolution of the Board of Directors of the Company.

CHIEF EXECUTIVE OFFICER CHIEF FINANCIAL OFFICER DIRECTOR

BALUCHISTAN GLASS LIMITED 15

FOR THE 1ST QUARTER ENDED SEPTEMBER 30, 2025

BALUCHISTAN GLASS LIMITED 16

FOR THE 1ST QUARTER ENDED SEPTEMBER 30, 2025

BAL¥CflISTAfl

GLASSLIMITED

Registered Office

Plot # 8, Sector M, H.I.T.E, Hub, Lasbela, Baluchistan 0853 - 363866

Head Office

e 128J/1, Model Town, Lahore

(042) - 35837332