Transmission of Quarterly Report for the 2nd Quarter / Half Year Ended December 31, 2025

â>fi»L_ "

BALUCEISTAfl

£LASS LIMITED

CONDENSED INTERIM

FINANCIAL STATEMENTS

(UN-AUDITED)

FOR THE HALF VEAR ENDED

DECEMBER 31, 2025

COMPANY INFORMATION 02

DIRECTORS' REVIEW (ENGLISH) 03

DIRECTORS' REVIEW (URDU) 05

INDEPENDENT AUDITOR'S REVIEW REPORT 07

CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION 08

CONDENSED INTERIM STATEMENT OF PROFIT OR LOSS 09

CONDENSED INTERIM STATEMENT OF COMPREHENSIVE INCOME 10

CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY 11

CONDENSED INTERIM STATEMENT OF CASH FLOWS 12

NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS 13

BALUCHISTAN GLASS LIMITED 01

FOR THE HALF YEAR ENDED DECEMBER 31, 2025

BOARD OF DIRECTORS

Mr. Mohammad Baig CEO

Mr. Muhammad Tousif Peracha Chairman Mrs. Tabassum Tousif Peracha

Mr. Muhammad Razzaq 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. Muhammad Razzaq 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

Al Baraka Bank Pakistan Limited Bank Alfalah Limited

Bank Islami Pakistan Limited Faysal Bank Limited

Habib Bank Limited JS Bank Limited Meezan Bank Limited MCB Bank Limited

National Bank of Pakistan Soneri Bank Limited

The Bank of Punjab United 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 HALF YEAR ENDED DECEMBER 31, 2025

The Directors of Baluchistan Glass Limited (the "Company" / "BGL") present before you the unaudited condensed interim financial statements of the Company with limited scope review by the statutory auditors for the six-month period ended December 31, 2025.

Financial and Operational Performance:

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

Six-Month Period Ended December 31,

Quarter Ended December 31,

2025-2026 2024-2025

2025-2026

2024-2025

Rupees in thousands 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. However, the Company remained focused on preserving key customer relationships and maintaining its market presence in anticipation of the resumption of production activities.

During the preceding financial year, the Company strengthened its capital structure through a substantial conversion of outstanding sponsor loans into share capital, resulting in an improved equity base and reduced financial leverage. Management continues to emphasize prudent working capital management and close coordination with associated companies to enhance financial and operational resilience.

During the period between the end of six month i.e., December 31, 2025 to the date of this report, the election of directors was conducted in the Extraordinary General Meeting held on January 26, 2026 under Section 159 of the Companies Act, 2017 for the next term of three years (i.e., from January 27, 2026 to January 26, 2029). Mr. Muhammad Tousif Peracha was elected as Chairman of the Board of Directors of the Company and Mr. Mohammad Baig continuing as Chief Executive Officer for the next term of three years (i.e., from January 27, 2026 to January 26, 2029).

BALUCHISTAN GLASS LIMITED 03

FOR THE HALF YEAR ENDED DECEMBER 31, 2025

Future Outlook:

The industry continues to face structural challenges including elevated energy costs, unreliable gas supply pressure and subdued market demand, all of which have adversely impacted production viability. In response, the Company aims at enhancing energy efficiency, reinforcing financial discipline and aligning its product and market focus toward higher margin segments and potential export opportunities in order to improve sustainability and competitiveness.

The sponsors and associated companies have reaffirmed their continued financial and technical support, ensuring the Company's operational readiness once energy supply conditions and cost dynamics become favorable. At the same time, Management is undertaking a comprehensive technical and financial assessment to evaluate the feasibility of recommencing operations at Unit-I, Hub, Baluchistan. With sustained sponsors' backing the Management remains cautiously optimistic about reviving operations toward the final quarter of the current financial year, subject to improved energy availability at competitive tariffs and a gradual recovery in market demand. The Board expects that easing inflationary pressures and broader economic stabilization will contribute to a more supportive environment for operational recovery in the coming quarters.

For and on behalf of the Board

BALUCHISTAN GLASS LIMITED 04

FOR THE HALF YEAR ENDED DECEMBER 31, 2025

BALUCHISTAN GLASS LIMITED 05

FOR THE HALF YEAR ENDED DECEMBER 31, 2025

BALUCHISTAN GLASS LIMITED 06

FOR THE HALF YEAR ENDED DECEMBER 31, 2025

TO THE MEMBERS OF BALUCHISTAN GLASS LIMITED REPORT ON REVIEW OF INTERIM FINANCIAL STATEMENTS

Introduction

We have reviewed the accompanying condensed interim statement of financial position of Baluchistan Glass Limited as at December 31, 2025 and the related condensed interim statement of profit or loss, condensed interim statement of comprehensive income, condensed interim statement of changes in equity, and condensed interim statement of cash flows, and notes to the financial statements for the six-month period then ended (here-in-after referred to as the "interim financial statements"). Management is responsible for the preparation and presentation of this 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 condensed interim statement of comprehensive income for the three-month period ended December 31, 2025 and 2024 have not been reviewed, as we are required to review only the cumulative figures for the six-month period ended December 31, 2025.

Scope of Review

We conducted our review in accordance with International Standard on Review Engagements 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 is not prepared, in all material respects, in accordance with the accounting and reporting standards as applicable in Pakistan for interim financial reporting.

Material uncertainty related to going concern

We draw attention to Note 2 in the condensed interim financial statements, which indicates that the Company has incurred a net loss of Rs. 237.901 million during the six-month period ended December 31, 2025 and, as of that date, its accumulated losses of Rs. 7,539.127 million have resulted in negative equity of Rs. 424.269 million and its current liabilities exceeded its current assets by Rs. 1,829.491 million. As stated in Note 2, these events or conditions, along with other matters as set forth in Note 2, indicate that a material uncertainty exists that may cast significant doubt on the Company's ability to continue as a going concern. Our conclusion is not modified in respect of this matter.

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

PKF F.R.A.N.T.S. Date: February 17, 2026

Chartered Accountants UDIN: RR202510897oA09cRIXM

BALUCHISTAN GLASS LIMITED 07

FOR THE HALF YEAR ENDED DECEMBER 31, 2025

AS AT DECEMBER 31, 2025

Un-Audited December 31, 2025

Audited June

30, 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

Note

(Rupees in thousands)

7,000,000

6,385,121

(514,800)

5,870,321

1,253,119

(7,309,808)

(186,368)

Loan from director 6

NON-CURRENT LIABILITIES

Long term loan from related parties 7

Deferred liabilities 8

CURRENT LIABILITIES

Trade and other payables 9

Short term borrowings 10

Mark up accrued 11

Unclaimed dividend

CONTINGENCIES AND COMMITMENTS 12

TOTAL EQUITY AND LIABILITIES ASSETS

NON-CURRENT ASSETS

Property, plant and equipment 13

CURRENT ASSETS

Stores, spare parts and loose tools 14

Stock in trade 15

Trade debts 16

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 22 form an integral part of these condensed interim financial statements.

1,234,846

1,048,478

566,633

80,623

647,256

916,945

1,210,144

82,102

164

2,209,355

3,905,089

3,337,021

62,255

216,174

2,239

5,067

222,781

31,460

28,092

568,068

3,905,089

CHIEF EXECUTIVE OFFICER CHIEF FINANCIAL OFFICER CHAIRMAN

BALUCHISTAN GLASS LIMITED 08

FOR THE HALF YEAR ENDED DECEMBER 31, 2025

FOR THE SIX-MONTH PERIOD ENDED DECEMBER 31, 2025

Note

Six Months Period Ended December 31,

2025 2024

(Rupees in thousands)

Three Months Period Ended December 31,

2025 2024

(Rupees in thousands)

Sales - net Cost of sales

Gross loss

Administrative and selling expenses

Other income 17

Operating loss

Finance cost

Loss before levies and income tax

Levies

• current period

• prior year

  Loss before income tax

  Income tax

• Deferred

Loss for the period

Loss per share - basic and diluted (Rs.)

625,870

16,561

(157,774)

(141,213)

(9,017)

16,195

(134,035)

(105,369)

(239,404)

(2,003)

(241,407)

3,506

(237,901)

(0.37)

(931,642)

(305,772)

(36,991)

40,127

(302,636)

(151,694)

(454,330)

(7,823)

(462,153)

3,865

(458,288)

(1.75)

216,824

2,582

(73,310)

(70,728)

(4,606)

16,195

(59,139)

(53,761)

(112,900)

(234)

(113,134)

1,753

(111,381)

(0.18)

(393,112)

(176,288)

(8,554)

39,829

(145,013)

(80,542)

(225,555)

(2,710)

(228,265)

1,933

(226,332)

(0.87)

The annexed notes from 1 to 22 form an integral part of these condensed interim financial statements.

CHIEF EXECUTIVE OFFICER CHIEF FINANCIAL OFFICER CHAIRMAN

BALUCHISTAN GLASS LIMITED 09

FOR THE HALF YEAR ENDED DECEMBER 31, 2025

CONDENSED INTERIM STATEMENT OF COMPREHENSIVE INCOME (UN-AUDITED)

FOR THE SIX-MONTH PERIOD ENDED DECEMBER 31, 2025

Six Months Period Ended December 31,

2025 2024

(Rupees in thousands)

Three Months Period Ended December 31,

2025 2024

(Rupees in thousands)

Loss for the period

Other comprehensive income

Total comprehensive loss for the period

(237,901) (458,288)

- -

(237,901) (458,288)

(111,381) (226,332)

- -

(111,381) (226,332)

The annexed notes from 1 to 22 form an integral part of these condensed interim financial statements.

CHIEF EXECUTIVE OFFICER CHIEF FINANCIAL OFFICER CHAIRMAN

BALUCHISTAN GLASS LIMITED 10

FOR THE HALF YEAR ENDED DECEMBER 31, 2025

FOR THE SIX-MONTH PERIOD ENDED DECEMBER 31, 2025

(Rupees in thousands)

Balance as on June 30, 2024 (Audited) 2,616,000 (514,800) 1,272,041 (6,615,271) (3,242,030)

Incremental depreciation associated with surplus on revaluation of

property - net of tax - - (9,461) 9,461 -

Total comprehensive loss for the period

Loss for the period

Other comprehensive income

- - - (458,288) (458,288)

Balance as on December 31, 2024 2,616,000 (514,800) 1,262,580 (7,064,098) (3,700,318)

(Un-audited)

Balance as on June 30, 2025 (Audited) 6,385,121 (514,800) 1,253,119 (7,309,808) (186,368)

Incremental depreciation associated with surplus on revaluation of

property - net of tax - - (8,582) 8,582 -

Total comprehensive loss for the period

Loss for the period

Other comprehensive income

- - - (237,901) (237,901)

Balance as on December 31, 2025 6,385,121 (514,800) 1,244,537 (7,539,127) (424,269)

(Un-audited)

The annexed notes from 1 to 22 form an integral part of these condensed interim financial statements.

CHIEF EXECUTIVE OFFICER CHIEF FINANCIAL OFFICER CHAIRMAN

BALUCHISTAN GLASS LIMITED 11

FOR THE HALF YEAR ENDED DECEMBER 31, 2025

-

-

-

-

-

(237,901)

(237,901)

-

-

-

-

-

-

-

-

(458,288)

(458,288)

-

-

-

FOR THE SIX-MONTH PERIOD ENDED DECEMBER 31, 2025

Six-month period ended

December 31, 2025

December 31, 2024

Note (Rupees in thousands)

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) 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 Purchase of operating fixed assets

Net cash outflow from investing activities B

CASH FLOW FROM FINANCING ACTIVITIES

Loan from director

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

(30,365)

6,598

(23,767)

(86,540)

(7,440)

(117,747)

-

108,284

(9,463)

28,092

18,629

(197,879)

(275,692)

(473,571)

(90,947)

(23,626)

(588,144)

(1,136)

465,351

(123,929)

215,322

91,393

The annexed notes from 1 to 22 form an integral part of these condensed interim financial statements.

CHIEF EXECUTIVE OFFICER CHIEF FINANCIAL OFFICER CHAIRMAN

BALUCHISTAN GLASS LIMITED 12

FOR THE HALF YEAR ENDED DECEMBER 31, 2025

FOR THE SIX-MONTH PERIOD ENDED DECEMBER 31, 2025

1. STATUS AND NATURE OF BUSINESS

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

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

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

   1.2 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. GOING CONCERN ASSUMPTION

   During the six-month period ended December 31, 2025 (interim period), the Company has incurred gross loss of Rs. 141.213 million (December 31, 2024: Rs. 305.772 million) and net loss of Rs. 237.901 million (December 31, 2024: Rs. 458.288 million). As at the period end, its accumulated losses stand at Rs. 7,539.127 million (June 30, 2025: Rs. 7,309.808 million), thereby resulting in negative equity of Rs. 424.269 million (June 30, 2025: Rs. 186.368 million). In addition, the Company's current liabilities exceeded its current assets by Rs. 1,829.491 million (June 30, 2025: Rs. 1,641.287 million) at the period end.

   During the interim period, operations at all three manufacturing units remained suspended and no production activity was carried out. Accordingly, no additional inventory was produced during the period. The suspension of operations was mainly due to continued operational and market challenges, including inconsistent availability of gas, significant increases in energy costs, rising raw material prices, and sustained pricing pressure in the pharmaceutical glass segment, which adversely affected the Company's operating viability.

   The above conditions indicate the existence of a material uncertainty that may cast significant doubt on the Company's ability to continue as a going concern and may affect its ability to realize assets and settle liabilities in the normal course of business.

   Notwithstanding these circumstances, management has been taking active steps to address the issues and to restart operations. The Company's furnaces and production facilities remain fully intact. Management is engaged in assessing these requirements and, in parallel, is holding discussions with the relevant gas authorities to ensure the availability of a consistent and reliable gas supply, which is essential for sustainable operations. To meet the start-up and working capital requirements, the Company has an unutilized financing facility of Rs. 500 million available from Soneri Bank Limited and has also applied for financing facilities of Rs. 800 million with Meezan Bank Limited. In addition, management is developing a structured restart plan focusing on energy efficiency measures, operational improvements, optimized production scheduling, strengthened financial controls, and realignment of sales towards higher-margin products and export markets. Based on this plan, management expects to recommence operations at Unit-I during the last quarter of the financial year 2025-26.

   Until production activities are resumed, the Company continues to utilize and sell its existing inventory of tableware and pharmaceutical glass products to meet customer demand and generate cash flows to support its routine business obligations.

   Management believes that the continued involvement of the Board, planned investment for recommencement, discussions with gas authorities, ongoing support from sponsors and financial institutions, and the Company's technical capabilities will enable the Company to stabilize its operations. On the basis of these factors, management is of the view that the Company will be able to continue its operations in the foreseeable future, and accordingly, the financial statements have been prepared on a going concern basis.

   BALUCHISTAN GLASS LIMITED 13

   FOR THE HALF YEAR ENDED DECEMBER 31, 2025

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

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

      Where the provisions of, directives and notifications issued under the Companies Act, 2017 differ with the requirements of IAS 34, the provisions of, directives and notifications 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. The comparative condensed interim statement of financial position presented in these condensed interim financial statements has been extracted from the audited annual financial statements of the Company for the year ended June 30, 2025, whereas the comparative condensed interim statement of profit or loss, condensed interim statement of comprehensive income, condensed interim statement of changes in equity and condensed interim statement of cash flows are extracted from the unaudited condensed interim financial statements for the period ended December 31, 2024.

   4. The figures included in the condensed interim statement of profit or loss and condensed interim statement of comprehensive income for the three months period ended December 31, 2025 and 2024 and the notes forming part thereof have not been reviewed by the auditors of the Company, as they are required to review only the cumulative figures for the six-months period ended December 31, 2025 and 2024.

4. 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 December 31, 2025

         There are certain amendments to published IFRS Accounting 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.

      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 December 31, 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.

      BALUCHISTAN GLASS LIMITED 14

      FOR THE HALF YEAR ENDED DECEMBER 31, 2025

5. 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.

      Un-Audited December 31, 2025

      Audited June

      30, 2025

6. LOAN FROM DIRECTOR

   Muhammad Tousif Peracha (Director) - unsecured

   Note

   (Rupees in thousands)

   1,234,846

   1,234,846

   1. This represents loan obtained from a director to meet the Company's liquidity requirements. The said loan was previously classified as long term loan under the mark up arrangements. Pursuant to arrangements between the Company and the director in previous years, the loan had become interest free and payable at the discretion of the Company. Accordingly, the loan is treated as equity in accordance with the Technical Release -32 ("Accounting Director's Loan") issued by the Institute of Chartered Accountants of Pakistan and not measured at amortized cost as per requirements of the applicable financial reporting standards. The said loan has been subordinated against the finance facilities being availed from banks.

7. LONG TERM LOAN FROM RELATED PARTIES

   Loan from Holding Company 7.1

   Loan from Associated Company 7.2

   333,300

   399,500

   116,666

233,333

566,633

1. 1. This represents unsecured loan from the Holding Company i.e. MMM Holding (Private) Limited, pursuant to a loan agreement executed in the previous years. As per agreement, the Holding Company shall provide a long term loan of up to Rs. 700 million to the Company in twelve quarterly installments which shall be used for the repayment of loan obtained from the associated company i.e. Gharibwal Cement Limited. The Holding Company will source the said loan amount in equal proportions from Tariq Glass Industries Limited (Associated Company) and Muhammad Tousif Peracha (Director). It has also been agreed that on accumulation of the said loan to Rs. 700 million, the loan shall be converted into the ordinary shares of the Company subject to the respective corporate and regulatory approvals.

      • The said loan carries markup equal to the average borrowing cost of the Holding Company plus 1% which shall be payable quarterly. During the period, the loan carried an effective markup at the rates ranging from 13.57% to 13.65% (June 30, 2025: 13.63% to 22.74%) per annum. In case of delay in payment of markup by due date, an additional markup @ 25% per annum shall be charged.

   2. Gharibwal Cement Limited- secured

      Outstanding balance on opening date / conversion date Payments during the period

      Current portion of long term loan 10

      Non current portion of long term loan 7.2.1

      583,333

      525,000 (116,667)

      408,333 (291,667)

      116,666

      (58,333)

      525,000

      (291,667)

      233,333

      BALUCHISTAN GLASS LIMITED 15

      FOR THE HALF YEAR ENDED DECEMBER 31, 2025

      1. During the year ended June 30, 2025, the members of the associated company, Gharibwal Cement Limited (GCL), in their Annual General Meeting held on October 24, 2024, approved the conversion of the outstanding balance of the short-term advance facility extended to the Company, amounting to Rs. 583,333 million, into a long-term loan. Under the revised loan agreement, the loan is now repayable to GCL in ten equal quarterly installments, with the final installment due on June 30, 2027. The loan carries a markup at the rate of 3 month KIBOR plus 3.5% per annum (June 30, 2025: 3-month KIBOR plus 3.5% per annum) with effective markup charged ranging from 14.57% to 14.65% (June 30, 2025: 15.64% to 23.74%) per annum during the period. The facility is secured through personal guarantee of a common director and a post-dated cheque as collateral.

         Un-Audited December 31, 2025

         Audited June

         30, 2025

2. DEFERRED LIABILITIES

   Note

   (Rupees in thousands)

   Deferred tax liability - net 8.1 77,117 80,623

   1. Deferred tax asset arising on deductible temporary differences, unused tax losses and tax credits aggregating Rs. 1,072.637 million (June 30, 2025: Rs. 1,004.714 million) has not been recognized, as the future taxable profits may not be available against which the deferred tax asset could be utilized in foreseeable future.

1. SHORT TERM BORROWINGS

   ssociated companies Current portion of long term loan - secured	7.2	291,667	291,667
   Tariq Glass Industries Limited - unsecured	10.1	316,751	262,500

   From Related Parties A

   Holding Company

   MMM Holding (Private) Limited - unsecured 10.2

   Muhammad Tousif Peracha - unsecured	10.3	497,977		393,477
   		1,368,895		1,210,144

   Director

   262,500

   262,500

   BALUCHISTAN GLASS LIMITED 16

   FOR THE HALF YEAR ENDED DECEMBER 31, 2025

   1. This represents outstanding balance of a short term loan / short term advance facility of upto Rs. 1,000 million available to the Company from Tariq Glass Industries Limited (TGIL) on rollover / renewal basis, to meet its working capital requirements. The facility carries mark up equal to average borrowing cost of TGIL plus 1% or 3 months KIBOR plus 1.5% per annum whichever is higher, with effective markup rates charged during the year ranged from 12.57% to 12.65% (June 30, 2025: 13.38% to 13.68%) per annum. In case of delay in payment of markup by due date, an additional markup @ 25% per annum shall be charged.

   2. This represents unsecured short term loan facility of Rs. 500 million (June 30, 2025: Rs. 500 million) obtained from the Holding Company for working capital requirements and is payable on demand, This loan is unsecured and carries a mark up at average borrowing rate of the Holding Company plus 1% or 3 months KIBOR + 0.5% which ever is higher, with effective markup rates charged ranging from 13.57% to 13.65% (2025: 14.38% to 14.68% ) per annum. In case of delay in payment of markup by due date, an additional markup @ 25% per annum shall be charged.

   3. This represents temporary financial support obtained from director for working capital requirements and is payable on demand. This loan is unsecured and interest free.

   4. The Company has unutilised short term finance facilities available from Soneri Bank Limited with sanctioned limit of Rs. 500 million (June 30, 2025: Rs. 500 million). The facility is secured by way of charge over current assets and fixed assets of the Company, personal guarantees of the directors and subordination of loan from director.

      Un-Audited December 31, 2025

      Audited June

      30, 2025

2. MARK UP ACCRUED

   Mark up accrued - related parties:

   • Long term loan from related parties

   • Short term borrowings

3. CONTINGENCIES AND COMMITMENTS

   Note

   (Rupees in thousands)

   56,507	47,415
   44,402	34,687
   100,909	82,102

   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).

4. PROPERTY, PLANT AND EQUIPMENT

   Operating fixed assets -owned 13.1

   Capital work in progress 13.2

   1. Operating fixed assets-owned

      Opening net book value

      Add: Additions during the period / year - at cost

      Less: Disposals during the period / year - at book value Less: Depreciation charged during the period / year

      Closing net book value

      3,311,976

      3,208,306 25,045

      3,233,351

      3,311,976 - -(103,670)

      3,208,306

      25,045

      3,337,021

      3,532,613

      20,921

      (3,045)

      (238,513)

      3,311,976

      BALUCHISTAN GLASS LIMITED 17

      FOR THE HALF YEAR ENDED DECEMBER 31, 2025

   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 to be higher than its carrying value and therefore no impairment is required at period-end.

      Un-Audited December 31, 2025

      Audited June

      30, 2025

5. STORES, SPARE PARTS AND LOOSE TOOLS

   Stores, spare parts and loose tools

   Note

   (Rupees in thousands)

   62,255

   59,634

   14.2 Durning the current period, the store items amounting to Rs. 2.611 million were written off (June 30, 2025: Nil).

   86,510

   10,264

   100,560

1. STOCK IN TRADE

   Raw and packing materials Work in process

   Finished goods 15.1

   86,510

   10,264

   119,400

   197,334

216,174

1. 1. As at period-end, adjustments amounting to Rs. 2.262 million (June 30, 2025: Rs. 18.525 million) have been made to closing inventory of finished goods to write off stocks and charged to cost of sales.

2. TRADE DEBTS

   Unsecured but considered good 16.1

   Unsecured but considered doubtful

   Allowance for expected credit losses 16.2

   2,239

   17,332 84,252

   101,584 (84,252)

   17,332

   84,259

   86,498

   (84,259)

   2,239

   	balance with reference to any month-end during the period.
   16.2	Allowance for expected credit losses
   	Opening balance	84,259	84,227
   	Reversal for the period	(7)	32
   	Closing balance	84,252	84,259
   		Un-Audited	Un-Audited

   1. This represent the balance receivable from a related party, and also reflects the maximum aggregate debit

      Six-month period ended

      December 31, 2025

      December 31, 2024

3. OTHER INCOME

   Gain on disposal of operating fixed assets to related party

   Gain from sale of stock and stores 17.1

   Profit from bank and other deposits

   Reversal of excepted credit loss provision 16.2

   (Rupees in thousands)

   -	16,740
   16,188	23,376
   -	11
   7	-
   16,195	40,127

   BALUCHISTAN GLASS LIMITED 18

   FOR THE HALF YEAR ENDED DECEMBER 31, 2025

   1. This includes sales tax impact of Rs. 2.914 million (December 31, 2024: Rs. 4.208 million).

4. BALANCES AND TRANSACTIONS WITH RELATED PARTIES

   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. Details of transactions with related parties during the period, other than those which have been disclosed elsewhere in these financial statements, are as follows:

      Un-Audited Un-Audited

      Six-month period ended

      December 31, 2025

      December 31, 2024

      Holding Company:

      MMM Holding Limited (Control) - 93.59% (2024: 84.34%) shareholding

      (Rupees in thousands)

      Funds received against long term loan	66,200	16,000
      Markup charged on loan	46,893	11,830

      Associated Companies:

      Tariq Glass Industries Limited (Common directorship)

      Sale of goods inclusive of sales tax - net of trade discounts	17,923	738,526
      Sale of operating fixed assets inclusive of sales tax	-	23,346
      Sale of stock and stores inclusive of sales tax	19,102	75,184
      Purchases - moulds	-	20,782
      Purchases - stock and stores	-	277,954
      Funds received against short term loan	54,251	-
      Markup charged on loan	19,427	-
      Markup paid	(30,350)	-
      Commission charged on guarantee issued to banks	-	18,696
      Gharibwal Cement Limited (Common directorship)
      Long term loan paid	(116,667)	-
      Markup charged on long term loan	38,620	63,594
      Markup paid	(55,784)	(44,230)
      Commission charged on guarantee issued to banks	-	18,696

      Director:

      Muhammad Tousif Peracha (Directorship)

      - 0.0001% (2024: 0.0002%) shareholding

      104,500

      Net receipts against short term loan -

      Employees retirement benefit plan: BGL Officers' Provident Fund

      Contribution by the Company

      (98)

      (90)

   2. No remuneration has been paid to the directors, CEO and key management personnel during the period. Further, no employee fulfills the criteria of 'executive' as defined in the fourth schedule to the Companies Act, 2017 whose remuneration may require disclosure.

   3. The outstanding balances with related parties at period-end have been disclosed in the respective notes to the condensed interim financial statements.

      BALUCHISTAN GLASS LIMITED 19

      FOR THE HALF YEAR ENDED DECEMBER 31, 2025

5. 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.

6. 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.

   Un-Audited December 31, 2025

   Audited June

   30, 2025

7. SHARIAH COMPLIANT DISCLOSURE

   Statement of Financial Position

   • Financing (long-term, short-term, or lease financing) obtained as per Islamic mode

   • Interest or mark-up accrued on any conventional loan or advance

   • Long-term and short-term Shariah compliant Investments

   • Shariah-compliant bank deposits, bank balances, and TDRs

     (Rupees in thousands)

     -​ 82,102

     -​ 251

     -100,909

     -14,225

Un-Audited Un-Audited

Six-month period ended

December 31, 2025

December 31, 2024

Statement of comprehensive income

1. Gain on disposal of operating fixed assets to related party

2. Gain from sale of stock and stores

3. Profit from bank and other deposits

(Rupees in thousands)

16,561

-

-

-

-

-

-

-

625,870

-

-

-

-

-

-

-

-

16,188

-

16,740

23,376

11

BALUCHISTAN GLASS LIMITED 20

FOR THE HALF YEAR ENDED DECEMBER 31, 2025

Other disclosure requirements

Relationship with Shariah-compliant financial institutions, including banks, takaful operations and their windows, etc.

Name Relationship

Faysal Bank Limited Non funded facility and Bank Balance

Al Baraka Bank (Pakistan) Limited Non funded facility and Bank Balance

Meezan Bank Limited Bank Balance

Bank Islamic Pakistan Limited Bank Balance

IGI General Insurance Limited Window Takaful

1. 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 February 17, 2026 in accordance with the resolution of the Board of Directors of the Company.

CHIEF EXECUTIVE OFFICER CHIEF FINANCIAL OFFICER CHAIRMAN

BALUCHISTAN GLASS LIMITED 21

FOR THE HALF YEAR ENDED DECEMBER 31, 2025

BALUCHISTAN GLASS LIMITED 22

FOR THE HALF YEAR ENDED DECEMBER 31, 2025

BALUCflISTAN

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