Transmission of Quarterly Financial Statements for the period ended December 31, 2025 of BRR Guardian Limited

H A

Un-Audited Standalone & Consolidated

Condensed Interim Financial Information

For The Half Year Ended

December 31, 2025 L F

Y E A R L Y R E P O R T

BRR Guardian Limited 2025

Contents Page

Corporate Information 03

Directors' Report 04

05

Independent Auditors' Report on Review of

Condensed Interim Financial Information to the Share Holders 06

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 Cash Flows 11

Condensed Interim Statement of Changes in Equity 12

Notes to the Condensed Interim Financial Information 13

Contents Page

Directors' Report to the Consolidated Condensed

26

Interim Financial Information 25

Consolidated Condensed Interim Statement of Financial Position 27

Consolidated Condensed Interim Statement of Profit or Loss 28

Consolidated Condensed Interim Statement of Comprehensive Income 29

Consolidated Condensed Interim Statement of Cash Flows 30

Consolidated Condensed Interim Statement of Changes in Equity 31

Notes to the Consolidated Condensed Interim Financial Information 32

CORPORATE INFORMATION

Shariah Advisor

Chief Financial Officer

Mufti Muhammad Aqeel Syed Tariq Masood

Company Secretary Mr. Tahir Mehmood Head of Internal Audit Abdul Rahman Subhan

Auditors Crowe Hussain Chaudhury & Co. Chartered Accountants Shariah Auditors S.M. Suhail & Co. Chartered Accountants

Legal Advisor Malik & Malik Law Associates

Bankers

Web-site

Registered Office & Head Office

Registrars

Al-Baraka Bank (Pakistan) Limited Habib Metropolition Bank Limited

https://www.firstdawood.com/brrgl

20th Floor BRR Tower, Hassan Ali Street, off: I. I. Chundrigar Road, Karachi-74000.

Tel No. : 92 (21) 32602401-6 and 32270181-6

Email : brr@firstdawood.com

F.D. Registrar Services (Pvt.) Limited

Suit 1705 - A. 17th Floor, Saima Trade Tower,

I.I. Chundrigar Road, Karachi.

Tel No. (92-21) 32271905-6 (92-21) 32213243

E-mail: info@fdregistrar.com complain@fdregistrar.com fdregistrar@yahoo.com

Branch Offices Office No. 405 4th Floor, 55-B, ISE Tower Jinnah Avenue, Islamabad

Security Vault

G-187, Block-2, Shahrah-e-Quaideen, PECHS Karachi-754000

DIRECTORS' REPORT

Dear Shareholders,

On behalf of the Board of Directors of BRR. Guardian Limited ('BRRG'), it gives us great pleasure to present to you the 2nd Quarter Condensed Interim Financial Statements for the half year ended December 31, 2025.

FINANCIAL PERFORMANCE

During the period, BRRG made a record profit of Rs. 1,090.858 million. Rental income demonstrated a significant growth of 19.44%, which increased to Rs.168.167 million from Rs.140.791 million in prior period. Profit before levy and taxation rose to Rs.1,261.059 million from Rs.930.100 million, reflecting improved operational efficiency and planning. After accounting for levy and taxation of Rs. 170.201 million, the net profit stood at Rs. 1,090.858 million and Earnings per share (EPS) improved to Rs. 11.48 from Rs. 8.24 with an increase of 39.32%. Our steadfast commitment to delivering value to our shareholders remains unwavering, even in the face of challenging geopolitical and economic situation.

CONCLUSION / FUTURE PROSPECT:

We are closely monitoring the business scenario, aiming to sustain profitable growth and create value for shareholders On Behalf of the Board of Directors

BRR Guardian Limited

Junaid Sakhi Ayaz Dawood

Director Chief Executive Officer

February 21, 2026

Karachi

2025

2026 21

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INDEPENDENT AUDITOR'S REVIEW REPORT

To the members of BRR GUARDIAN LIMITED

Report on Review of Condensed Unconsofidated Interim Financial Statements Introduction

We have reviewed the accompanying condensed interim statement of financial position of BRR Guardian Limited ("the Company"), as at December 31.2025 and the related condensed interim statement of profit or loss, condensed interim statement of co-mprehensive income, condensed interim statement of changes in equity, condensed interim statement of cash tows and notes ten the condensed interim financial statements for the 6ix-months period then ended (here-in-afier referred to as the "interim financial statements"). The Management is responsible for the preparation and presenation of these interim financial statements in acoordance with accounting end reporting standards as applicable in Pakistan for interim financial reporting. Our responsibility is to express a conclusion on these interim financial statements based on our raview.

Scope of Review

We conducted oUr review in accordance with International Standard on Review Engagements 2410, "Review ef Interim Financial Information Performed by the Independent Auditor of the Entity". A review of interim I nancial statement consists of makin9 nquiri6s, primarily of persons re6pon6ible for financial and aooounting matters and applying analytical and other review prooedures. A review is substantially less in scope than an audit conducted in nrrnrdance with International Standards on

Auditing and consequently does not enable us to obtain assurance tha! 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 revie'•', nothing has come to our attention that causes ue to believe that the accompanying interim financial statements are not prepared, in all material respects, in aocordance

with approved na<>tin9 •ndreporting standards as applicable in Pakislan for interim financial reporting.

Other batters

Pursuant to the requirement of Section 237(1) (6) of the Companies Act, 2017, only cumulative figures for the half year, presented in the 6econd quarter accounts are subject lo a limited scope review by the statutory auditors of the company. Accordingly, the figures of the oondensed interim statement of profit or loss and condensed Interim statement of comprehensive income for the three months period ended December 31, 2025 have not been reviewed by us.

The engagement partner on the review resuking in this independent auditor's review report is Imran Shaikh.

Cr e Hu ain Chaudhury 6 Co. Chartered Accountante

Place: Karachi

Date- Febuary 24, 2026

UDIN: RR202S10207nOMdVU6me

Condensed Interim Statement of Financial Position

As at December 31, 2025 (Un-Audited)

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

Condensed Interim Statement of Profit or Loss

For The Half Year And Quarter Ended December 31, 2025 (Un-Audited)

Half year ended Quarter ended

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

Condensed Interim Statement of Comprehensive Income For The Half Year And Quarter Ended December 31, 2025 (Un-Audited)

Half year ended Quarter ended

Total comprehensive income for the period 1,743,064,366 1,229,111,767 512,803,715 1,209,907,403

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

Condensed Interim Statement of Cash Flows For The Half Year Ended December 31, 2025 (Un-Audited)

Half year ended

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

Condensed Interim Statement of Changes In Equity For The Half Year Ended December 31, 2025

(Un-Audited)

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

Notes To The Condensed Interim Financial Information For The Half Year Ended December 31, 2025

(Un-Audited)

1. LEGAL STATUS AND NATURE OF THE BUSINESS

   1. BRR Guardian Limited ('the Company') was incorporated in Pakistan on December 16, 2021 as a public limited company (un-listed) under Companies Act, 2017. On August 04, 2023, the Company has listed on Pakistan Stock Exchange and is now a public listed company. The principle line of business of the Company is marketing and development of all types of real estate including developed or undeveloped land, housing or commercial projects including commercial markets or multistoried building (for commercial or residential purposes), shopping centers, restaurants, hotels, recreational facilities etc. with the permission of concerned authorities and compliance with applicable laws and regulations. The registered office of the Company is situated at 20th floor, B.R.R Tower, Hassan Ali Street. I.I Chundrigar Road, Karachi.

      Geographical locations and addresses of the business units of the Company are as under:

      Location Karachi	Address 19th floor, Saima Trade Tower-B, II Chandigarh Road.	Purpose Operational office
      Karachi	Plot 187-G, Block-2, PECHS	Branch Office

   2. In prior year, pursuant to the scheme of amalgamation, the Company has acquired a wholly owned subsidiary namely BRR Financial Services (Private) Limited (the Subsidiary) which was incorporated on November 30, 2015 under the Companies Ordinance 1984, now Companies Act 2017. The Subsidiary has not yet commenced its operations as at year end (refer note 7).

      These represents the stand alone financial statements of the Company.

2. BASIS OF PREPARATION

   1. Statement of compliance

      These condensed interim financial information of the Company for the six months period ended December 31, 2025 has been prepared in accordance with the requirements of the International Accounting Standard 34 -"Interim Financial Reporting" and provisions of and directives issued under the Companies Act, 2017.

      In case where requirements differ, the provisions of or directives issued under the Companies Act, 2017 have been followed.

      The disclosures made in this condensed interim financial information have been limited, based on the requirements of International Accounting Standard 34 - "Interim Financial Reporting". These condensed interim financial information do not include all the information and disclosures required in the annual financial statements and should be read in conjunction with the financial statements of the company for the year ended June 30, 2025.

      This condensed interim financial information is un-audited. However, limited scope review has been performed by the statutory auditors, except for the figures of the condensed interim profit or oss account and condensed interim statement of comprehensive income for the quarters ended December 31, 2025 and December 31, 2024, in accordance with the requirement of clause 27 of the Listed Companies (Code of Corporate Governance) Regulations, 2017.

   2. Basis of measurement

      This condensed interim financial information has been prepared under the "historical cost convention" except for the revaluation of certain financial assets which are stated at fair value. This condensed interim financial information has been prepared following accrual basis of accounting except for cash flow information.

3. MATERIAL ACCOUNTING POLICIES

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

1. SIGNIFICANT ACCOUNTING ESTIMATES AND JUDGEMENTS

   The preparation of condensed interim financial information requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expenses. Actual results may differ from these estimates. The significant judgments made by management in applying the company's accounting policies and key sources of estimation of uncertainty are the same as those that were applied to the financial statements for the year ended June 30, 2025.

   (Un-audited) (Audited) December 31, June 30,

   Note 2025 2025

2. PROPERTY, PLANT AND EQUIPMENT

   Property and equipment - owned 5.1 125,932,711 112,606,517 Property, plant and equipment - leased / ijarah 5.2 9,174,820 9,174,820

   135,107,531 121,781,337

   1. Property and equipment - owned

      Following additions and disposals were made during the period :

      Additions / Transfer Disposals / Transfer

      	(Un-audited) December 31, 2025	(Audited) June 30, 2025	(Un-audited) December 31, 2025	(Audited) June 30, 2025
      Lockers	-	4,156,000	-	-
      Furniture and fixtures	-	6,100,000	-	-
      Vehicles	27,304,290	10,196,806	9,386,970	7,937,467

      Office equipment and computers 4,368,528 23,935,780 - 380,500

      31,672,818 44,388,586 9,386,970 8,317,967

   2. These fully depreciated leased assets are related to non-performing lease receivables which are under litigation in various courts and are being pursued professionally by competent legal counsels.

      (Un-audited) (Audited) December 31, June 30,

3. INVESTMENT PROPERTIES

   Note

   2025 2025

   Investment properties 6.1 850,506,260 872,363,678

   Capital work-in-progress 6.2 39,549,260 21,499,452

   890,055,520 893,863,130

   1. No addition / disposals were made during the period

      1. This includes Rs. 57.331 million paid for the purchase of three shops of Jofa Tower. Due to dispute in respect of payment for additional space due to structural changes in the design, the title or possession of the said property has not yet been transferred in the name of the company. In March 2012, the erstwhile BRRGL (Formerly BRRGM) filed a law suit for specific performance and deposited the balance amount of Rs. 9.089 million with Nazir High Court of Sindh. The law suit is currently pending before Honourable High Court of Sindh at Karachi. During prior years, erstwhile BRRGL (Formerly BRRGM) has made provision against the advance paid for the purchase of three shops amounting to Rs. 57.331 million.

   2. This also includes amount paid to the Lahore Development Authority (LDA) as part of the permanent commercialization fee for Plot No. 57-B, Block B/III, Gulberg-III, Lahore. The total amount demanded by the LDA is Rs. 39,485,160, out of which Rs. 30,460,260 has been paid as of December 31, 2025 (June 30,2025: Rs.12,410,452). The remaining balance will be paid in installments within the current year. The formal sanction will be granted after the complete payment of the demanded amount.

4. LONG-TERM INVESTMENT

   In un-quoted wholly owned subsidiary company - at cost BRR Financial Services (Private) Limited

   5,500,000 shares of Rs. 10 each (June 30, 2025: 5,500,000 shares)

   (Un-audited) (Audited)

   December 31, June 30,

   2025 2025

   55,000,000 55,000,000

   Less: Impairment reserve - (11,945,991)

   55,000,000 43,054,009

5. LONG-TERM DIMINISHING MUSHARAKA FINANCES

   Diminishing musharaka finance 57,557,256 61,751,468

   Allowance for expected credit loss (49,307,676) (49,547,627)

   8,249,580 12,203,841

   Current portion of musharaka finances (5,038,961) (7,399,755)

   3,210,619 4,804,086

   1. The expected profit receivable on these arrangements ranges from 8.98% to 22.37% (June 30, 2025: 15.16% to 23.88%) per annum. The arrangements are secured by way of hypothecation of stock, mortgage of property plant and equipment and pledge of shares. These finances are receivable on various dates up to October 05, 2027.

   2. Movement in credit loss allowance

      Note

      (Un-audited) (Audited)

      December 31, June 30,

      2025 2025

      Opening balance 49,547,627 51,922,326

      Reversal during the period (239,951) (1,556,298)

      Written off during the period - (818,401)

      Closing balance 49,307,676 49,547,627

6. SHORT-TERM INVESTMENTS

   Fair value through profit or loss

   9.1 3,714,444,493 2,583,744,586

   Fair value through other comprehensive Income	9.2	2,102,569,244 1,368,294,728
   		5,817,013,737 3,952,039,314
   9.1 Fair value through profit or loss
   Listed ordinary shares	9.3	3,631,235,530	2,376,823,769
   Mutual fund units	9.4	67,408,950	180,614,520
   Preference shares	9.5	15,800,013	13,013,797
   Listed debt securities	9.6	-	13,292,500
   		3,714,444,493 2,583,744,586
   9.2 Fair value through other comprehensive income - FVTOCI
   Listed ordinary shares / modaraba certificates	9.7	2,026,591,119	1,298,730,454
   Unlisted ordinary shares	9.8	86,231,686	79,817,835
   		2,112,822,805 1,378,548,289
   Provision for diminution in value of investments		(10,253,561) (10,253,561)
   		2,102,569,244 1,368,294,728

   1. FVTPL: Listed ordinary shares

      Unless stated otherwise, the holdings are in fully paid ordinary shares / units of Rs. 10 each.

      December 31, 2025	June 30, 2025	Names of investees	December 31, 2025	June 30, 2025
      Number of shares			------------ (Rupees) ------------

      16	-	Abbot Laboatories (Pakistan) Limited	16,802	-
      368,146	337,145	Agha Steel Indunstries Limited	3,143,967	2,896,076
      20,000	21,500	AGP Limited	4,063,000	4,105,640
      275,901	-	Aisha Steel Mills Limited	3,639,134	-
      45,370	-	Amreli Steel Limited	1,060,297	-
      8,000	10,000	Arif Habib Limited	905,200	754,300
      15,000	30,000	Arif Habib Corporation Limited	241,201	324,000
      1,010	10,000	Artistic Denim Mills Limited	54,975	570,500
      25,000	10,000	Askari Bank Limited	2,514,000	493,000
      12,000	-	Attock Cement Limited	3,384,000	-
      9,000	4,000	Attock Refinery Limited	6,150,870	2,717,680
      5,000	30,000	Avanceon Limited	218,300	1,463,700
      25,000	-	Bank Of Punjab Limited	963,999	-
      200,070	282,880	Barkat Frisian Agro Limited	8,615,014	11,583,936
      94,395	84,395	Berger Paints Pakistan Limited	9,538,615	9,285,982
      280,000	280,000	Big Bird Foods Limited	14,159,600	14,123,200
      5,000	-	Biafo Industries Limited	802,700	-
      1,254	1,254	Blue-Ex Limited	81,335	77,510
      18,000	-	Bunny's Limited	219,240	-
      3,147	3,147	Cherat Packaging Limited	309,129	367,727
      170,769	10,000	Citi Pharma Limited	14,447,057	839,700
      1,552,491	1,102,491	Cnergyico PK Limited	11,426,332	7,860,761
      10,000	-	Crescent Steel & Allied Products Limited	1,012,900	-
      50,001	-	Cyan Limited	2,574,051	-
      44,845	170,000	D.G. Khan Cement Company Limited	10,310,315	28,145,200
      -	-	Dawood Equities Limited	-	-
      102,000	106,081	Dawood Hercules Corporation Limited	24,201,541	19,366,147
      -	15,000	DH Partners Limited	-	553,800
      79,610	105,000	Dolmen City REIT	3,061,005	2,836,050
      4,886	-	Engro Fertilizer Limited	1,105,946	-
      110,000	100,074	Engro Polymer & Chemicals Limited	3,586,000	3,157,335
      815,878	908,722	Fast Cables Limited	22,338,737	22,590,829
      373,144	135,000	Fauji Cement Company Limited	20,877,405	6,030,450
      342,133	330,000	Fauji Foods Limited	7,075,309	5,108,400
      3,000	-	Fauji Fertilizer Limited	1,772,130	-
      75,000	38,000	Faysal Bank Limited	6,957,751	2,649,360
      5,000	-	Fecto Cement Limited	740,950	-
      14,000	14,460	Ferozsons Laboratories Limited	5,260,360	5,633,905
      24,000	24,000	Frieslandcampins Engro Foods Limited	2,075,040	2,094,480
      20,000	5,000	Ghandhara Tyre &Rubber Company Limited	781,400	201,450
      132,015	113,015	Ghani Glass Limited	4,732,738	5,135,402
      120,835	120,835	GlaxoSmithKline (Pakistan) Limited	47,099,066	47,212,651
      -	42,243	Gul Ahmed Textile Mills Limited	-	1,160,415
      18,094	18,959	Haleon Pakistan Limited	15,078,091	13,960,080
      1,242	1,242	Highnoon Laboratories Limited	1,269,932	1,227,046
      50	50	Hoechst Pakistan Limited	209,914	164,135
      80,000	64,642	Honda Atlas Cars (Pakistan) Limited	21,960,000	17,791,418
      94,000	99,000	Hub Power Company Limited	20,809,720	13,643,190
      95,000	-	Hum Network Limited	1,341,400	-
      185,714	-	Interloop Limited	14,314,836	-
      5,000	5,000	International Industries Limited	930,800	885,050
      20,000	20,000	International Steel Limited	2,107,200	1,854,000
      74,000	100,000	Ittehad Chemical Limited	11,721,600	7,801,000
      143,000	144,500	K.S.B. Pumps Company Limited	28,075,190	31,291,475
      6,872,873	4,350,579	K-Electric Limited	40,756,133	22,840,540
      300,000	-	Kohinoor Spinning Mills Limited	1,953,000	-
      10,000	-	Loads Limited	182,900	-
      10,000	755,250	Lotte Pakistan PTA Limited	291,801	15,308,918

      December 31, 2025	June 30, 2025	Names of investees	December 31, 2025	June 30, 2025
      Number of shares			------------ (Rupees) ------------

      200,000	97,000	LSE Capital Limited	1,038,000		582,000
      62,000	53,000	Lucky Cement Limited	29,447,519		18,827,720
      62,528	10,000	Lucky Core Industries Limited	18,029,324		15,892,700
      52,681	44,681	Mari Petroleum Company Limited	37,713,801		28,010,072
      17	17	Macter International Limited	5,643		8,512
      40,000	40,000	Merit Packaging Limited	536,000		554,800
      22,000	24,000	Mughal Iron and Steel Ind. Limited	2,267,760		1,730,880
      77,364	77,364	Mughal Iron and Steel (Class C) Limited	5,964,764		3,249,288
      11,400	11,400	National Foods Limited	4,516,794		3,730,422
      91,000	92,000	National Refinery Limited	37,436,490		22,389,120
      10,500	17,000	NetSol Technologies Limited	1,414,349		2,260,320
      15,000	15,000	Nishat Chunian Limited	689,849		616,800
      8,787	57,202	Nishat Chunian Power Limited	442,954		1,390,581
      176,253	113,000	Nishat Mills Limited	31,120,993		14,224,440
      15,500	35,000	Nishat Power Limited	1,033,230		1,269,450
      4,868,078	-	Oilboy Energy Limited	50,433,288		-
      110,000	119,540	Oil and Gas Development Company Limited	30,919,901		26,365,742
      101,000	101,000	Pak Agro Packaging Limited(GEM)	1,148,370		1,060,500
      103,000	225,000	Pak Elektron Limited	5,906,020		9,216,000
      70,000	20,000	Pakistan Aluminium Beverage Cans Limited	8,868,300		2,885,400
      101,104	101,104	Pakistan Hotels Developers Limited	5,095,642		5,095,642
      235,845	425,000	Pakistan International Bulk Terminal Limited	4,440,963		3,714,500
      107,143	107,143	Pakistan Oxygen Limited	33,750,045		21,520,743
      93,000	50,000	Pakistan Petroleum Limited	21,906,151		8,508,500
      105,000	70,000	Pakistan Refinery Limited	3,847,201		2,375,100
      2,000	10,000	Pakistan State Oil Company Limited	948,320		3,775,300
      75,000	70,000	Panther Tyres Limited	4,253,249		2,928,800
      10,000	-	PIA Holding Company Limited	327,200		-
      4,000	-	Pioneer Cement Limited	1,549,760		-
      83,465	-	Quice Foods Limited	1,972,278		-
      65,000	95,146	Roshan Packages Limited	1,192,100		2,028,513
      157,626	157,626	Sazgar Engineering Works Limited	268,263,689		179,665,267
      -	20,000	Secure Logistics Group Limited	-		350,600
      39,300	30,300	Security Paper Limited	6,216,474		4,850,424
      81,000	81,767	Service Global Footwear Limited	9,472,140		6,490,664
      63,580	63,580	Service Industries Limited	100,138,500		78,699,324
      -	2	Shell Pakistan Limited	-		369
      200	-	Siemense Pak Company Eng. Limited	304,478		-
      841	301	Sitara Chemical Industries Limited	712,184		149,239
      -	103,735	Sitara Peroxide Limited	-		1,544,614
      5,589	589	Sui Northern Gas Pipelines Limited	667,997		68,742
      223,500	223,500	Sui Southern Gas Company Limited	8,028,120		9,563,565
      43,450	43,450	Supernet Limited	2,520,535		1,728,441
      14,240,690	14,240,690	Systems Limited	2,433,449,107		1,525,747,527
      15,000	22,000	Tariq Corporation Limited	294,000		352,660
      30,000	130,763	Telecard Limited	339,900		1,030,412
      46,266	13,000	Thatta Cement Company Limited	3,894,670		2,471,950
      -	48,500	The Organic Meat Company Limited	-		1,594,680
      145,912	122,000	The Searle Company Limited	17,505,063		10,699,400
      342,226	145,000	Treet Corporation Limited	10,807,495		3,432,150
      70,000	60,000	TRG Pakistan Limited	5,100,199		3,390,600
      999	999	Wah Noble Chemicals Limited	331,219		311,658
      64,799	-	Waves Home Appliances Limited	604,574		-
      -	355,000	Waves Singer Pakistan Limited	-		2,783,200
      1,075,000	1,000,000	Worldcall Telecom Limited	1,849,000		1,580,000
      			3,631,235,530		2,376,823,769

   2. FVTPL: Investment in mutual fund units

      December 31, 2025	June 30, 2025	Names of investees	December 31, 2025	June 30, 2025
      Number of units			------------ (Rupees) ------------

      765,829	765,829	786 Smart Fund	67,385,299	64,379,185
      225	1,157,719	786 Islamic Money Market Fund	23,651	116,235,335
      			67,408,950	180,614,520

   3. FVTPL: Investment in preference shares

      December 31, 2025	June 30, 2025	Names of investees	December 31, 2025	June 30, 2025
      Number of shares			------------ (Rupees) ------------

      732,232	737,425	Power Cement Limited	15,486,706	12,661,587
      26,109	26,109	Engro Polymer & Chemicals Limited	313,307	352,210
      			15,800,013	13,013,797

   4. FVTPL: Investment in debt securities

      December 31, 2025	June 30, 2025	Names of investees	December 31, 2025	June 30, 2025
      Number of sukuks			------------ (Rupees) ------------

      - 130 K-Electric Limited 6 - 13,292,500

      - 13,292,500

   5. FVTOCI: Listed ordinary shares / modaraba certificates

      Unless stated otherwise, the holdings are in fully paid ordinary shares / units of Rs.10 each.

      December 31, 2025	June 30, 2025	Names of investees	December 31, 2025	June 30, 2025
      Number of shares			------------ (Rupees) ------------

      32,223	32,744	Abbot Laboatories (Pakistan) Limited	33,838,661	31,828,805
      7,925	7,925	Berger Paints Pakistan Limited	800,822	871,988
      185,000	185,000	Dolmen City REIT	7,113,250	4,996,850
      18,816	18,816	Ghani Glass Limited	674,554	854,999
      32,165	32,165	GlaxoSmithKline (Pakistan) Limited	12,537,274	12,567,509
      30,906	30,906	Haleon Pakistan Limited	25,754,588	22,757,015
      758	758	Highnoon Laboratories Limited	775,048	748,874
      3,857	3,857	Pakistan Oxygen Limited	1,214,954	774,717
      8,699	11,699	Sitara Chemical Industries Limited	7,366,574	5,800,481
      11,069,670	11,069,670	Systems Limited	1,891,585,195	1,186,004,444
      		Financial services
      2,474,563	1,935,506	786 Investments Limited	32,317,793	21,271,211
      824,771	-	786 Investments Limited - LOR	2,358,845	-
      3,339,922	3,339,922	First Dawood Properties Limited (Note: 9.7.1) 10,253,561 10,253,561 2,026,591,119 1,298,730,454

      1. In prior year, full amount of provision has been recognised against this investment.

   6. FVTOCI: Investment in unlisted ordinary shares

      The holdings are in fully paid ordinary shares of Rs.10 each.

      December 31, 2025	June 30, 2025	Names of investees	December 31, 2025	June 30, 2025
      Number of shares			------------ (Rupees) ------------

      835,294	100,000	Al Baraka Bank (Pakistan) Limited	7,935,293	1,573,000
      9,775,000	9,775,000	Dawood Family Takaful Limited	77,515,750	77,515,750
      34,603	34,603	ISE Tower REIT Management Company Limited	780,643	729,085
      			86,231,686	79,817,835

   7. These are shariah compliant investments except for the investments amounting to Rs. 218.857 million.

7. ACCRUED PROFIT

Accrued profit on: Debt securities Bank profit Musharaka finances

(Un-audited) (Audited)

December 31, June 30,

Note 2025 2025

- 163,392

369,461 342,478

259,264 153,822

628,725 659,692

Electricity and other utilies receivable

Others

Provision for doubtful debts

11.1

12,686,234 21,013,585

54,278,822 54,180,238

54,278,822 54,180,238

11.1 This represents finance facility which was partly secured against pledge of stock of jute while some of the stock was misappropriated from the factory premises of the borrower. During prior year, the Modaraba has filed a criminal case against the borrower and its owner against misappropriation of pledged stock.

In prior year, complete provision has been recorded against outstanding balance. The management is confident that the said lawsuit and criminal case will be decided in favour of the Company.

1. CASH AND BANK BALANCES

   Cash in hand

   Cash with State Bank of Pakistan - current account Cash with banks in:

   Savings accounts Current accounts

   	196,134	170,610
   	24,438	24,438
   12.1	2,745,798	3,291,899

   99,035 89,948

   3,065,405 3,576,895

   1. These carry profit at rates ranging from 2.29% to 9.50% (June 30, 2025: 4.75% to 19.00%) per annum.

2. CREDITORS, ACCRUED AND OTHER LIABILITIES

   Rentals received in advance:

   (Un-audited) (Audited)

   December 31, June 30,

   2025 2025

   Lockers and custodial services		75,058,485	68,838,682
   Investment properties		33,718,905	46,153,696
   Accrued liabilities		4,881,579	23,121,970
   Charity payable		208,903	707,857
   Advance against sale of land	13.1	12,156,301	12,156,301
   Others	13.2	45,646,970	45,836,472
   		171,671,143	196,814,978

   1. This represents amount received from SKM Limited as token money for agreement to sale of investment property measuring 24- Kanals situated at Tehsil city, Lahore.

   2. This includes provision for sales tax amounting to Rs.25.426 million (June 30, 2025 : Rs.25.426 million) against various input tax claimed by company (formerly, modaraba) in prior years and provision for worker welfare fund amounting to Rs.10.523 million (June 30, 2025: Rs.10.523 million) recorded by company (formerly modaraba) in prior years before the merger date. These amounts were tranferred from the modaraba to the company upon the merger of BRRGII4 with and into the company.

3. CONTINGENCIES AND COMMITMENTS

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

4. EXPECTED CREDIT LOSS ALLOWANCE

Reversal during the period

(Un-audited) (Un-audited) December 31, December 31,

Note 2025 2024

Musharaka 239,951 -

Less: Charged during the period

239,951 -

18 FAIR VALUE HIERARCHY

The Company uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation technique:

Level 1: quoted prices in active markets for identical assets.

Level 2: other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly.

Level 3: techniques which use inputs which have a significant effect on the recorded fair value that are not based on observable market data.

As at December 31, 2025, the Company held the following financial instruments measured at fair value:

December 31, 2025

As at June 30, 2025, the Company held the following financial instruments measured at fair value:

June 30, 2025

For Level 2 debt securities available for sale investments the Company values the investments using rates prescribed by MUFAP. For Level 3 available-for-sale investments the Company values the investment at carrying value which approximates the fair value of the investment.

Transfers during the period

During the half year ended December 31, 2025, there were no transfers between level 1 and level 2 fair value measurements, and no transfers into and out of level 3 fair value measurements.

19.1 The aggregate of Levy Rs. 2.630 million (December 31, 2024: Rs. 1.907 million) and current tax charge Rs.20.842 million (December 31, 2024: Rs.18.740 million) amounting to Rs.23.472 million (December 31, 2024 : Rs.20.647 million) represents tax liabliity of the Company for the period, calculated under the relevant provisions of the Income Tax Ordinance, 2001.

1. RELATED PARTY TRANSACTIONS

   The company has related party relationship with its associated undertakings, employee benefit plans, and its key management personnel.

   A number of transactions are entered into with related parties. These include financings, investments, borrowings, sharing of common expenses and rental income.

   The details of related party transactions and balances as at 31 December, 2025 are as follows:

   Relationship with the Company

   Transactions during the period Associated companies /

   other related parties

   Nature of transactions

   (Un-audited) (Un-audited) December 31, December 31,

   2025 2024

   BRR Investment (Private) Limited	Musharaka finance received-net	-	10,000,000
   BRR Investment (Private) Limited	Musharaka finance repaid	-	10,000,000
   BRR Investment (Private) Limited	Profit paid on musharaka finance	-	211,266
   Dawood Family Takaful Limited	Rental received against property	4,006,104	3,821,064
   Dawood Family Takaful Limited	Group life takaful	1,138,247	1,156,209
   Dawood Family Takaful Limited	Musharaka finance received-net	-	34,000,000
   Dawood Family Takaful Limited	Musharaka finance repaid	-	34,000,000
   Dawood Family Takaful Limited	Profit paid on musharaka finance	-	323,678
   First Dawood Employees Provident Fund	Transfer to provident fund	3,555,614	2,841,978
   Hydrochina Dawood Power (Private) Limited	Rent received against property	3,756,085	3,725,364

   (Un-audited) (Audited)

   December 31, June 30,

   Relationship with the Company	Nature of balances	2025 2025
   Period end balances
   Associated companies /
   other related parties
   Hydrochina Dawood Power	Advance rental	1,824,757 -
   Hydrochina Dawood Power (Private) Limited	Rent receivable	- 57,060
   Hydrochina Dawood Power (Private) Limited	Security deposit	60,000 60,000

2. SHARIAH COMPLIANT COMPANIES DISCLOSURE OF INFORMATION AS PER FOURTH SCHEDULE OF COMPANIES ACT 2017 :

   1. Loans/advances obtained as per Islamic mode: Nil

   2. Shariah compliant bank deposits/bank balances:

      Bank balances placed under shariah compliant arrangement amounts to Rs.2.842 million

   3. Profit earned from shariah compliant bank deposits / bank balances:

      Profit earned during the year from shariah compliant bank balances amount to Rs.0.107 million

   4. Revenue earned from a shariah compliant business segment:

      This includes rental income & other charges earned amounting to 193.798 million during the year.

   5. Gain/loss or dividend earned from shariah compliant investments:

      Dividend from shariah compliant investments amounted to Rs. 16.918 million

      Realized gain / loss from shariah compliant investments amounted to Rs.54.240 million

   6. Exchange gain earned:

      Nil

   7. Mark up paid on Islamic mode of financing:

      Nil

   8. Relationship with shariah compliant banks; and

      The Company has shariah compliant bank accounts with the following banks:

      -Al Baraka Bank (Pakistan) Limited

      -Habib Metropolitan Bank Limited

   9. Profits earned or interest paid on any conventional loan or advance

      Nil

3. AUTHORISATION FOR ISSUE

   This condensed interim financial information was authorised for issue on February 21, 2026 by the Board of Directors of BRR Guardian Limited.

4. GENERAL

   1. This condensed interim financial statements is presented in Pak Rupees, which is the company's functional and presentation currency.

   2. Amounts have been presented and rounded off to the nearest Rupee.

Director

Chief Executive Officer

Chief Financial Officer

Un-Audited Consolidated Condensed Interim

Financial Information For The Half Year Ended December 31, 2025

DIRECTORS' REPORT

Dear Shareholders,

On behalf of the Board of Directors of BRR. Guardian Limited ('BRRG'), it gives us great pleasure to present to you the 2nd Quarter Consolidated Condensed Interim Financial Statements for the half year ended December 31, 2025.

FINANCIAL PERFORMANCE

During the period, BRRG made a record profit of Rs.1,101.530 million. Rental income demonstrated a significant growth of 19.44%, which increased to Rs.168.167 million from Rs.140.791 million in prior period. Profit before levy and taxation rose to Rs.1,271.764 million from Rs.948.908 million, reflecting improved operational efficiency and planning. After accounting for levy and taxation of Rs.170.234 million, the net profit stood at Rs.1,101.530 million and Earnings per share (EPS) improved to Rs.11.59 from Rs. 8.43 with an increase of 37.48%. Our steadfast commitment to delivering value to our shareholders remains unwavering, even in the face of challenging geopolitical and economic situation.

CONCLUSION / FUTURE PROSPECT:

We are closely monitoring the business scenario, aiming to sustain profitable growth and create value for shareholders On Behalf of the Board of Directors

BRR Guardian Limited

Ghanzanfar - ul - Islam Ayaz Dawood

Director Chief Executive Officer

February 21, 2026

Karachi

2025

37.48%

8.43

170.234

11.59

140.791

168.167

1,101.530

19.44

948.908

1,271.764

1,101.530

2026 21

Consolidated Condensed Interim Statement of Financial Position

As at December 31, 2025 (Un-Audited)

ASSETS

Non Current Assets

(Un-audited) (Audited)

December 31, June 30,

Note 2025 2025

Property, plant and equipment 5

Investment properties 6

Long-term diminishing musharaka finances 7

Long-term loans, advances and deposits

Current Assets

Loans, advances and prepayments

Current portion of diminishing musharaka finances 7

Accrued profit 9

Other receivables 10

Taxation - net

Short-term investments 8

Cash and bank balances 11

1,032,481,888 1,024,762,025

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

Consolidated Condensed Interim Statement of Profit or Loss For The Half Year And Quarter Ended December 31, 2025 (Un-Audited)

Net profit for the period 1,101,530,128 801,235,446 321,201,844 766,425,077

Earnings per shares - basic and diluted 11.59 8.43 3.38 8.07

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

Consolidated Condensed Interim Statement of Comprehensive Income For The Half Year And Quarter Ended December 31, 2025

(Un-Audited)

Half year ended Quarter ended

Total comprehensive income for the period 1,904,337,333 1,324,527,392 477,595,435 1,268,736,357 The annexed notes form an integral part of these consolidated condensed interim financial statements.