Transmission of Quarterly Report for the Period Ended March 31, 2026

CONDENSED INTERIM FINANCIAL INFORMATION

FOR THE NINE MONTHS PERIOD ENDED 31ST MARCH 2026 (UN-AUDITED)

The Board of Directors is pleased to present the 3rd Quarter Report along with the Financial Statements of Clover Pakistan Limited for the nine months ended March 31, 2026.

The Company's financial performance for the nine months ended March 31, 2026 reflects continued profitability, albeit at a relatively moderate level compared to the same period last year. Key financial highlights are as follows:

The Company maintained strong operational performance during the period under review. Key highlights include:

1. Revenue Growth:

   Revenue increased significantly to Rs. 4,312.59 million compared to Rs. 2,632.61 million in the corresponding period last year, reflecting an increase of over 60%, driven by enhanced business activity and improved market penetration.

2. Net Profit:

   Net profit for the period was Rs. 196.50 million compared to Rs. 212.27 million last year. Despite the marginal decline, the Company continues to demonstrate strong profitability.

3. Earnings per Share (EPS):

   EPS was recorded at Rs. 5.05 Basic & Diluted Before Sub-division Rs. 0.50 Basic & Diluted After Sub-division as compared to Rs. 5.45 Basic & Diluted Before Sub-division Rs. 0.55

   Basic & Diluted After Sub-division for the same period last year. It is important to note that during the period, the Company underwent a stock split (10-for-1), which impacted on the per-share calculations.

   Overall, the Company remains financially stable and continues to generate healthy margins despite evolving market dynamics.

   FUTURE OUTLOOK

   The Board remains optimistic about the Company's long-term growth prospects and is committed to sustaining performance momentum. The strategic focus areas include:

   • Strengthening core operations and improving cost efficiencies

   • Expanding revenue streams and exploring new business opportunities

   • Maintaining prudent financial and risk management practices

The Company continues to evaluate strategic investments and diversification opportunities to enhance shareholder value and strengthen its market position.

We take this opportunity to thank all those who have provided us with their valuable support throughout the year.

On behalf of the Board of Directors

Karachi

Dated: April 29, 2026

1. LEGAL STATUS AND NATURE OF BUSINESS

   1. Clover Pakistan Limited (the Company) was incorporated in Pakistan on September 30, 1986 as a public limited company under the repealed Companies Ordinance, 1984 (Now: Companies Act, 2017). The shares of the Company are quoted on Pakistan Stock Exchange Limited. The Company is a subsidiary of Fossil Energy (Private) Limited (the 'Holding Company') which holds 46.24% (2025: 46.24%) shares of the Company. The registered office and geographical location of business units of the Company are same as disclosed in Audited accounts year ended June 30, 2025.

   2. The principal line of business of the company shall be to carry on the business of purchase or otherwise acquire, sale, store, transport, market, distribute, supply, sell, import, export, and otherwise dispose of and generally trade in any and all kinds of petroleum and petroleum products, oil, gas, hydrocarbons, petrochemicals, asphalt, bituminous substances and to undertake all such activities as are connected herewith.

2. STATEMENT OF COMPLIANCE

   1. These condensed unconsolidated interim financial statements of the Company for the nine months period ended March 31, 2026 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 by the Companies Act, 2017;

      • Islamic Financial Accounting Standards (IFAS) issued by Institute of Chartered Accountants of Pakistan (ICAP) as are 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.

3. BASIS OF PREPARATION

   1. The financial statements of the Company have been prepared in accordance with the applicable accounting and financial reporting standards in Pakistan.

   2. These condensed interim financial statements do not include all of the information and disclosures required for annual financial statements and should be read in conjunction with the published annual financial statements for the year ended June 30, 2025. These condensed interim financial statements are un-audited and are being submitted to the shareholders as required by the listing regulation of Pakistan Stock Exchange limited and section 237 of companies Act, 2017.

   3. These condensed interim financial statements are presented in Pakistan Rupees which is the Company's functional and presentation currency.

4. MATERIAL ACCOUNTING POLICY INFORMATION

   The accounting policies and the methods of computation adopted in the preparation of these condensed interim financial statements are the consistent with those applied in the preparation of the annual financial statements for the year ended June 30, 2025 except for stated otherwise.

5. SIGNIFICANT ACCOUNTING JUDGMENTS, ESTIMATES AND ASSUMPTIONS

   The preparation of condensed interim financial statements in conformity with the accounting and reporting standards which requires the use of certain critical accounting estimates.it also require management to make judgments, estimates and assumptions that affect the application of policies and the reported amounts of assets, liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates.

   In preparation of these condensed interim financial statements, the significant judgments made by management in applying the company's accounting policies and the key source of estimation uncertainty were the same as those that were applied to the audited annual financial statements for the year ended June 30 2025. The company's financial risk management objectives and policies are consistent with those disclosed in the annual audited financial statements of the company as at and for the year ended June 30, 2025.

6. New or Amendments / Interpretations to Existing Standards, Interpretations and Forthcoming Requirements

   There are new and amended standards and interpretations that are mandatory for accounting periods beginning on or after July 01, 2025 but are considered not to be relevant or do not have any significant effect on the Company's financial position and are therefore not stated in these condensed unconsolidated interim financial statements.

7. Standards, Amendments and Interpretations to Accounting and Reporting Standards that are not yet effective

   There are standards, amendments and interpretations with respect to the accounting and reporting standards as applicable in Pakistan, that would be effective from future, but, are considered not to be relevant or do not have any significant effect on the Company and accordingly have not been stated in these condensed unconsolidated interim financial statements.

8. PROPERTY AND EQUIPMENT

   Note

   March 31, June 30,

   2026 2025

   - - Rupees in '000' - -

   Operating assets 8.1 293,092 33,582

   293,092 33,582

   1. Operating assets

      COST Accumulated Depreciation

      Charge for

      Written

      Rate

      Description

      Opening Addition

      (Disposal)

      Closing Opening

      the year Closing

      down

      value %

      Leasehold improvements	12,800	182,267	-	195,067	8,281	8,416	16,697	178,370	10%
      Machinery	2,871	76,302	-	79,173	2,871	6,546	9,417	69,756	20%
      Furniture & fixtures	4,774	2,380	-	7,154	4,432	372	4,804	2,350	25%
      Computers & equipments	14,276	-	-	14,276	14,276	-	14,276	-	25%
      Vehicles	10,705	17,903	-	28,608	10,539	1,867	12,406	16,202	25%
      Office equipments	11,980	-	-	11,980	11,980	-	11,980	-	25%
      Warehouses	29,287	-	-	29,287	732	2,141	2,873	26,414	10%
      March 31, 2026	86,693	278,852	-	365,545	53,111	19,342	72,453	293,092
      June 30, 2025	57,405	29,287	-	86,692	50,486	2,624	53,110	33,582
      							March 31, 2026	June 30, 2025
      Depreciation charge for the year has been - - Rupees in '000' - - allocated as follows:
      Cost of Sales		6,770						918
      Selling And Distribution Expenses		7,350						997
      Administrative expenses 5,223 709

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

   2. 19,343 2,624

9. LONG TERM INVESTMENTS

   Un-audited Audited

   March 31, June 30,

   2026 2025

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

   Mutual funds 30 30

   1. Investments in mutual funds are classified as financial assets at fair value through profit or loss (FVTPL) and are measured at the Net Asset Value (NAV) notified by the Mutual Funds Association of Pakistan (MUFAP) at the reporting date. Changes in fair value are recognized in the statement of profit or loss.

10. DEFERRED TAX ASSET

    Relating to taxable / (deductible) temporary difference

    Tax depreciation	801	(1,759)
    Alternate corporate tax	(31,565)	(31,565)
    Minimum tax	(51,918)	(48,066)
    Trade debts-provision for doubtful debts	(3,679)	(3,679)
    Provision for stock-in-trade	(842)	(842)

    Tax losses (44,767) (44,767)

    Deferred tax asset (131,970) (130,678)

    Deferred tax asset not recognized 23,747 44,767

    (108,223) (85,911)

    Deferred tax asset recognised aggregating to Rs 108.2 (30 June, 2025 : Rs. 85.91) million. The management of the Company believes based on the continuing growth in revenue and profitablity, it would be able to realise the deferred tax asset. However, on prudent basis, deferred tax on previous unabsorbed depreciation are not recognised and uncertainty is attached with the realization of recognized deferred tax asset.

11. STOCK-IN-TRADE Note

    Un-audited Audited

    March 31, June 30,

    2026 2025

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

    Stock-in-trade		487,292	261,026
    Stock in transit		-	29,975
    Provision for stock-in-trade	11.1	(2,901)	(2,901)
    Stock-in-trade - net		484,391	288,100

    1. Movement of provision for stock-in-trade

       Opening 2,901 2,901

       Provision for the year 11.2 - -

       Closing 2,901 2,901

    2. No provision has been recorded against slow-moving items during the year as management determined that such items remained usable. Subsequent to year end, a portion of these items was consumed in the Company's operations, confirming that no impairment provision was required.

12. TRADE DEBTS Note

    Un-audited Audited

    March 31, June 30,

    2026 2025

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

    Considered good

    - Trade debt 25,945 16,559

    Considered doubtful

    - Trade debt		12,687		12,687
    		38,632		29,246
    Considered doubtful
    Allowance for expected credit loss - opening balance Charge for the year	12.1	(12,687) -		(12,687) -
    Allowance for expected credit loss - closing balance		(12,687)		(12,687)
    Trade debts - net		25,945		16,559

    1. Expected credit losses have not been charged for the year as the outstanding amounts, other than those already provided for, were either subsequently recovered after the year end or based on past practice will be received.

13. LOANS, ADVANCES AND PREPAYMENTS Note

    Advances - unsecured

    Un-audited Audited

    March 31, June 30,

    2026 2025

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

    - Employees Considered doubtful		23		-
    - Suppliers - Other parties Writeoff	13.1	1,747		2,367 -
    		1,770		2,367
    Considered good - Suppliers - Related Party		-		20,420
    - Suppliers - Others		6,682		145,277
    		8,452		168,064
    Prepayments
    - Prepaid Insurance		961		-
    		9,413		168,064

    1. These represents advances to suppliers that are adjustable and are non-refundable in accordance with the contract with suppliers.

14. OTHER RECEIVABLES Note - - - - Rupees in '000' - - - -

    Duty refundable due from government	14.1	20,998		20,998
    Others		336		336
    		21,334		21,334

15. CASH AND BANK BALANCES Note

    Cash in hand

    Un-audited Audited

    March 31, June 30,

    2026 2025

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

    - at sites	-	11,900
    - at head office	52	54

    Cash at banks:

    • Current accounts 34,998 27,614

    • Saving accounts 15.1 484 484

    35,534 40,052

    1. This carries mark-up ranging from 11.5% to 19.5% (2024: 19% to 21% ) per annum.

16. TRADE AND OTHER PAYABLES

    Trade creditors		21,195	32,052
    Accrued liabilities		483	1,456
    Payable to provident fund	16.1	2,907	2,619
    Workers profit participation fund		22,152	13,999
    Workers welfare fund		12,297	9,199
    Other liabilities		3,796	3,796
    Payables to related party - assets, goods & services	24	217,429	-

    280,259 63,121

    1. All investments out of provident fund have been made in accordance with the provisions of section 218 of the Companies Act, 2017 and the rules formulated for the purpose.

17. PROVISION FOR TAXATION

    Provision for taxation (64,814) (46,842)

18. CONTINGENCIES AND COMMITMENTS

    The current status of the contingencies is same as disclosed in the annual audited financial statements of the company for the year ended June 30, 2025.

    Nine month ended Quarter ended

19. REVENUE - NET Note

    March 31, March 31,

    2026 2025 2026 2025

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

    Revenue from

    - Sale of goods 4,553,429 2,645,209 1,636,367 562,878

    - Services - - - -

    Revenue - gross 4,553,429 2,645,209 1,636,367 562,878

    (225,955)	(5,001)	(435)	(281)
    (14,888)	(7,599)	(3,230)	(2,703)

    Less:

    • Sales tax

    • Sales discounts

    (240,843) (12,600) (3,665) (2,984)

    4,312,586 2,632,609 1,632,702 559,894

20. COST OF SALES

    Cost of sales 3,999,854 2,258,856 1,491,420 507,223

    Cost of services 6,770 3,556 -

    4,006,624 2,258,856 1,494,976 507,223

    1. Cost of sales

       Opening stock 288,100 57,948 417,588 49,609

       Add: Purchases 4,202,915 2,517,895 1,561,779 774,601

       4,491,015 2,575,843 1,979,367 824,210

       Less: Closing stock (484,391) (316,987) (484,391) (316,987)

       4,006,624 2,258,856 1,494,976 507,223

    2. Cost of services

       Depreciation 8.2 6,770 - 3,556 -

21. LEVY

    Minimum tax levy 43,600 40,574 14,634 6,893

    1. This represents portion of minimum tax and final tax paid of Income Tax Ordinance (ITO, 2001), representing levy in terms of requirements of IFRIC 21/IAS 37. Company has selected approach 2 of ICAP circular of (IAS 12 Application Guidance on Accounting for Minimum Taxes and Final Taxes) for the accounting treatment of minimum and final tax levy.

       Nine month ended Quarter ended
22. TAXATION March 31, March 31, 2026 2025 2026 2025

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

    Taxation (22,312) (14,168) (5,408) (6,836)

23. EARNING / (LOSS) PER SHARE - Basic and Diluted Restated Restated Basic earning/ (loss) per share

    Profit / (Loss) for the period 196,503 212,266 93,783 40,492

    Number of shares

    38,928	38,928	38,928	38,928
    5.05	5.45	2.41	1.04

    Weighted average number of shares outstanding as at year end - befor Sub-division

    Basic earning/ (loss) per share - Before Sub division Numbers in "000" 23.1

    The shareholders of the Company, in the Extraordinary General Meeting held on March 25, 2026, resolved that the existing capital of the company, including authorized, issued and paid-up capital, is hereby altered in a manner that each ordinary share of the Company having face value of PKR 10/- be and is hereby subdivided into ten ordinary shares of PKR 1/- each. Accordingly, in accordance with the financial reporting framework the weighted average number of ordinary shares outstanding during the period and for all periods presented have been adjusted in the ratio of 10-for-1.

    Number of shares

    Weighted average number of shares outstanding as at year end - After Sub-divison

    Numbers in "000"

    389,288 389,288 389,288 389,288

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

    Basic earning/ (loss) per share After Sub-division 0.50 0.55 0.24 0.10

24. TRANSACTIONS AND BALANCES WITH RELATED PARTIES

Related parties comprise associated undertakings, directors of the Company and key management personnel. The Company continues to have a policy whereby all transactions with related parties are entered into at commercial terms and conditions.