Transmission of Quarterly Financial Statements for the Period Ended

FIRST CAPITAL EQUITIES LIMITED FINANCIAL STATEMENTS

FOR THE PERIOD ENDED (UN-AUDITED) MARCH 31, 2026

Board of Directors Malik Safeer Raza Awan (Chairman) Shabana Atta (Chief Executive) Muhammad Jamil

Mohsin Iqbal Saeed Iqbal

Syed Muhammad Asad Raza Asad Yar Khan

Non-Executive Executive

Non-Executive Non-Executive Non-Executive Independent Independent

Chief Financial Officer Saeed Iqbal

Audit Committee Asad Yar Khan (Chairman) Muhammad Jamil (Member)

Malik Safeer Raza Awan (Member)

Human Resource and Remuneration (HR&R) Committee

Asad Yar Khan (Chairman) Shabana Atta (Member) Muhammad Jamil (Member)

Risk Management Committee Malik Safeer Raza Awan (Chairman)

Shabana Atta (Member) Asad yar Khan (Member)

Company Secretary Shahzad Jawahar

Auditors Malik Haroon Ahmad & Co.

Chartered Accountants

Legal Advisers M/s. Ibrahim and Ibrahim

Barristers and Corporate Consultants Lahore

Registrar and Shares Transfer Office

Corplink (Pvt.) Limited Wings Arcade, 1-K

Commercial Model Town, Lahore Tele: + 92-42-5839182

Registered Office First Capital House

96-B/1, Lower Ground Floor

M.M. Alam Road, Gulberg-III Lahore, Pakistan Tele: + 92-42-35778217-18

The Board of Directors of First Capital Equities Limited ("the Company" or "FCEL") are pleased to present the Director's report along with financial statements of the Company for the period ended March 31, 2026.

During the preceding year, the Board of the Directors decided to surrender the trading right entitlement certificate (TREC) of Pakistan Stock Exchange and to change the Principal line of Business of the Company from stock broker to real estate Company. An application for surrender was submitted to PSX and surrendering process is in progress.

Given below is the financial summary of the Company for the nine months period ended March 31, 2026.

. ... .. . ... .. . .... . ..

, Particulars

Rupees

Unrealized gain / (lossj on re-measurement of investments at Investments at fair value through profit

• continuing operations

  0.06

  0.31

• discontinued operations (0.004) (0.004)

0.06 0.30

The Company reported a profit of Rs 9.36 million in 3QhY26 as compare to Rs. 43.24 million in 3QFY25. During the period due to discontinuation of operations, the brokerage income of your Company is NIL in both periods. Further, the company recorded capital gain / (loss) of Rs NIL against Rs. NIL last year. The Un-realized gain on re-measurement of investment is recorded at Rs. 60.55 million. Operating expenses decreased 12% during the period under review. As a result, the Company reported an operating profit of Rs. 9.36 million, compared to Rs. 43.24 million in 3QFY25. After accounting for a final tax differential of Rs. 0.29 million, profit before taxation stood at Rs. 9.09 million. Earnings per share (EPS) from continuing operations stood at Rs. 0.060, compared to Rs. 0.306 in 3QFY25. After accounting for discontinued operations, total EPS was Rs. 0.060, compared to Rs. 0.302 in the corresponding period last year.

In order to change the principal line of business of the Company from a Brokerage company to Real Estate Company, necessary changes have been made in the Object clause III of Memorandum of Association of the Company, which are in process of approval from concerned authorities.

Once the surrender process is completed and changes in the Object clause III of Memorandum of Association of the Company are approved the Company will resume its commercial activities as real estate Company.

ACKNOWLEDGEMENT

r

Dire

The Board of Directors wish to place on record their thanks and appreciation tO dll the shareholders for their continued support. The Board also wishes to place on record its appreciation for the guidance and support extended by the Securities and Exchange Commission of Pakistan (SECP) as well the Pakistan Stock Exchange Limited. Finally, the Board would like to record its appreciation to all the staff members for their hard work. ,

For and on behalf of the Board of Direc to

Dated: April 28, 2026 CEO/Director

FIRST CAPITAL EQUITIES LIMITED

CONDENSED INERIM STATEMENT OF FINANCIAL POST TION

AS AT MARCH 31, 2026

ASSETS

NON - CURRENT ASSETS

The annexed nctes/r‹›n› 1 t‹* 19 /orm a in ce$ i uf part o/These r:ondenied inrerim/nancial statements.

ChieF Ezec tive Officer

Dir or Chief Financial Officer

FIRST CAPI TAL EQUITIES IIM ITED

CONDENSED TNERtN STA7EMENT OF PROFIT OR LOSS FOR THc PERT OD ENDED MARCH 31, Z026

€0NTINUINO 0PERATIO N I NCOME

Unrealized Gain/(1oss) on rent easuremcut of investriments at fair value through profi t or loss

60,551,3S6 43,7 73,243 (76,442,467 ) (28,11 0,7S0)

Chie ancial Officer

FIRST CAPITAL EQUITIES UMITED

CONDENSED £NERIM STATEMENT OF COMPREHENSI VE INCOME

FOR THE PERIOD ENDED MARCH 31, 2026

" •^'/ t'•**} atter taxation tor the period

0 ther comprehensive income for the period

Items that wiH never be reclassified to profiI and less Items that are may be reclassified to profit and loss:

Other comprehensive income for the period

Total comprehensive Pro"‹/ t' ss} for ttte period

42,722.640

(93,497,878) (28,535,532)

42,722,640

(93,497, 78} (2B,S3S,S32)

Dire

Chief? xecutive Omcer

Chief Financial Officer

FIRST CAPITAL EQUiTtES Lf5'ttTED

C0NDEJ'4SED INERIM STATEMENT OF CASH FLOWS

FOR THE PERT OD ENDED MARCH 31, 2026

EA&B PLOWS FROht OBzRATING AC7IVITIcS

Gant+s) beore la:xaton Adjustments for:

Depreciation

Gain/(Loss) on re-tneasur ement of investments at fair value through profit andloss - net

gain on sale of short term investment Dividened Income

Levy tax expense Finance cost

B,493,645

42.722,640

Decrease / (Increase) in current assets Trade debts

Advances, deposits, prepayments and other receivables

{9,75t,2O7§ (43,718,942]

{1,257.562) (996.302§

Interest received Finance cost paid Levies paid/adjusted Taxes paid

Net cas" t•••al/Generated from/in operating activities

CASH FLOWS FROM INT •5TING ACTIVf TIFS

Proceeds from sale of property and equipment t Proceeds transfer of shares

Dividerid income

Proceeds from sale of investments property Net cash generated from investing activiDes

MsmFLows From Fixsxciao xcrivliiss

Loans Repayment Issuance ofnew capital

Liabilities against repurchase agreements

9f05,S72

t!26,372§

Net cash generated from financing activities f7,580.870)

DIET t *GREASE)/If4CREASE IN CASH AND CASH EQU1¥ALEWTS

CASH AND CASH EQUIVALsNT5 AT THE END OF TH£ PD£tIOD

J77,3S5

2,491,S06

t,ess,s+i

(126,372)

322,034

FIRST CAPITAL EQUITIES LIMITEO

CONDENSED INERIM STATEMENT OF CHANG£S IN EQUITY FOR THE PERIOD ENDED MARCH 31, 2026

Total

|_ _

Chief Fi ancial Officer

The annexed notes from k to 19 form an integral part of these condensed interim financial statements.

IOTES TO THE COFDE145£D If4TEH M £I1'4AHCIAL STATEMUl'4TS • (Ut4•AUDITE D} FOR I'HF PERIOD ADDED DICEMBER 31, 202 $

1.1 £irst Capital Equities Limited (the "Company'] was incorporated in Pakistan on January Z6, 1995 as a private limited company, under ttie Companies Ordinance, 1984 (now Companies Act, 2017). The Company was converted intoa public limited company on June 1B, 1997 and is listed on Pakistan Stock Exchange limited formerly Lahore Stock Exchange limited. The Company is a subsidiary of First Capital Securifies Corporanon limited. whJch owns 73.23'j6 (june Z0Z6: 73.23%) of the share capital of the Company. The principal activity of the Company is ro acquire. construct, develop, se11, rent otit and manage shops. apartments, villas and commercial buildings.

GeograptJical locations and addresses of all business units are as fiirst Capital House, 96-B/1 Lower Ground Pioor, Jft.M . Alam Road Guiherg-1 II, Lahore, Pakistan.

I.2 The Board of the Directors of the Company in their meeting held on ]une 28, 2019. owing to the continuous loss and adverse market conditions, decided to surrender the trading right entitiemerJ t certificate (TREC) of Pakistan Stock Exchange and discontinue its brokerage operation and to change tfie Principal objective of the Company from stock broker to real estate Company.

Ouring the period company incurred profit amounting fts. 9.10 Million and accumulated losses of tile company stand at Rs. 881.3B T'4illion as at Plarch 31, 2026 ({une 20a S: B89.BB Million).

Owing to the factors mentioned above the (on pany in order to carry on if business and to meet its obligations requires generalrig sufficient operating profits and cash flows. Accordingly there is a material uncertainty relating to me Company's operations that may cause significant doubt regarding discharge of its Iiability in the normal course of business. Continuation of the Company as going concem is heavily dependent on improved cash flows.

The management of the Company is confident Gat with change in principal activity and overall expertise of group in real estate sector will have positive impact on the financial performance of tfie company. Moreover, management is confident that tfie remaining loan payable to UBL will be settled by sale of proparties. Resultantly, these financial statements are prepared on going concern basis. The financial statements consequentty. do not include any adjustment relating to the realization of tlne assets and liquidation ofliabilities that might be necessary snould the Company be unable to continue as going concern.

z azsis or enzPnan ion

2.1 These condensed interim financial statements has been prepared in accordance with approved accounting standards as applicable in Pakistan for interim financia1reporting. As per the requiresents of the Internafional Accounting Standard 34 - "Interim financial Reporting" and provisions of and directives issued under the Companies Act, 2017 shall prevail

z.2 Tfiese condensed inBeinn financiai statements do not include all tne information and disclosures required. in the audited annual financial statements and should be read in conjunction with the audited financial statements of the Company for the year ended June 30, 202S. The figures included in the condensed interim statement of profit or loss and other comprehensive income for the quarter ended l4arch 31, Z026 and 20Z6 and in the notes forming part thereof have not been reviewed by the auditors of ttie company, as they have reviewed me accumuiated figures for the haif nine months ended March 31. 2026 and 2026.

°fhese financial statements have been prepared under the fiirrorical cost convention, except for invesotient propert ••a ‹ r i» r»ncial assets that are stated at fair value.

1. FUMCf'f Of4AR AND PRES£NTAT IOnl CIfRREH€Y

   Tfiese financial statemen Is are presented in Pakistan Rupees which 1s also the Company's functional current.

2. MATERIAL ACCOtNTING POMCIM

The accounting policies and meGods of computation adopted in the preparalaon of these condensed interim financial statements are the same as those applied in the (ompany's annua1 audited financial statements for the year enfied June 30, 2025.

s.z SNndards, Amendments and iatergretations adopted during the period

There are certain standards, amendments and interp relations to approved accounting standards that are effec0ve in the current year but are

‹•••iaered not to be relevant or to have any significant effect on the Company's operations and are, therefore, not detailed in these condensed interim financial statements. •

S.2 Standards. aaieadmecW and tetergretatioas to ex qg stangargs tbat are not yet egoct se ané haye z+ot been early

There are certain standards, arriendments and interpretations to approved accounfing standards that are effective for accouning periods beginning on ]uly 1. TO25 but are considered not to be relevant or to have any significant effect on the Company's operations and are. merefore. not detailed in Gese condensed interim financial information.

$.3 Taxahon

Income fax expense is recognized in each interim geriod based on best estimate of 0+e weighted aYerage annual income tax rate expected for the full financial year. Amounts accrued for income lax expense in one interim period may fiave to be adjusted in a subsequent interim period of tfiar financial year if the estimate of the annual income tax rate changes. '

s siociricasi iccouxTtss June+iEnis use csiimyzs

The preparation of interim financial statements requires management to make judgments, estimates and assumptions rhat affect fhe application uF accountTng policies and the regorte4 amount. AMat Yesutias may difier from these )odgments, estimates and assumpgons.

However, the management believes that the change in outcome of judgments. estimates and assumptions would not have a material impact on the amounts disclosed in tnese condensed interim financial statements. {udgmenG and estimates made by the management in tit preparation of tfiese condensed interim financ tal statements are the same as those applied in the Company's annual audited financial statements for the year ended Jflne $0. 2026.

The Company's financial risk management objecfives and policies are consistent wim those disclosed in the Company's annual audited financial statements for the year ended {une 30, Z02S.

1. PROfCRGBITAUDEQUIPwrwT

   Opening --Net 8ook Value Depreciation during the period/year

   233,993

   
   
   

   ' (73.445]

   t12,S37 160,548

2. I hfVESTM£HT PROPERTY

   Opening balance

   Acquisifion duing the period/year Disposal during rhe period/year

   (Decrease) / lnttease in fair value

   824,776,OOO g24.776,OOO 824.776,000

   824.'7?6,000

   874.776,000

   824,776,000

   
   
   

   824,7f 6,0O0 824,776,000

   a.i The carrying amount of investment property is the fair value of property as determined by approved independent valuer as at June 30, Z02S. Fair value is determined keeping in view the iocation of the land arid inquiries iii the vicinity, the trend and tone of sale / purchase of property in the respective areas.

   8.2 Investment Proper comprises various shops / couerers in various shopping malls sicuaed at Gujranwala and Gujrar These properties are under mortgage by banM against the borrowings.'The Company has ttje intention to sell off chis gropertier to pay off tfie bank borrowings.

   
   
   

3. TIDY DEBTS - TNSECURED

Charge for tfie period / year •

Cl 'rig balance

IO SHOBT TE9M GNWSTMENTS

At falr value thrsugfi grogt or Goes

Quoted equity securities Opening balance

Unrealized gain/(loss) remeasurement of investment at fair value through profit or loss

43.941.364

10.1 Shares fraying carrying amount of s. Bt,265,770/- (2025: ks.43.870, E50/-) and marker value of s. 7t,596,824/• {2025: Rs.81,265,770/-) are

pledged as securig against loans.

t I TRADE Af4O OTHPR PAYA8M5 - UHSECUReD

11.I This includes foilovring balances payable to related parties:

Falcon Commodities (Pvc) Ltd Media Times Limited

I¥ LON4TERMfNAWCB4

£oan from financial institute -- Secured

Tess: Current ponion shown under current liability

Repayment/Settlement Impact oFrechedulJng

Current portson shown ender current liability

7t,5e7,960

642,163,213

(7,506,000]

634,657.213

825.776,086

(72,954,000)

(110,658,873)

(7.S06.£100)

634,657,2 13

financing / loans / advances obtained as per Islamic mode Interest or mark-up accrued on any convenfional loan or advance Long-trrin and short-term sharlah compliant 1nvestments Shariah compliant bank deposits / bank balances / TDRs

Smtemont of profit or Isa:

Revenue earned from a shafiah compliant business segment

Pront earned from shariah compliant bank deposits / balances J cpus Exchange gale earned

Profit earned from sharian compliant invesonents

Profit / interest earned on any convenfior›al ioan or admance paid on any conyentional loan or adv• t'4ark up / profit paid on Islamic mode of financing

Interest paid on any conventional loan or advance

Z,S09,*30

Id COJ4TU4GENCI£S AnD COM 'HTMff4 TS

Tnere has been no material change in ttie status ofcontingencies disclosed in Company's financiai smtements for the year ended June 30, 2025.

IS TR4 fJSnCTIOHS WITH RELATED PARTIES

The related parfies comprise parent company, relatea group companies, local associated undertnlñngs, directors, key management personnel and their close family members. The Company in the normal course of buslness carries out transactions witfi various related parties. Closing baiances of related parties are disclosed in respecfive notes of these financial statements, {here are not any significant transactions aim related panes

r man tfiose disclosed elsewhere in the condensed interim financiai statements.

16 fiAtR CANOE MEASUREMENT

The carrying values of financial assets and liabilities approximate their fair values. The table below analyzes financial assets that are measured at fair value, by valuation metliod. The different levels have been defined as tollews:

• Level i : Quoted prices in act›ve markets for identical assets and jiabijities•

• Level Z : Observnble inputs; and

• Level 3 : Unobservable inputs

The Compalsy held tfie fellowing financial assets and liabilities at fair value;

1,0OB,383,939

Financial LiabiIi ties

Tfiere is no movement between level 1. 2 and 3 during the period

IN DATE OF AITNORtZATtO/l

This condensed interim financial sWternents were aurhorized for issue by the Board of Directors on Apri1 28, 2026.

1. CORRE8PONDING FIGURES

   Corresponding Pigures have been re-arraaged and re-classified, wherever necessary, for the purpose of comparison. However, no significant re classificationhave been made.

2. GENERAL

Figures have been rounded off to the nearest rupee.

ChieF CzecuMve Officer