Transmission of Quarterly Financial Statements for the Period Ended 12-31-2025

FIRST CAPITAL SECURITIES CORPORATION LIMITED FINANCIAL STATEMENTS

HALF YEARLY ACCOUNTS (UN-AUDITED) DECEMBER 31, 2025

First Capital Securities Corporation Limited Company Information

Board of Directors

Shehryar Ali Taseer (Chairman) Aamna Taseer (CEO) Shahbaz Ali Taseer

Shehrbano Taseer Umair Fakhar Alam Haider Sajjad Waqar Nisar

Non-Executive Executive

Non-Executive Non-Executive Non-Executive Independent Independent

Chief Financial Officer Saeed Iqbal

Audit Committee Umair Fakhar Alam (Chairman) Shehrbano Taseer (Member) Waqar Nisar (Member)

Human Resource and Remuneration (HR&R) Committee

Umair Fakhar Alam (Chairman) Aamna Taseer (Member) Shehrbano Taseer (Member)

Risk Management Committee Shehrbano Taseer (Chairperson) Aamna Taseer (Member)

Umair Fakhar Alam (Member)

Company Secretary Sajjad Ahmad

Auditors

Malik Haroon Ahmad & Co. Chartered Accountants

Legal Advisers M/s. Ibrahim and Ibrahim

Barristers and Corporate Consultants Lahore

Bankers Allied Bank Limited

Bank Alfalah Limited Faysal Bank Limited Soneri Bank Limited Silkbank Limited

Registrar and Shares Transfer Office Corplink (Pvt.) Limited Wings Arcade, 1-K Commercial Model Town Lahore

Tel:

42) 35839182

Registered Office First Capital House

96-B/1, Lower Ground Floor

M.M. Alam Road, Gulberg-III Lahore, Pakistan

Tele: + 92-42-35778217-18

DIRECTORS' REVIEW

We, on behalf of the Board of Directors of First Capital Securities Corporation Limited (the "Company" or "FCSC") are pleased to present the auditors' reviewed condensed interim financial statements of the Company for the six months ended 31 December 2025.

Operational Results

The operating results of the Company are summarized as follows:

Financial Overview

31 December 2025 31 December 2024

Rupees Rupees

The Company recorded an unrealized gain on investments of Rs. 152.S19 million, compared to Rs. 85.798 million in the corresponding period last year. Operating expenses amounted to Rs. 9.626 million, as compared to Rs. 6.910 million in the corresponding period last year. As a result, the Company achieved an operating profit of Rs. 266.092 million, compared to Rs.

79.419 million in the same period last year. After accounting for finance and other costs of Rs.

116.114 million (2024: Rs. 185.747 million), the Company reported a profit after taxation of Rs. 136.90S million, compared to a loss of Rs. 106.16S million in the corresponding six months of last year.

Accordingly, earnings per share (basic and diluted) stood at Rs. 0.43, as compared to a loss per share of Rs. 0.34 in the same period last year.

The financial results of subsidiaries of tFie Company during the period under review are given hereunder:

First Capital Equities Limited ("FCEL") has reported a profit of Rs 102.43 million in FH26 as

, compare to Rs. 71.71 million in FH2S. Due to discontinuation of operations, the brokerage income of FCEL is NIL in both periods. Further, the FCEL recorded capital gain / (loss) of Rs NIL against Rs. NIL last year. The Un-realized loss on re-measurement of investment is recorded at Rs. 136.99 million. Operating expenses decreased 39*S during the period under review.

Accordingly, earnings per share from continuing operations were Rs. 0.720, compared to Rs.

0.507 in the same period last year, while loss per share from discontinued operations remained Rs. 0.003 in both periods.

Evergreen Water Valley (Pvt.) Limited ("EGWV") the EGWV recorded the revenue of Rs.

607.555 million as compared to Rs. 34.179 million during the corresponding six months period. Net profit for the period is Rs.73.641 million as compared to loss of Rs.7.198 million in last year.

First Capital Investments Limited ("FCIL") reported profit after taxation of Rs. 40.82 million (EPS: 1.94) as compared to profit of Rs. 38.04 million (EPS: 1.g1) in the corresponding period last year, mainly attributed to unrealized profit on re-measurement of investments of Rs. 40.82 million during the period under review. Unrealized profit on re-measurement of investments is subjected to a positive return of stock market (KSE-100 index). The KSE -100 Index recorded a return of 38.55% during the first half of FY-2025. Asset Management Fee has increased to Rs. 2.45 million as compared to Rs. 1.55 million in the corresponding period last year.

Lanka Securities (Pvt.) Limited ("LSL") generated a total revenue LKR. 462.759 million, and reported a net profit of LKR. 34.71 million, during half year which translates into an EPS of LKR. 182.091, during the period under review.

The Board of Directors of the Company has approved the disposal/sale of 16,561,634 shares (78.86% of the total shareholding) in First Capital Investments Limited ("FCIL"), an Asset IVlanagement Company, to any prospective buyer in the market, as per the terms and conditions to be approved by the Board of Directors. Further, the Company to also make disinvestment in defunct subsidiary companies namely First Construction Limited and Falcon Commodities (Pvt.) Limited, subject to necessary corporate approvals. Further, the Company to make additional equity investment up to Rs. 500.00 million in the shares of Pace (Pakistan) Limited, an associated company, through purchase from open market. In this respect CEO is authorized to call Extraordinary General Meeting of the Shareholders of the Company and determine the book closures.

Outlook

The Company in order to strengthen itself remained completely focused on maintaining its growth momentum. The management is monitoring its resources and making earnest efforts to reap the maximum benefits from them for its shareholders. This involves optimizing revenue generation from core operations.

Acknowledgement

Directors of the company place on record their sincere appreciation for the assistance and cooperation provided by financial institutions, government authorities and other stake holders.

.The directors also appreciate the committed services of the employees of the Company.

For and on behalf of the 8oard of Directors

Chief Executive Officer

Lahore:

26 February 2026

An Independent Merriber of

UC

MAMK HAROON AHMAD & CO.

(Formerly Malik Haroon Shahid Solder Co }

Chartered Accountant s

INDEPENDENT AUOIT0R'S REVIEW REPORT

to the Members of First Capital Securities Corporation Limited Report on Review of Interim Financial Statements

Introduction

We have reviewed the accompanying unconsol›dated condensed interim statement of financial position of First Capital Securities Corporation Limited (the Company) as at December 31, 2025 and the related unconsofidated condensed interim statement of profit or loss and other comprehensive income, unconsolidated condensed interim statement of changes in equity, and unconsolidated condensed interim statement of cash flows, and notes to the unconsolidated condensed interim financial statements for the six month period then ended (here-in-after referred to as the "interilc financial statements") Management is responsible for the preparation and presentation of these interim financial statements in accordance with accounting and reporting standards as applicable in Pakistan for interim financial reporting.

Our i-esponsibility is to express a conclusion on thes=. financial statements based on our review. The figures of the unconsolidated condensed interim statement of profit or loss and other comprehensive income for the three months period ended December 31, 2025 and December 31, 2020 have not been reviewed, as we are required to review only the cumulative figures for the six months period ended December 31, 2025.

Scope of Review

*Ne conducted our review in accordance with International Standard on Review Engagements 2ñ10, "Review of Interim Financial Information Performed by the Independent Auditor of the Entitv' 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 consequent(y 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 are not prepared, in all material respects, in accordance with the accounting and reporting,

Emphasis of Matter

Without qualifying our conclusion, we draw attention to note 2 in the annexed unconsolideted condensed interim financial statements which indicate that the Company reported profit before tax amounting Rs 136 91 million, and current liabilities of the Company exceed its current assets by Rs. 3,210 7ñ million (June 30, 2025: 3,167.94 million). However, the Company in order to carry on its business and to meet its obligations requires generating sufficient operating profits and cash flows. These conditions indicate the existence of material uncertainty that may cast significant doubt about the company's ability to continue as going concern.

Head Office: 25-G, Gulberg IT, Lahore - 54G6O Pakistan.

Karachi Office: M 7/3, Khayaban-e-Saadi, DHA Phase VII, Karachi

0092 42 IU W2 IU

info@mhaglobal.org

Islamabad: Office No. 9 8 10, 3rd Floor Pakland Square ce I iarkaz, Islamabad

"A orin‹ing Wgd aed Business Adv»orx

MALIK HAROON AHMAD & CO.

(Formerly Malik Horoon Shahid Scfder & Co )

Chartered Accountants

An Independent Member of

The engagement partner on the review resulting in this independent auditor's rEview report is / falik Haroan Ahmad. MCA.

Lahore

Date: February 26, 2026

UDIN: RR 202510206Bz7gQK5ñr

'

Malik Haroori & co.

Chartered Accountants

Head Office: 2S-G, Gulberg TI, Lahore - 5466o Pakistan.

Karachi Office• M 7/3, khayaban-e-Saadi, DHA Phase VII, Karachi

Islamabad: Office No. 9 & Jo, 3rd Floor Pakland Square GB Markaz, Islamabad

0092 42 717 6ñ2 111 e Info@mhagIobaT.org @ www.mhagTobaI.org

MCS AMERI CA

A Strategic Alliance

'

FIRST CAPITAL SECURITIES CORPORATION LIMITED

UNC0NS0LIDA"£ED CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION (UNAUDITED) AS AT DECEMBER 31, 2025

NON-CURRENT ASSETS

Property, plant and equipment Investment properties

Long term investments Long term deposits

CURRENT ASSETS

9

10

11

6,803,414,871

6,768,880,922

Loans, advances, prepayments and other receivables 12

Short term investments 11

Advance tax

Cash and bank balances

CURRENT LIABILITIES

179,079,076

52,651,715

Trade and other payables Current portion of long term loan Accrued markup

NON-CURRENT LIABILITIES

Long Term Loan

Staff retirement benefits payable

IJ

3,389,817,691

294,266,039

3,220,593,252

439,434,544

CONTINGENCIES AND COMMITMENTS 14

The annexed notes 1 to 20 form an integral part of these financial statements.

Chief Executive Ofl'tcer Chief Financial Officer

Director

FIRST CAPITAL SECURITIES CORPORATION LIMITED

UNCONSOLIDATED CONDENSED INTERIM STATEMENT OF PROFIT OR LOSS (U14AUDITED) f•OR THE PERIOD ENDED DECEMBER 31, 202S

Revenue

Dividend income

117,468,364

530,6 75 63,7S8 42,82 9

The annexed notes 1 to 20 form an integral part of these financial statements.

Chief Executive officer Chief financial Officer

Director

FIRST CAPlTAL SECURITIES CORPORA TION LI MlTED

UNCONSOLIDATED CONDENSED INTERIM STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED)

FOR THE PERIOD ENDED DECEMBER 31, 202 S

Six Months Ended

Three Nloiitli.s Endect

3 T December 31 Dec ember 3 1 Dece rrber 3I December

2029 2024 207S 2024

_ Ruptes_ _ _ Rupees

136,90S,3 76 (106,16 5,4 71) (44,621, 744) (48,189,120)

Other comprehensive income for the period:

/tein.s that will never 1›e reclossified to profit and

ltems that may suhseqii ently i-eclassified to yrofiI

O ther cornpr ehensive income for the period

Tota1 compreliensive income/(Io ss) for the 13 6,90S,376 (106,16 S,47 t) (44,621,744) (48,189,120) period

The ai nexed notes 1 to 20 form an integral part of these financial statements.

Chief Fi ancial Officer

Chief Executive O fficer Director

FI9ST CAPITAL SECURITIES CORPORATION LIMITED

UNCONSOI.IDATED CONDENSED INTERIM STATEMENT Ofi CHANGES IN EQUITY {UNAUDITED) r0R THE PERIOD ENDED DECEMBER 31, 2025

The annexed notes 1 to 20 form an integral part of these financial smtements.

Cblef Executive Ofllcer

Director

PIRS'f CAPI TAL SECURITIES CORPORATION LIMITED

IjNC(JNSOLIDATED CONDENSED INTERIM STATEMENT OF CASH FLOWS (INAUDITED) FOR 'THE PERIOD ENDED DECEMBER 31, 2025

FIRST CAPITAL SECURITIES CORPORATION LIMITED

NOTES TO THE CONDENSED INTERIM UNCONSOLIDATED FINANCIAL STATEMENT (UN-AUDITED) POR THE PERIOD ENDED DECEMBER 31.2025

1. Legal status and nature ofbusiness

   1. First Capital Securities Corporation Limited t"the Company") was incorporated in Pakistan on 11 April 1994 as a public limited company under the repealed Companies Ordinance, 1984 (now Companies Act, 2017) and is listed on the Pakistan Stock Exchange Limited. The registered office of the Company is situated at 2nd floor, Pace Shopping Mall, Fortress Stadium, Lahore Cantt, Lahore. The company also has corporate office located in Karachi. The Company is involved in making long and short term investments, money market operations and financial consultancy services.

   2. These unconsolidated condensed interim financial statements are the separate condensed interim financial statements of the Company in which investments in subsidiaries and associates have been accounted for at fair value.

   3. During the half yearly period ended 31 December,2025 the Company made an equity

      investment in Pace Supermall (Private) Limited. As a result Pace Supermall (Private) Limited becomes subsidiary of the Company.

      
      
      GOING CONCERN ASSUMPTION
      
      

      During the six-month period ended December 31, 2025, the Company earned a profit before taxation of Rs. 136.91 million. However, as of the reporting date, the Company's current liabilities exceed its current assets by Rs. 3,210.74 million (June 30, 2025: Rs. 3,167.94 million). These conditions, along with the Company's historical financial performance, indicate the existence of a material uncertainty that may cast significant doubt on the Company's ability to continue as a going concern.

      The BOD and the management of the Company is taking various effective steps to make business operations profitable. In this regard the Board of the Directors of the Company and management is in negotiation with lenders and a third party for sale its pledge investment properties to settle principal amount and rental payable against diminishing musharaka agreement The management is confident that this will be done on favourable terms.

      Furthter, the management of the Company is confident that with economic stability in country and postitive trends in Pakistan Stock Exchange will have posifive impact on the financial Performance of the companv.

      In view of the situation set out above, although material uncertainty exists which may cast

      
      
      

      significant doubt on the Company's ability to continue as a going concern, however, the BoD and the management of the company are satisfied and firmly confident that all these conditions are temporary and would reverse in the near future and that the going concern assumption is appropriate, therefore, these financial statements have been prepared on the assumption that the company will continue as a goine concern.

      1. Statement of Compliance

         These unconsolidated 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 intefim financial reporting comprise of:

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

         Where the provisions of the directives issued under the Companies Act, 20J7 difier with the requirements of lAS 34, the provisions of and directives issued under the Companies Act, 2017 have been followed.

         These are the unconsolidated separate financial statements of the Company; consolidated financial statements have been presented separately. i, p y;y

         HRSTCAPITALSECURITIESCORPORATIONLMITED

         NOTES TO THE CONDENSED INTERIM UNCONSOLIDATED FINANCIAL STATEMENT (UN-AUDITED) FOR THE PERIOD ENDED DECEMBER 31, 2025

      2. Basis ofpreparation

         1. The comparative unconsolidated financial position is extracted form the audited unconsolidated financial statements of the Company for the year ended 30 June, 202S, where comparative unconsolidated condensed interim profit or loss, and other comprehensive income, condensed unconsolidated interim statement of cash flows and condensed interim unconsolidated statement of changes inequity are stated from unaudited condensed interim unconsolidated financial statements for the six months ended 31 December, 2024.

            4.Z These unconsolidated condensed interim financial statements are unaudited and do not include all the information and disclosures required in the audited annual unconsolidated financial statements and should be read in conjunction with the audited unconsolidated financial statements of the Company for the year ended 30 ]une, 202S.

      3. Basis of measurment
      
      
      

      These financial statements have been prepared under the historical cost convention except certain financial instruments which have been measured at fair value.

      Functional and presentation currency
      
      

      The financial statements are presented in Pak Rupees which is the Company's functional and presentation currency.

      Material accoun0ng policies
      
      

      The accounting policies and methods of computation adopted in the preparation of these unconsolidated condensed interim financial statements are consistent with those applied in the preparation of the unconsolidated annual audited financial statements for the year ended June 30, 202S.

      1. Standards, amendments and Interpretations to approved accounting standards that are effective in the current year

         There are certain standards, amendments and interpretations to approved accounting standards that are effective in the current year but are considered not to be relevant or to have any significant effect on the Company's operations and are, therefore, not detailed in these unconsolidated condensed interim financiai statements.

      2. Standards, amendments and interpretations to existing standards that are not yet

         effective andhave not been early adopted by the Company

         
         
         

         There are certain standards, amendments and interpretations to approved accounting standards that are effective for accounting periods beginning on July 1, 2025 but are considered not to be relevant or to have any significant effect on the Company's operations and are, therefore, not detailed in these unconsolidated condensed interim financial information.

      3. Taxation

      Income tax expense is recognized in each interim period based on best estimate of the weighted average annual income taz rate expected for the full financial year. Amounts accrued for income tax expense in one interim period may have to be adjusted in a subsequent interim

      period of that financial year if the estimate of the annual income tax rate changes. , qy

      FIRST CAPITAL SECURITIES CORPORATION LIMITED

      NOTES TO THE CONDENSED INTERIM UNCONSOLIDATED FINANCIAL STATEMENT (ON-AUDITED]

      FORTHEPER1ODENDEDDECEIMBER31,2025

      8 Significant accounting judgments and estimates

      The preparation of condensed interim unconsolidated financial statements in conformity with approved accounting standards requires management to make judgments, estimates and assumptions that affect the application of accounting policies and reported amounts of assets and liabilities, income and expenses. The estimates, associated assumptions and judgments are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the result of which form the basis of making the judgments about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. In preparing this condensed interim unconsolidated financial information, the significant judgments made by management in applying accounting policies and the key sources of estimation were the same as those that were applied to the financial statements for the year ended 30 June 2025. r..:y .

      ' '' ›/ i I.y * .'

      
      
      
      
      

      FIRSJ CAPITAL SECURITIES CORPORATION LIMITED

      NOTES '1'O THE CONDENSED INTERIM UNCONSOLIDATED FINANCIAL STATEMENTS (UN-AUDITED) FOR THE PERIOD ENDED DECEMBER 31, 202 5

      Property, plant and equipment Operating fixed assets
      
      

      9.1 Operating fixed assets

      Sook value at start of the period/year Add:

      Adclitions during the period/year

      
      
      

      9.1 10,590,579

      10,590,579

      171,100,643

      171,100,643

      171,100,643

      14,723,3 10

      
      
      

      Revaluation surplus

      160,000,00 0

      Less:

      171,100,643

      174,7 23,3 10

      Disposals during the period/year (at book value) Depreciation expense for the period/year	(1 56,452,237) (4,057,827)	J3,622,667)
      	(160,510,064)	(3,622,667)
      Honk value at end of the period/year	l0,590;S79	1 71,100,643_
      10 Investment properties Ope ning balance	4,352,149,297	3,364,342,900
      Acquisition during the period/yea i-
      Disposal during the year
      l'air value ad justment
      	(320,951,200}	987,806,397
      Clusing balance	4,031,198,097	4,352,149,297

      (320,951,200)

      200,386,169 787,420,2 28

      1 0 1

      i 0.2

      Investinent property amounting Rs. 3,381 Million (]une 202S: 3,381 Mill ion) is mortgaged with Silk Isank Limited (Eman 1s1amic Banking) against diminishing musharaka agreement.

      F air value of investment properties is determined by independent professional valuer. Latest valuation of these properties was carried out on June 2, 2025 by approved independent valuers present on panel of Pakistan Bankers Association, II.G Traders Pvt. Limited. The management beIieves that the fair values of investment properties have remained largely unchanged.

      
      
      

      FIRST CAPITAL SECURITIES CORPORATION LIMITED

      NOTES TO THE CONDENSED IhiTERIM UNCONSOLIDATED FINANCIAL STATEMENTS (UhI-AUDITED)

      FOR THE PERIOD ENDED DECEMBER 31, 2025

      1. Investments-Short and long term

         Carrying value of investments at the beginning of the period

         452,854,329

         / year Add:

         Additions during the period/year Others

         Unrealized gain/(loss) on re-measurement of investments at fair value through profit or loss

         
         
         

         Investments disposal of short term investments Market value at the end of the period / year Less:

         1nvestments classified in Short term investments Investments classified Long term investments

         2,296,531,391 1,575,893,883

         452,854,329

         152,518,864 730,198,603

         - (9,561,095)

         2,901,904,584 2,296,531,391

         140,315,889 50,937,909

         2,761,588,695 2,245,593,482

         11.1

         Investments in related parties and other Subsidiary companies - Unquoted Associated companies - Unquoted Subsidiary company - Quoted

         Associated company - Quoted

         Other quoted classified in current asset

         11.2

         1,319,1S4,334

         88S,27S,127

         383,342,S17

         173,816,717

         140,315,889

         866,187,505

         885,387,627

         373,614,062

         164,533,6S2

         50,937,909

         2,90fi,904,584 2,289,722,846

         1. All quoted securities have been remeasured at fair value where a reliable valuation is available. Quoted securities for which a reasonable fair value cannot be determined have been maintained at their June 30, 2025 values.

         2. During the period the Company made an equity investment of Rs 4S2,854,3 29 (56.86%) in Pace

            Supermall (Private) Limited. As a result, Pace Supermall (Private) Limited becomes subsidiary of the Company. (June, 202S: 0.07%)

            
            
            

      2. Loans, advances, prepayments and other receivables Loans and advances

         Due from related parties - unsecured, considered good 33:760.,'005

         - . -

         12.1 This represents an unsecured, interest-free balance receivable from Pace Pakistan Limited (an Associated Company) in respect of the sale of investment property by Pace Super Mall (PW) Limited.

         FIRST CAPITAL SECURITIES CORPORATION LIMITED

         NOTES TO THE CONDENSED INTERIM UNCONSOLIDATED FINANCIAL STATEMEhiTS (UN-AUDITED)

         FOR THE PERIOD ENDED DECEMBER 31, 2025

      3. Trade and other payables

         Creditors

         Accrued liabilities

         Security deposit from tenants Final settlements payable Withholding income tax payable Levy tax payable

         Other liabilities

         13.1

         13.2

         13.3

         7,456,074

         29,657,849

         486,660

         22,490,476

         3,204,078

         63,295137

         7,456,074

         25,370,941

         486,660

         22,490,476

         3,204,078

         59,008,229

         1. This includes an amount of Rs. 23.27 (june 2025: 20.77) million related to the salaries of employees.

         2. This amount shall be payable on demand.

         t3.3 This represents amount payable to employees who have left the Company on account of final settlement of

         gratuity.

      4. Contingencies and commitments

         There are no significant changes in contingencies and commitments from those disclosed in the preceding annual financial statements of the Company for the year ended 30 June 202S.

      5. Transactions and balances with related parties

         Related parties include subsidiaries, associates, entities under common control, entities with common directors, group companies, major shareholders and key management personnel. Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the Company, directly or indirectly,

         
         
         

         including any director (whether executive or otherwise) of the Company. Significant related party transactions have been disclosed in respective notes to these financial statements other than the following:

         
         
         

         Relac¥onship with uc dertakiog

         0

         Sobsidia z•y corrtpazz tee

         f'tey mao agement p ersonnel

         
         
         

         Divtdertd Escome z•eceived torrrt 117.400, E52

         Lanlza Securiaes I Privacel Limited

         Purchase oF shares 452.8S4-. 329

         Dividend income - 487.£i46

         Issuance of Unic / against dividend - 414,669 Sale of property plant equipment 16O,00O,OOO

         Sale oI Investment pro perty 326.682,OOO

         Sa Iaries and of er employee 1,952.640

         FIRST CAPITAL SECURITIES CORPORATION LIMITED

         NOTES TO THE CONDENSED INTERIM UNCONSOLIDATED FINANCIAL STATEMENTS (UN-AUDITED)

         FOR THE PERIOD ENDED DECEMBER 31, 2025

      6. Fair value 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 method. The different levels

      • Level 1 : Quoted prices (unadjusted) in active markets for identical assets or liabilities;

      • Level 2 : Observable inputs; and

      • Level 3 : Unobservable inputs

      The long and short term equity investments and investment properties are carried a‹ rair value. There is no movement between level 1, 2 and 3 during the period.

      
      
      

      The Company held the following financial assets and liabilities at fair value;

      
      
      

      Financial Asset Level 1:
      Long term investments	2,378,246,178	1,871,979,420
      Short term investments	140,3 15,889	50,937,909
      Level 2:
      Level 3:

      Long term investments Financial Liabilities

      383,342,517 373,614,062

      2,901,904,584 2,296,531,391

      There were no reclassifications of financial assets and there were no changes in valuation techniques

      during the period.

      
      
      

      F1RS'F CAPITAL SECURITIES C0RP0RAT10 I LIGHTED

      
      
      

      NOTES TO THE CONDENSED INTERIM UNCONSOLIDATED FINANCIAL STATEMENTS (UN-AUDITED) FOR THE PERIOD ENDED DECEMBER 31, 202S

      
      
      

      17

      Fi rat n cin g / loa us /a dna rices obaI in ed as per

      Islamic moñe

      InDeresC or mark-up accrued on any conven‹ional)oan or advance

      Long-term and short-term shariah compliant lnvesCrnenfs

      1,600,000,000 1.G0O,OOO.OOO

      
      
      

      72,$43,7OO

      SpartaIn corrt pma n I b arid

      
      
      

      ba a1 ri res / TDRs

      / bank

      
      
      

      S ta te zzc en I o £ Pro bit Or Tos e:

      Steven we ea rn ed fr orrta sha r ai U court p tia n t b u sin ess seq en t

      ProfL ea r new fz" or sha r ia b com p tai b ank deposits / Da lances / TD ts MoH An ge gain earrted

      rt t

      626,794

      Mr o£it ea rned £r ozrr sha r i at compiia n I

      ill v es t zr+ ert £s

      r' or c txt ter es I earned on arty comven tiozra I loan ora d va zt ce paid amany conveat ti art a T to art

      or ad v arrce

      Mark up / profit pa i d on Is la rztic rr ode of fin arcing

      Interest paid on any conventional loan or

      advance

      
      
      Oisctos ores other thana b ove are slota pps icab ie on the cornpa n y . .
      
      
      
      

      FIRST CAPITAL SECURITIES CORPORATION LIMITED

      NOTES TO THE CONDENSED INTERIM UNCONSOLIDATED FINANCIAL STATEMENTS (UN-AUDITED) fiOR THE PERIOD ENDED DECEMBER 31, 2025

      l8 Authorization of unconsolidated condensed interim financial statements

      This condensed interim financial information was authorized for issue on fi N # ñ -ñ by the Board of Directors.

      19 Corresponding figures

      Corresponding figures have been re-arranged and re-classified, wherever necessary, for the purposes of comparison. However, no significant re-classifications have been made.

2. 0 General

Figsres have been rounded off to the nearest rupee.

Chief Executive Officer Chief Financial Officer Director

FIRST CAPITAL SECURITIES CORPORATION LIMITED

CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS AT SEPTEMBER 31, 2025

STATEMENT OF CONSOLIDATED CONDENSED FINANCIAL POSITION STATEMENT OF CONSOLIDATED CONDENSED PROFIT OR LOSS STATEMENT OF CONSOLIDATED CONDENSED COMPREHENSIVE INCOME STATEMENT OF CONSOLIDATED CONDENSED CASH FLOWS

STATEMENT OF CONSOLIDATED CONDENSED CHANGES IN EQUITY

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FIRST CAPITAL SECURITIE$ CORPORATION LII ITED

CONSOLIDATED CONDE USED INTERIM STATEMENT OF FINANCIAL POSITION AS AT DECEMBER 81, 2025

Andited 30 June

2 025

Non•current assets

Property, plant and equipment 1ntangfble assets

Investment properties

1nvestments accounted for using the equity method Long term investments

Long term deposits and advances - considered good Deferred tax

Current asseM Stock in trade Trade debts

Loans, advances and other receivables Prepayments

Short term investments Cash and bank balances

Current liabilities

Trade and other payables

Current portion of mobilization advance Current portion of lease liabiliry

Current portion of long term Ioans Accrued markup

Provision for taxation

Net current assets/(liability)

Non-current liabilities

Staff retirement benefits Long term loans Mobilizafion advance Long term lease 1iability

5 294,740,588

2,500,000

S,09Z,S74,097 632,S53,99Z

265,0Q0

88,699,556

1,783, Z59 6,i 13,116,492

6

29,969,396

290,908,636

t5,830,93 2

(Z,548,Sl0,341) 3,S64,606,1 S1

336,708,964

462,923,076

2,50 0,00 0

5,413,5 2S,297

625,625,609

3 0,S13,7 40

88,739,605

J,863,29 1

6,62S,690,4 18

(2,170,945, 277)

28,484,299

1,07 1,020,849

8,276,S S0

8,993, 436

4,4S4,744,8 41

1,126,775,13 4

Contingencies and commitments

3 227 897 187 3,3 27 969 707

Represented by

Equity

Share Capital and Reserves

Authorized share capital:

320,000,000 (2023: 320,0 00,000) ordinary shares of Rs 10 each

Issued, subscribe d and paid-up share capital Exclange rranslation reserve

Reserves capitalized Revaluation surplus Retained earnings

Equity attributable to owners of the Parent Company

Non-contro Iling interests (NCI)

3200000,000

3,166,101,120

8Z,609,188 (lS6,724,146]

(709,117,217]

2,382,86B,945

845,0Z8,242

3,Z27.897 187

3,200 000 00 0

3,166,101,120

94,854,47 4

480,0 S4,923

IS 9,3 33,33 3

(1 089, 494,47G}

7,8I 0,8 49,374

S T7,120,33 3

3,3 27,969 70 7

The aunexe d notes 1 to 14 form an integral part of this condense d interim consoli dared financial statements.

ChieF Executive Officer £hief Financial Officer Director

cosrsueD ornsAross

Operating revenue

(Loss)/gain on investment properties

Unrealized gain on re-measurement of investments at fair

value through profit orloss'

Operating and administrative expenses

Other income F'lnance costs

Share of loss from Investments accounted for using the equity method - net oftax

Profit/loss) before income tax and Onal tan differenfial

Final tax differential Profit/{toes) before taxation

t,03B,BS6,362 t87,792,J61

(STT,66T,290} (60,O86,B79j

S27,19S,O7Z 127,70S,282

853,639,704 133.876.293

{Z39,S74,9Sz1 ft27,548,609§ 541,259,824 134,032,966

64,864,47T 43.09 t,742

{T60,267,902} (I 90.374,64/

MS,8S6,399 (13.2 9,939)

(9,836,925)

(23,086,864§

(6,334,897§

4oa,ao ,zo (zs, zi,7sij

528,T30,3T7 140,917,02B

{g53.T0O,60S§ (33.259.106j 259,0Z9,71Z 107,657,92Z

89,362,597 103982,8Z4

f92,179,352/ f63,13B,67 256,212957 1 48,50 2,075

zz,o+s,oas zs.sae.ass

{74,B61,1O2} (9O,904,713§

13,300,S8 S (2,328,907)

zc9,7oi,sze 8i,zo7,9 1

{26,4t.6,836] (4,732,711j

't93,28+,692 76,475,200

Basic and diluted Ion per show - from continued operation

Besic aod d0uted Toes ger rbere - from dtscondnoed

(0.23)

a.so 0.08

{0.0005} (0.0002)

Cbie£Piaagcial Officer

The anneaed notes 1 to t4 form an integral part of his condensed interim consolidated financial statements.

ChiefRzecutive Officer

Director

rinsz en+'URL sscuiurT8s coneo8aziox cissrrsD

coxsoccoxreo coxoenseD iczep/ci szazecie/w or coyr+rEuexslveixcoye -(u»-z»ajreaj

POR TAB Bg@OD BNDED 31DgCgMBER 2025

Profit/goss§ after taxation

Other comprehensive Income/(loss) for t6e per4od

Remeasunement of defined benefit plan - net of tax

Revauaaon of plant arid ajact+inery

Items thnt mcvbe niGseouenrfv recIus.steed to proJt or foss•

329,B38,567 f29,87B,S761 193,8O6,675

76,397,895

8hare ofotfier comprehensive income/(loss) of

investments accounted for using the equity method - net oftax Exchange aitferences on translation of foreign operations recognised as:

• Exchange translation reserve

• Pon-controlling interests

  Otfier comprehensive income for tEe period

  Foiat comprebendve (loss)/profit for tfie period

  Total comprehensive (loss)/Income attrlbutable to :

  NZ2WS286]

  I2,00t7 0

  (I1,T65,079 IIS31,$22

  fTTSK838]

  6,215,971

  8g74t7B 5,972,207

  
  
  

  {24,O$O,365 23,532 902 {54,Z33,O16] 12,188,17P

  3O5,528,2O2 f6,345,6741 1T9,573,6S9 88,S86,073

• Owners oFtfie Parent Company

208,798,64O 61,767,B90$ 1SO,571,175

30,792.784

• Non-controlling interest

96,729,S62 5S,422,2t6 29,OO2,484 57,793,289

305,SZ8,202 (6,345,674) 179,S73,659 88586,073

ChteFP gazsciaT Officer

The annexed notes 1 to t4 form an integral part of this condensed interim consolidated financial statements.

fililef Ezecutlve officer

Director

rinsr cnerrac secuernes cosromrioa riuirzD

coasocinnrcD cosnz szn iciEaiu sia zuznr or ciusozsinsqcivY - tun-a»ai«›aj

FOR BE PWO0 ENDgD 3$ DECEMBER 2O 8

3,366.10t,t20

I.,977,902,4tO

Other comprehenslve Income/(loss foe tfie period

Total coasgrehe Ave Tncoase/gozs} for cbe pefiod DlWdeng paid to non-conaolliog interest

t2,00y,780

t°^,769,670) t^•'767,890)

5S,422,2t6

(6,345.674)

3,166,I0I,I2O S,I66,IOti20

ss,+ss,ss2 - +8o,os+,sz3 iz.zza,asc,++sj t,sts,zzo,tss +ss,zae,s77 ,s71,sss,7ac

Loss for the perlod

Other comprehensive income

Wnsfer of revaluadon surplus on account ofIncremental degrectatton ReyaluaQon su@lus oansfer to retzlned eamlng

Non-control1ing Igterests at tnlttal acqutsldon Fatr value reserves at lntdal acquisition Dividend patd to non-controllingInterest

(i2,2sS,286) [$59.333,333)

(636,779,069)

360,377.2I29

208,?98,640 96.729.562

(636,779.069) 231,178,347

(405,600,722)

rise.Hz+,I+o›

fzos iJz,zz7› z,sez,ass,s+s

a+s,ozs,z+z

Jazz.es7,taz

The anoeced notes to 34 form an Integral pad otthls condensed tntertm consolidated financial statements.

FIRST CAPITAL 8ECURITIE5 CORPORAT'J0N LIMITED

CONS0LIDATrD CONDENSE D I NTERIM CASH FL0 WS - (INn Andited) FOR THE PERIOD ENDED 31 DECEMBER 202S

Cash fiows from operating activities

Fixed capital expenditure Short term investments - net

Proceeds from sale of property, plant and equipment

Proceeds frori+ disposal of investment property Investment available for sale - net

Dividend recelved

Purchase of Subsidiary - Pace Super mall Iriterest received

The annexed notes t to 14 form an integral part of this condensed interim consolidated financial statements.

Chief Execufive Officer Chief Financial Officer Director

Ptrst CaptMT Semrities CozgoraDon L}mtEed Groug

Notes to be Consolidated Condensed Intez•Im PTnancTaT InFormadon • (Un-Audited)

fiOR THE PERIOD ENDED 31 DECEMBER 2025

1. the Group and its operations

1.I First Capital Securities Corporation Limited ('the Holding Companys was incorporated in Pakistan on April 11, 1994 as a public limited company under the repealed Companies Ordinance, t984 and is listed on tfie Pakistan Stock Exchange. The Company is involved in malt ng long and short term investments, money market operations and financial consultancy services. Geographical location and location of other offices are as under:

head Office

First Capital House Lower Ground Floor 96 B/1 Gulberg III, Lahore.

K2 The Group consist of First Capital Securities Corporation Limited, (the Holding Company), Ever Green Water Valley (Private) Limited, Falcon Commodities (Private) Limited. First Capital Equities Limited, First Capital Investments Limited, First Construction Limited. Lanka Securifies (Private) Limited, Ozer Invesnnents limited and Pace Super Mall (Private) Limited (tfie subsidiary companies) [together referred to as 'the Groups and the Group's interest in equity accounted investee namely: Flrst Capital Mutual F•und, Media Times Limited and Pace Barra Properties Limited.

Percentage ofHolding

Ever Green Water Valley (Private) Limited (the Subsidiary Company) was incorporated on December 22, 2005 as Private Limited Company under the repealed Companies Ordinance. 1984. The Company is engaged in the business of lnsallation & manufacturing of Water purification plants. RO systems, water softness systems and Construction of Buildings and other related activities. The registered office of the Company is situated at First Capital House Lower Ground Floor 96-B-1 Gulberg III, Lahore. Ever Green Water Valley (Private) Limited is the wholly owned subsidiary of the Holding Company.

Falcon Commodities (Private) Limited (the Subsidiary Company) was incorporated on December ZZ, 2005 as Private Limited Company under the repealed Companies Ordiiiafice. 1984. The pfincipal activity of tfie Company is to carry on the business of commodities brokerage as a corporate member of Pakistan Mercantile Exchange Limited. The registered office of the Company is situated at 4th Floor, Lakson Square Building No,0l Sarwar Shaneed Road Karachi. Falcon Commodities (Private) Limited is the wholly owned subsidiary of the Holding Company.

1.S First Capital Equities Limited (FCEL) (the Subsidiary Company) was incorporated in Pakistan on January' 26, 1995 as a private limited company, under the repealed Companies Ordinance, t984. The Company was converted into a public limited company on June 18, t997 and is listed on Pakistan Stock Exchange Limited formeily Lahore Stock Exchange Limited. The principal activities of the Company incmde share brokerage and conduc rJg / publishing business research. The Holding Company has 73.2396 ownership in First Capital Equities Limited.

t.e Lanka Securities (Private) Limited (the Subsidiary Company) was incorporated in Sri Lanka in the year of 1989. The principal activity of the Company is equity debr security brokering and undertaking placement of equity debt securities. The registered omce of the Company is situated at No. 228/1. Galle Road, Colombo 04, Sri Lanka. The Holding Company has 519b ownership in Lanka Securities (Private) I.imited.

1.9 Oyer Investments Limited (OIL) (the Subsidiary Company) was incorporated in Sr* I.anka In the year of 2010. OIL has not yet started its commercial activity however main objective of the Company is to provide financial advisory, portfolio management, margin provision unit trust management and stock brokerage services. The registered office of the Company is situated Colombo, Sri Lanka. Over Investments Limited is the wholly owned subsidiary of the Holding Company.

1.$0 Pace Supermall (Private) Limited (PSIL) (the Subsidiary Company) ) was incorporated in Pakistan on Plarch 27, 2003 as a private limited company under the repealed Companies Ordinance, t984 (now the Companies Aet,2017). The registered office of the Company is situated at 124 E-1, Culberg III. Lahore. The principal activity of the company is to acquire by purchase or otherwise land and plots and to seii or construct lease, hire and manage buildings, shoppings malls, super markets, utility stores, plazas, shopping arcade etc.

1.11 There were no change in composition of the group during the quarter ended 30 September, 2025, except that the Company made an equity investment of Rs *S2,85*,329 (56.86°ñ) in Pace Supermal* t" ivate) Limited. As a result, Pace Supermall (Private) Limited becomes subsidiary of the Company. (2025: 0.079'«)

1. Ba*i ofprepido»

   Z.1 These condensed interim consolidated financial statements has been prepared in accordance with approved accounting standards as applicable in Pakistan for interim financial reporting. As per the requirements ot the international Accnunfing Standard 34 - "Interim Financial Reporting" and provisions of and directives issued under the Companies Act, 2017 shall prevail.

   1. These condensed interim consolidated financial statements are unaudlted and do not include all the information and disclosures required in the audited annual unconsolidated financial statements and should be red in conjunction with the audited consolidated financial statements of the Company for the year ended 30 June, 2025.

   2. The comparative condensed interim consoJidatea financial position is extracted form the audited consolidated financial statements of the Company fot the year ended 30 June. 2025. where comparative consolidated condensed interim profit ot loss. and other comprehensive income, condensed consolidated interim statement of cash flows and condensea interim consolidated statement of changes inequity are stated from unaudited condensed interim consolidated financial statements for the six months ended 31 December, 202S.

   3. This consolidated condensed interim financial information is presented in Pak Rupees which 1s the functional and presentation currency of the fitoup. Figures have been rounded off to c e nearest rupee.

2. Significant accounting policies

   Accounting policies and methods of computation adopted in me preparation of this consolidated condensed interim financial report are the same as those applied in the preparation of auaited annul consolidated financial statements of tfie Group for the preceding yéar ended 30 June 202S.

   1. InTttaT application of standards, amendments or an }ntergreta0on to ex4stfng standards

      The folIowing amendments to existing standards have been published that are applicabIe to the Company's consolidated NJnancial ' statements covering annual periods, beginning on or after the following dates:

      3.L1 Standards, amendments ané in¥ergreMtioo8 to approved accounting standards tbat are elective In tfie wrrent year

      There are certain standards, amendriients anñ interpreations to approved accounting standards that are effeftive in the current year but are considered not to be relevant or to have any significant eftect on the Group operations and are, thererore, not detailed in this condensed interim financial information.

      3.1.2 Standards. amendments and Interpretations to exlstlng standards tlilt are not yet eifectlve andhave not been early adopted by

      the Comps yy

      There are certain standards, amendments and interpretations to approved accounting standards that are mandatory for the Company's accounting periods beginning on or after t July 2026 or later periods, and the Company has not early adopted them therefore, not detailed in this condensed interim financial information.

3. 8sttmates

   The preparation of these consolidated condensed interim financial information requires management to make judgments, estimates and assumptions that affect the application of accounting policies and tne reported amounts of assets and liabilities. income arid expenses. The significant judgments made by management is in applying the Company's accounting policies and the key sources of estimation uncertainty were the same as those that were applied to the consoiidated financial statements for the year ended 30 June 2025.

   
   
   

4. Property, gfant aod equfgment

   Property, plant and equipment	124,604,160	26B,966,260
   Capital work in progress S.2	128,305,000	128,305,000
   Righr of use assets 5.3		65,651.816
   	294,740,S88	462,923,076
   5.1 Opening book value		81,554,669
   Additions for the period/year		68,210,742
   Effect of movement in exchange rate	5,O4B,0O3]	3,796,640
   Reva4ua0on		71,7 50,000
   Disposal for the period/year net book value	{156,7BO,125]	t475,S73)
   	145,124,285	224,836,478
   Depreciation expense too the period/year	25,7f.8,694	42,407,247
   Revaluation adjustment		(88,250,000§
   Disposal for tJte geriod/year net book value		(475,573j
   Effect of movement in exchange rate	(5,198,569]	2,188,544
   Closing book value	114,6O4,16O	268,966,260
   5.2 Opening balance	228,30S,000	2S8,730,10 b
   Additions For the period/year		2,000,000
   Disposal for the period/year		(132,425,106]
   Closing balance	12B,305,OOO	128,305,000
   5.3 Opening balance	S1,831,428	E13,407.27'2
   Opening balance	65,651,816	31,S88,606
   Exchange gain/(Ioss§	2,545,102	737.156
   Charge duting the period/year	13,275,286	15,429,69 4
   Closing balance		b5,b51.816

   31 Deccmber

   202S

   "Rup "

   
   
   
   
   

5. Investments

Carrying vatue of investments at the beginning of the period / year

Invesrments made during the period / year

- Otkers

Sir are of loss of equity accounted investees (net of tax)

Equity aceosnted investees - share of other comprehensive income Unrealized (loss) / gain on re-measur ement of

investments at fair value through profit or Ioss

1,6S2,802,7t Z

1,1z¿89?,040

190, 07 2,074

There is no significant change in contingencies and commitments disciosed in the annual audited consolidated financia} statements for the year ended June 30, 2025.

"•*•*•i/t'•••) per share - basic and diluted

Net profit/(loss) foe the year from continned

operations

Net profit/(loss) for the year from disconfinued operations

Weighted average number of ordinary shares as at

Numbers

316,610,11 2

316,610,112

^•^•'•a/t'•••) per share - basic and diluted--

conrinued operations

Rupees

0.70

(0.23}

o.so 0.08

Banning/ loss) per share - basic and di]uted --disconrinu ed operations

Rupees

(0.00t0)

(0.00t$

t0.OO0S]

(0.00 0 18)