Transmission of quarterly report for the three months period ended march 31, 2026

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FIRST

2026

Page No.

Company Information 2

Directors' Review Report to the Shareholders (English) 4

Directors' Review Report to the Shareholders (Urdu) 6

Unconsolidated Condensed Interim Statement of Financial Position 8

Unconsolidated Condensed Interim Statement of Profit or Loss 9

Unconsolidated Condensed Interim Statement of Other Comprehensive Income 10

Unconsolidated Condensed Interim Statement of Changes in Equity 11

Unconsolidated Condensed Interim Statement of Cash Flows 12

Notes to the Unconsolidated Condensed Interim Financial Statements 13

Directors' Review Report on Consolidated Condensed Interim Financial Statements (English) 24

Directors' Review Report on Consolidated Condensed Interim Financial Statements (Urdu) 26

Consolidated Condensed Interim Statement of Financial Position 28

Consolidated Condensed Interim Statement of Profit or Loss 29

Consolidated Condensed Interim Statement of Other Comprehensive Income 30

Consolidated Condensed Interim Statement of Changes in Equity 31

Consolidated Condensed Interim Statement of Cash Flows 32

Notes to the Consolidated Condensed Interim Financial Statements 33

Board of Directors

Syed Babar Ali (Chairman) Syed Hyder Ali

Mr. Arshad Ali Gohar

Mr. Imtiaz Ahmed Husain Laliwala Syed Anis Ahmad Shah

Mr. Muhammad Salman Burney Ms. Saadia Naveed

Ms. Iqra Sajjad Mr. Sajjad Iftikhar

Chigf Exgcutivg Offficgr

Mr. Sajjad Iftikhar

Chigf Financial Offficgr

Mr. Yasser Pirmuhammad

Company Secretary

Syed Muhammad Taha Naqvi

Head of Internal Audit

Mr. Feroze Polani

Auditors

A.F. Fergusons & Co. Chartered Accountants

Legal Advisors Khalid Anwer & Co. Saadat Yar Khan & Co. Ghani Law Associates THS & Co.

Shares Registrar

FAMCO Share Registration Services (Private) Limited

8-F, Near Hotel Faran, Nursery, Block-6, P.E.C.H.S., Shahrah-e-Faisal, Karachi

Tel: +92 21 34380101-5

URL: https://www.famcosrs.com

Bankers

Allied Bank Limited Askari Bank Limited Bank Al Habib Limited Bank Alfalah Limited Deutsche Bank AG Habib Bank Limited

Habib Metropolitan Bank Limited Faysal Bank Limited

JS Bank Limited MCB Bank Limited

Meezan Bank Limited National Bank of Pakistan

Standard Chartered (Pakistan) Limited United Bank Limited

Rgbistgrgd Offficg

Plot 23, Sector 22, Korangi Industrial Area, Karachi - 74900

Postal Address

P.O. Box No. 4962, Karachi - 74000

Contact

Tel: +92 21 35060221-35

Email: contact.pk@hoechst.com.pk

Web presence

https://www.hoechst.com.pk

8 HOECHST PAKISTAN LIMITED Page 2

Unconsolidated Condensed Interim Financial Statements For The Quarter Ended March 31, 2026

Page 3

Hoechst Pakistan Limited

Directors' Review Report to the Shareholders

The Directors are pleased to present the un-audited unconsolidated condensed interim financial statements of your Company, for the quarter ended March 31, 2026. These un-audited unconsolidated condensed interim financial statements have been prepared in accordance with the requirements of the International Accounting Standard (IAS) 34 - "Interim Financial Reporting" and the provisions of and the directives issued under the Companies Act, 2017. In case requirements differ, the provisions of directives issued under the Companies Act, 2017 have been followed.

Key Financial Highlights

Quarter Ended

March 31, 2026 March 31, 2025 Amounts in Million

Total net sales for the quarter ended March 31, 2026, stand at Rs. 7,689 million, which grew by 2% compared to the same period last year. This growth was mainly driven by business growth in brands operating in Antibiotics and Diabetes categories.

The gross margin increased to 39% from 35% when compared to the same period last year. Distribution and marketing expenses increased to 16% of net sales from 15% in same period last year mainly on account of travelling and promotional activities aligned with the business requirements. Administrative expenses stood at 4% of net sales during the quarter ended March 31, 2026, which is similar to same period last year.

Consequently, resulted in profit after tax for the quarter ended March 31, 2026, amounting to Rs. 721 million as compared to Rs. 554 million during the corresponding period of the year 2025.

As we look ahead, we remain committed to strengthening our core competencies while closely reassessing strategies in response to evolving market conditions and ongoing geopolitical tensions in the Middle East. These factors, coupled with inflationary pressures and broader macroeconomic challenges, present risks including supply chain disruptions, energy price volatility, and increased cost pressures.

The Company is proactively managing these challenges through prudent planning, operational flexibility, disciplined cost controls, and focused leadership. We remain confident in our ability to navigate these headwinds while delivering quality products and safeguarding long-term shareholder value through sustainable profitability.

The Board of Directors would like to acknowledge the efforts and commitment of the employees.

By order of the Board

Syed Babar Ali Sajjad Iftikhar

Chairman Chief Executive Officer

Karachi: April 22, 2026

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Hoechst Pakistan Limited

Unconsolidated Condensed Interim Statement of Financial Position

As at March 31, 2026

March 31, December 31,

2026 2025

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

CURRENT LIABILITIES

The annexed notes 1 to 25 form an integral part of these unconsolidated condensed interim financial statements.

Hoechst Pakistan Limited

Unconsolidated Condensed Interim Statement of Profit or Loss

For the quarter ended March 31, 2026 (Un-audited)

Note

March 31, March 31,

2026 2025

Rupees in '000

The annexed notes 1 to 25 form an integral part of these unconsolidated condensed interim financial statements.

Hoechst Pakistan Limited

Unconsolidated Condensed Interim Statement of Comprehensive Income

For the quarter ended March 31, 2026 (Un-audited)

March 31, March 31,

2026 2025

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

PROFIT FOR THE PERIOD 720,552 553,607

OTHER COMPREHENSIVE INCOME FOR THE PERIOD - -

Total comprehensive income for the period 720,552 553,607

The annexed notes 1 to 25 form an integral part of these unconsolidated condensed interim financial statements

Hoechst Pakistan Limited

Unconsolidated Condensed Interim Statement of Changes in Equity

For the quarter ended March 31, 2026 (Un-audited)

Reserves

Issued,

Long-term

Capital Reserves

Difference of share

Share- based

Revenue Reserves

subscribed

and paid-up share capital

liabilities forgone

Other capital

reserve

capital under

scheme of arrangement for amalgamation

payments reserve

General

reserve

Unappropriated

profits

Total

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

The annexed notes 1 to 25 form an integral part of these unconsolidated condensed interim financial statements.

Hoechst Pakistan Limited

Unconsolidated Condensed Interim Statement of Cash Flows

For the quarter ended March 31, 2026 (Un-audited)

CASH FLOWS FROM OPERATING ACTIVITIES

Note

March 31, March 31,

2026 2025

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

CASH FLOWS FROM INVESTING ACTIVITIES

The annexed notes 1 to 25 form an integral part of these unconsolidated condensed interim financial statements.

Syed Babar Ali Chairman

Sajjad Iftikhar Yasser Pirmuhammad

Chief Executive Officer Chief Financial Officer

Hoechst Pakistan Limited

Notes to the Unconsolidated Condensed Interim Financial Statements

For the quarter ended March 31, 2026 (Un-audited)

1. THE COMPANY AND ITS OPERATIONS

   1. Hoechst Pakistan Limited (the Company) was incorporated in Pakistan in 1967 as a Public Limited Company under Companies Act, 1913 [now Companies Act, 2017 (the Act)]. The shares of the Company are listed on Pakistan Stock Exchange Limited (PSX). The Company is engaged in the manufacturing, selling and trading of pharmaceutical and related products. The registered office of the Company is located at Plot 23, Sector 22, Korangi Industrial Area, Karachi. The Company is a subsidiary of Packages Limited (Parent Company), whose registered office is located at 4th floor, the Forum, Suite No. 416 - 422, G20, Block 9, Khayaban-e-Jami, Clifton, Karachi.

   2. The Board of Directors (the Board) of the Company in its meeting held on April 24, 2024 approved formation of a wholly owned local subsidiary, which will be engaged in the business of manufacturing and distributing wellness and nutraceutical products subject to applicable regulatory approvals. Accordingly, H-Pack Wellness (Private) Limited (HPWL) was incorporated on May 27, 2024. The registered address of HPWL is located at Plot 23, Sector 22, Korangi Industrial Area, Karachi.

   3. Further, the Board in its meeting held on December 19, 2024 has accorded its approval for incorporation of a wholly owned foreign subsidiary in the United Arab Emirates (UAE), subject to all applicable regulatory approvals which will be primarily engaged in commercial trading with import, export, distribution and warehousing as its ancillary activities. Accordingly, the Company incorporated Hoechst Pack Trading FZCO (HPTF) on November 26, 2025. The registered address of HPTF is 6WB 541, Building 6 West B, Fifth Floor, Dubai Airport Free Zone, Dubai, United Arab Emirates. During the period, investment amounting to Rs. 68.9 million has been made by the Company in HPTF.

2. STATEMENT OF COMPLIANCE

   1. 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 interim financial reporting comprise of:

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

      - Provisions of and directives issued under the Act.

      Where the provisions of and directives issued under the Act differ with the requirements of IAS 34, the provisions of and directives issued under the Act have been followed.

   2. These unconsolidated condensed interim financial statements do not include all the information and disclosures required in the annual financial statements and therefore should be read in conjunction with the Unconsolidated financial statements of the Company for the year ended December 31, 2025.

   3. These unconsolidated condensed interim financial statements are the separate financial statements of the Company in which investment in subsidiary has been accounted for at cost less impairment losses, if any. The consolidated condensed interim financial statements of the Company and its subsidiary company have been presented seperately.

3. MATERIAL ACCOUNTING POLICIES AND CHANGES THEREIN

   1. The material accounting policies and the methods of computation adopted in the preparation of these unconsolidated condensed interim financial statements are same as those applied in the preparation of the annual financial statements of the Company for the year ended December 31, 2025, except for the adoption of new accounting policy as follows:

      1. Group Taxation

         The Securities and Exchange Commission of Pakistan ('SECP') vide its certificate dated February 23, 2026, has registered the Company and HPWL (together the 'Group') as a Group for the purpose of group taxation under Section 59AA of the Income Tax Ordinance, 2001. Consequently, the Group is being taxed as one fiscal unit from the tax year 2026 and onwards. Current tax is based on the consolidated results of the Group and allocated within the Group on the basis of separate return method. Deferred tax asset is recognised in the unconsolidated condensed interim financial statements to the extent future economic benefit will flow to the Company. Realizability of tax credits and tax losses are assessed at Group level and taxable profits of all entities in the Group are taken into account in assessing whether a deferred tax asset should be recognised in consolidated condensed interim financial statements. Any adjustments in the taxation of the Company on account of group taxation are credited or charged to the unconsolidated condensed interim statement of profit or loss in the year in which they arise.

   2. There are certain amendments or improvements to accounting and reporting standards which became effective during the current period. However, these are considered not to have a material impact on the Company's financial reporting and, therefore, have not been disclosed in these unconsolidated condensed interim financial statements.

   3. There are certain standards and amendments or improvements to accounting and reporting standards that are not yet effective and are considered either not to be relevant or to have a significant impact on the Company's financial reporting and, therefore, have not been disclosed in these unconsolidated condensed interim financial statements, other than those disclosed in the note 2.2 of the annual financial statements of the Company for the year ended December 31, 2025.

   4. The preparation of these unconsolidated condensed interim financial statements, in conformity with approved accounting and reporting standards requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Company's accounting policies. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectation of future events that are believed to be reasonable under the circumstances. Actual results may differ from the estimates. During the preparation of these unconsolidated condensed interim financial statements, the significant judgements made by management in applying the Company's accounting policies and the key sources of estimation and assumptions are consistent with those that were applied to the annual financial statements of the Company for the year ended December 31, 2025.

   5. Taxes on income in the interim periods are accrued using the tax rate that would be applicable to expected total annual profit or loss.

Note

March 31, December 31,

2026 2025

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

4.1.1 Details of additions and disposals are as follows:

Additions (at cost) Disposals (at net carrying value)

Owned

Right-of-use assets

Note

March 31, December 31,

2026 2025

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

1. INVESTMENT IN SUBSIDIARIES

   Note

   March 31, December 31,

   2026 2025

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

   (Un-audited) (Audited)

   Subsidiaries - unquoted

   H-Pack Wellness (Private) Limited, Karachi, Pakistan 27,000,000 (December 31, 2025: 27,000,000)

   ordinary shares of Rs. 10 each

   Equity held 100% (December 31, 2025: 100%) 1.2 270,000 270,000

   of AED 1,000 each
   Equity held 100% (December 31, 2025: Nil)
   Cost - Rs 68.940 million (December 31, 2025: Nil)	1.3		3,830				-
   Share deposit money			65,110				-
   			68,940				-
   			338,940				270,000
   6.1 Movement in investment in subsdiaries
   Opening			270,000				-
   Investments made during the period/year			68,940				270,000
   Closing			338,940				270,000
   7 STOCK-IN-TRADE - NET
   Raw and packing materials
   In hand			2,158,894				2,619,668
   In transit			94,139				126,065
   			2,253,033				2,745,733
   Provision against raw and packing materials	7.1		(63,974)				(63,992)
   			2,189,059				2,681,741
   Work-in-process			145,221				101,406
   Finished goods
   In hand			3,478,073				4,207,790
   In transit			211,458				491,931
   			3,689,531				4,699,721
   Provision against finished goods	7.2		(988,721)				(865,553)
   			2,700,810				3,834,168
   			5,035,090				6,617,315

   Hoechst Pack Trading FZCO, Dubai, United Arab Emirates 50 (December 31, 2025: Nil) ordinary shares

   1. Movement of provision against raw and packing materials is as follows:

      Note

      March 31, December 31,

      2026 2025

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

      (Un-audited) (Audited)

      Opening balance 63,992 330,900

      48,752

      (245,201)

Charge for the period / year Reversal for the period / year

Net charge / (reversal) for the period / year 2,365 (196,449)

Write-off during the period / year (2,383) (70,459)

Closing balance 63,974 63,992

Opening balance 865,553 103,650

Charge for the period / year Reversal for the period / year

Net charge for the period / year 132,310 815,304

Write-off during the period / year (9,142) (53,401)

Closing balance 988,721 865,553

1. TRADE DEBTS - NET

   This is net of allowance for Expected Credit Loss (ECL) against the trade debts considered doubtful amounting to Rs. 458.3 million (December 31, 2025: Rs. 416.3 million). During the period, the Company has recognised an ECL charge of Rs. 42.04 million (March 31, 2025: Rs. 46.46 million).

2. LOANS AND ADVANCES

   Includes advances to contractors and suppliers amounting to Rs. 309.2 million (December 31, 2025: Rs. 256.7 million).

3. TRADE DEPOSITS AND SHORT-TERM PREPAYMENTS

   Includes margin against letters of credit amounting to Rs. 433.6 million (December 31, 2025: Rs. 176.2 million).

4. SHORT-TERM INVESTMENTS

   March 31, December 31,

   Note 2026 2025

   Rupees in '000

   (Un-audited) (Audited)

   At fair value through profit or loss

   Investment in Mutual Funds 11.1 2,799,230 -

   At amortised cost

   Investment in Term Deposit Receipts 11.2 202,222 200,000 Investment in Treasury Bills - 837,367

   3,001,452 1,037,367

   1. Investment in Mutual Funds

      March 31, 2026 December 31, 2025

      Number of units

      Rupees in '000 Number of units Rupees in '000

      (Un-audited) (Audited)

      - Bank Al-Habib Money Market Fund	10,041,292		1,085,016		-		-
      - NBP Mahana Amdani Fund	59,231,572		658,513		-		-
      - UBL Liquidity Fund	9,978,643		1,055,701		-		-
      	79,251,507		2,799,230		-		-

   2. This represents investment in Term Deposit Receipts having maturity date of February 19, 2027 carrying interest rate at the rate of 10.40% (December 31, 2025: 10.40%) per annum.

5. LEASE LIABILITY

   March 31,2026 December 31,2025

   Rupees in '000

   Electrical equipment

   (Un-audited)

   Motor vehicle

   Total Electrical equipment

   (Audited)

   Motor vehicle Total

   Opening balance		214,154	47,319	261,473	211,476	-	211,476
   Additions during the period / year	12.1	201,177	-	201,177	-	47,918	47,918
   Finance cost charged during the period / year		18,941	1,307	20,248	50,235	447	50,682
   Payments made during the period / year		(17,789)	(3,114)	(20,903)	(47,557)	(1,046)	(48,603)
   		416,483	45,512	461,995	214,154	47,319	261,473
   Less: Current maturity of lease liability		(67,514)	(12,407)	(79,921)	(40,807)	(12,557)	(53,364)
   		348,969	33,105	382,074	173,347	34,762	208,109

   1. This represents lease arrangement entered by the Company for deployment of solar panels and related equipment on the Company's premises. The lease has a term of 15 years, after which the ownership of solar panels and related equipment will transfer to the Company. Consequently, the solar panels and related equipments are being depreciated based on their estimated useful life of 20 years.

March 31, December 31,

2026 2025

Rupees in '000

1. CONTINGENCIES AND COMMITMENTS

   1. Contingencies

      There are no material changes in the contingencies as disclosed in note 23.1 of the annual unconsolidated financial statements of the Company for the year ended December 31, 2025.

      March 31, December 31,

      2026 2025

      		(Un-audited)		(Audited)
      14.2	Commitments
      	Commitments for capital expenditure	298,712		296,211
      	Outstanding letters of credit	438,704		380,946
      	Outstanding bank guarantees	1,381,738		1,380,727
      	Outstanding bank contracts	1,685,665		1,179,878
      		March 31, 2026 Rupees	in	March 31, 2025 '000

      Rupees in '000

2. REVENUE FROM CONTRACTS WITH CUSTOMERS - NET (Un-audited) (Un-audited)

   Gross sales

   Local 8,644,037 8,020,372

   Export 233,698 428,317

   8,877,735 8,448,689

   Toll manufacturing 35,793 32,600

   8,913,528 8,481,289

   Less:

   - Trade discounts (891,259) (790,887)

   - Sales returns (237,480) (13,699)

   - Sales tax (95,567) (103,210)

   7,689,222 7,573,493

3. OTHER EXPENSES

   Includes net exchange gain amounting to Rs. 36.2 million (net exchange loss March 31, 2025: Rs. 37.9 million).

4. FINANCE COSTS

   Includes bank charges and finance cost on lease liability amounting to Rs. 4.8 million and Rs 20.2 million (March 31, 2025: Rs. 13.6 million and Rs. 10.4 million), respectively.

   March 31, December 31,

   2026 2025

   Rupees in '000

5. CASH AND CASH EQUIVALENTS (Un-audited) (Audited) Cash and bank balances 198,252 134,916

6. SHARIAH RELATED DISCLOSURES

   March 31, 2026

   December 31, 2025

   Note Coventional Shariah Compliant Total Coventional Shariah Compliant Total

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

   Statement of Financial Position
   Lease liabilities	12	461,995	-	461,995	261,473	-	261,473
   Long-term investments	6	-	338,940	338,940	-	270,000	270,000
   Short-term investments	11	3,001,452	-	3,001,452	1,037,367	-	1,037,367
   Cash and bank balances		153,539	44,713	198,252	133,853	1,063	134,916
   			March 31, 2026			March 31, 2025
   Coventional			Shariah Compliant	Total	Coventional	Shariah Compliant	Total
   -------------------------- Rupees in 000--------------------------					-------------------------- Rupees in 000--------------------------
   Statement of profit or loss
   Revenue from contracts with customers - net	15	-	7,689,222	7,689,222	-	7,573,493	7,573,493
   Foreign exchange loss (net)		-	-	-	37,929	-	37,929
   Profit on bank deposits		446	-	446	653	-	653
   Income from investments		64,264	-	64,264	18,744	-	18,744
   Foreign exchange gain (net)		36,240		36,240	-	-	-
   Scrap sales		-	1,338	1,338	-	6,143	6,143
   Gain on disposal of operating assets - net		-	140	140	-	326	326
   Finance costs	17	25,139	-	25,139	41,495	-	41,495
   Other income		-	15,482	15,482	-	18,192	18,192

7. TRANSACTIONS WITH RELATED PARTIES

   Related parties of the Company comprise of Parent Company, subsidiary companies , associated undertakings, employees' retirement funds, directors and key management personnel. All transactions with related parties are executed at agreed terms duly approved by the Board of Directors of the Company. There are no transactions with key management personnel other than under the terms of employment.

   Details of transactions with related parties during the period are as follows:

   March 31, 2026 (Un-audited) March 31, 2025 (Un-audited)

   Parent company

   Subsidiary company

   Associated undertakings

   Retirement benefits plans

   Key management personnel

   Total

   Parent company

   Subsidiary company

   Associated undertakings

   Retirement benefits plans

   Key management personnel

   Total

   Rupees in '000

   Sales	-	-	304	-	-	304	-	-	717	-	-	717
   Purchase of goods	-	-	152,459	-	-	152,459	-	-	61,416	-	-	61,416
   Shared services received	9,666	-	15,206	-	-	24,872	11,227	-	1,162	-	-	12,389
   Shared services rendered	157	-	140	-	-	297	163	-	18	-	-	181
   Investment in subsidiary	-	68,940	-	-	-	68,940	-	20,000	-	-	-	20,000
   Insurance premium paid	-	-	40,013	-	-	40,013	-	-	65,184	-	-	65,184
   Donations	-	-	-	-	-	-	-	-	37,143	-	-	37,143
   Contribution paid:
   - Gratuity fund	-	-	-	19,000	-	19,000	-	-	-	17,036	-	17,036
   - Provident fund	-	-	-	27,159	-	27,159	-	-	-	15,062	-	15,062
   Managerial remuneration and other benefits	-	-	-	-	172,709	172,709	-	-	-	-	176,113	176,113

8. FINANCIAL RISK MANAGEMENT

   These unconsolidated condensed interim financial statements do not include all financial risk management information and disclosures which are required in the annual financial statements and should be read in conjuntion with the Company's annual financial statements for the year ended December 31, 2025. There have been no changes in any risk management policies since the year-end.

9. FAIR VALUE MEASUREMENT

   Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Underlying the definition of fair value is the presumption that the Company is a going concern without any intention or requirement to curtail materially the scale of its operations or to undertake a transaction on adverse terms. The carrying values of all financial assets and liabilities reflected in the unconsolidated condensed interim financial statements approximate their fair values.

   Fair value hierarchy

   The Company classifies its financial assets using a fair value hierarchy that reflects the significance of the inputs used in making the measurements. The fair value hierarchy has the following levels:

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

   Level 2:

   Level 3:

   Inputs other than quoted prices included within level 1 that are observable for the asset or liability either directly (i.e. as prices) or indirectly (i.e. derived from prices); and

   Input for the asset or liability that are not based on observable market data (i.e. unobservable inputs).

   The Company held the following financial assets measured at fair values:

   	Level 1	Level 2 Level 3 Rupees in '000	Total
   Short term investments in units of mutual funds:
   - March 31, 2026 (Un-audited)	-	2,799,230 -	2,799,230
   - December 31, 2025 (Audited)	-	- -	-

10. ENTITY WIDE INFORMATION

    1. The Company constitutes of a single reportable segment. Information about geographical areas of the Company are as follows:

       March 31, March 31,

       2026 2025

       Rupees in '000

       (Un-audited) (Un-audited)

       Sales to external customers - net of returns and discounts

       Pakistan 7,477,678 7,226,086

       Afghanistan 211,544 347,407

       7,689,222 7,573,493

11. GENERAL

    1. Figures presented in these unconsolidated condensed interim financial statements have been rounded off to the nearest thousand Pakistan Rupees, unless otherwise stated.

    2. Corresponding figures have been rearranged and reclassified, whenever necessary, for the purpose of better presentation and comparison. No material reclassification has been made during the period.

12. DATE OF AUTHORISATION FOR ISSUE

These unconsolidated condensed interim financial statements were authorised for issue on April 22, 2026 by the Board of Directors of the Company.

Syed Babar Ali

Sajjad Iftikhar

Yasser Pirmuhammad

Chairman Chief Executive Officer Chief Financial Officer

Consolidated Condensed Interim Financial Statements For The Quarter Ended March 31, 2026

Directors' Review Report on the Consolidated Condensed Interim Financial Statements for the Quarter Ended March 31, 2026

The Directors of Hoechst Pakistan Limited are pleased to present the un-audited consolidated condensed interim financial statements of Hoechst Pakistan Limited (Holding Company) and its subsidiary companies H-Pack Wellness (Private) Limited and Hoechst Pack Trading FZCO (together referred as 'Group'), for the quarter ended March 31, 2026.

Hoechst Pakistan Limited

Hoechst Pakistan Limited (the Holding Company) has generated net revenue of Rs. Rs. 7,689 million in the first three months of the year 2026 with a growth of 2% over the corresponding period last year at a gross margin of 39% as compared to 35% the same period last year. The Holding Company has posted profit after tax of Rs. 721 million for the first three months as compared to Rs. 554 million in corresponding period last year.

H-Pack Wellness (Private) Limited

H-Pack Wellness (Private) Limited (HPWL) is a wholly owned local subsidiary company engaged in the business of manufacturing and distributing wellness and nutraceutical products. For the first quarter of the year, HPWL generated net revenue of Rs 10.2 million with a gross profit of Rs 6.8 million. The local subsidiary has reported Profit after tax of Rs 3.1 million for the quarter.

Hoechst Pack Trading FZCO

The Board in its meeting held on December 19, 2024 has accorded its approval for incorporation of a wholly owned foreign subsidiary in the United Arab Emirates (UAE), subject to all applicable regulatory approvals, which will be primarily engaged in commercial trading with import, export, distribution and warehousing as its ancillary activities. Accordingly, the Company incorporated Hoechst Pack Trading FZCO (HPTF) on November 26, 2025.

During the period, investment amounting to Rs. 68.9 million has been made by the Holding Company in HPTF. Since this is the first year of operations, the foreign subsidiary is in the process of establishing supply chain arrangements. In the first quarter of the year, HPTF has not posted any revenue and incurred net cost of Rs. 12.7 million on account of incorporation, ancillary costs and office running expenditure.

Key Financial Highlights of the Group is as follows:

Quarter Ended

March 31, 2026 March 31, 2025 Amounts in Million

We value the support and patronage extended by our business partners and all stakeholders and acknowledge the efforts and commitment of the employees.

By order of the Board

Syed Babar Ali Sajjad Iftikhar

Chairman Chief Executive Officer

Karachi: April 22, 2026

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Hoechst Pakistan Limited

Consolidated Condensed Interim Statement of Financial Position

As at March 31, 2026

March 31, December 31,

2026 2025

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

CURRENT LIABILITIES

The annexed notes 1 to 24 form an integral part of these consolidated condensed interim financial statements.

For The Quarter Ended March 31, 2026 (Un-audited)

The annexed notes 1 to 24 form an integral part of these consolidated condensed interim financial statements.

Hoechst Pakistan Limited

Consolidated Condensed Interim Statement of Comprehensive Income

For The Quarter Ended March 31, 2026 (Un-audited)

March 31, March 31,

2026 2025

Rupees in '000

The annexed notes 1 to 24 form an integral part of these consolidated condensed interim financial statements.

Hoechst Pakistan Limited

Consolidated Condensed Interim Statement of Changes in Equity

For The Quarter Ended March 31, 2026 (Un-audited)

Reserves

Issued,

Capital Reserves Difference

of share

Exchange

Revenue Reserves

subscribed and paid-up share capital

Long-term liabilities forgone

Other capital reserve

capital under scheme of arrangement for amalgamation

Share- based payments reserve

differences on translation of foreign operations

General reserve

Unappropriated Total profits

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

Balance as at January 01, 2025 96,448 5,935 2,000,000 18,000 375,210 - 1,535,538 2,783,812 6,814,943

Profit for the period

Other comprehensive income for the period

Total comprehensive income for the period - - - - - - - 553,247 553,247

Balance as at March 31, 2025 96,448 5,935 2,000,000 18,000 375,210 - 1,535,538 3,337,059 7,368,190

Balance as at January 01, 2026 96,448 5,935 2,000,000 18,000 375,210 - 1,535,538 4,162,588 8,193,719

Profit for the period

Other comprehensive income for the period

Total comprehensive income for the period - - - - - (440) - 710,899 710,459

Balance as at March 31, 2026 96,448 5,935 2,000,000 18,000 375,210 (440) 1,535,538 4,873,487 8,904,178

The annexed notes 1 to 24 form an integral part of these consolidated condensed interim financial statements.

Page 31

The annexed notes 1 to 24 form an integral part of these consolidated condensed interim financial statements.

Syed Babar Ali Chairman

Sajjad Iftikhar Yasser Pirmuhammad

Chief Executive Officer Chief Financial Officer

Hoechst Pakistan Limited

Notes to the Consolidated Condensed Interim Financial Statements

For the quarter ended March 31, 2026 (Un-audited)

1. STATUS AND NATURE OF BUSINESS

   1. The Group consists of:

      Holding Company

      • Hoechst Pakistan Limited

        Subsidiary Companies

      • H-Pack Wellness (Private) Limited

      • Hoechst Pack Trading FZCO

   2. Holding Company

      Hoechst Pakistan LImited (Holding Company) was incorporated in Pakistan in 1967 as a Public Limited Company under Companies Act, 1913 [now Companies Act, 2017 (the Act)]. The shares of the Holding Company are listed on Pakistan Stock Exchange Limited (PSX). The Holding Company is engaged in the manufacturing, selling and trading of pharmaceutical and related products. The registered office of the Holding Company is located at Plot 23, Sector 22, Korangi Industrial Area, Karachi. The Holding Company is a subsidiary of Packages Limited (Parent Company), whose registered office is located at 4th floor, the Forum, Suite No. 416 - 422, G20, Block 9, Khayaban-e-Jami, Clifton, Karachi.

   3. Subsidiary Companies

      1. H-Pack Wellness (Private) Limited (Subsidiary) is a wholly owned subsidiary of the Holding Company and was incorporated in Pakistan on May 27, 2024 as a Private Limited Company under Companies Act, 2017.The Subsidiary will be engaged in manufacturing and distributing wellness and nutraceutical products. The registered office of the Subsidiary is located at Plot 23, Sector 22, Korangi Industrial Area, Karachi.

      2. Hoechst Pack Trading FZCO (Subsidiary) is a wholly owned foreign subsidiary in the United Arab Emirates (UAE), incorporate on November 26, 2025 primarily engaged in commercial trading with import, export, distribution and warehousing as its ancillary activities. The registered office of the Subsidiary is located at 6WB 541, Building 6 West B, Fifth Floor, Dubai Airport Free Zone, Dubai, United Arab Emirates.

   4. The Holding Company has investment in subsidiary company as follows:

      Percentage of shareholding of the Holding Company

      	March 31, 2026	December 31, 2025
      H-Pack Wellness (Private) Limited (note 1.3.1)	100%	100%
      Hoechst Pack Trading FZCO (note 1.3.2)	100%	-

2. STATEMENT OF COMPLIANCE

   1. These consolidated condensed interim financial statements have been prepared in accordance with the accounting and reporting standards as applicable in Pakistan for interim financial reporting. The accounting and reporting standards as applicable in Pakistan for interim financial reporting comprise of:

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

      - Provisions of and directives issued under the Act.

      Where the provisions of and directives issued under the Act differ with the requirements of IAS 34, the provisions of and directives issued under the Act have been followed.

   2. These consolidated condensed interim financial statements do not include all the information and disclosures required in the annual financial statements and therefore should be read in conjunction with the annual consolidated financial statements of the Company for the year ended December 31, 2025.

   3. Consolidation

      The assets and liabilities of the Subsidiary companies have been consolidated on a line by line basis and carrying value of investment held by the Holding Company in the Subsidiary has been eliminated against Holding Company's share in paid-up capital of the Subsidiary.

      Intergroup balances and transactions have been eliminated.

3. MATERIAL ACCOUNTING POLICIES AND CHANGES THEREIN

   1. The material accounting policies and the methods of computation adopted in the preparation of these consolidated condensed interim financial statements are same as those applied in the preparation of the annual financial statements of the Company for the year ended December 31, 2025, except for the adoption of new accounting policy as follows:

   2. There are certain amendments or improvements to accounting and reporting standards which became effective during the current period. However, these are considered not to have a material impact on the Company's financial reporting and, therefore, have not been disclosed in these consolidated condensed interim financial statements.

   3. There are certain standards and amendments or improvements to accounting and reporting standards that are not yet effective and are considered either not to be relevant or to have a significant impact on the Company's financial reporting and, therefore, have not been disclosed in these consolidated condensed interim financial statements, other than those disclosed in the note 2.2 of the annual consolidated financial statements of the Company for the year ended December 31, 2025.

   4. The preparation of these consolidated condensed interim financial statements, in conformity with approved accounting and reporting standards requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Company's accounting policies. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectation of future events that are believed to be reasonable under the circumstances. Actual results may differ from the estimates. During the preparation of these consolidated condensed interim financial statements, the significant judgements made by management in applying the Company's accounting policies and the key sources of estimation and assumptions are consistent with those that were applied to the annual consolidated financial statements of the Company for the year ended December 31, 2025.

   5. Taxes on income in the interim periods are accrued using the tax rate that would be applicable to expected total annual profit or loss.

Note

March 31, December 31,

2026 2025

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

Note

March 31, December 31,

2026 2025

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

Note

March 31, December 31,

2026 2025

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

1. TRADE DEBTS - NET

   This is net of allowance for Expected Credit Loss (ECL) against the trade debts considered doubtful amounting to Rs. 458.3 million (December 31, 2025: Rs. 416.3 million). During the period, the Holding Company has recognised an ECL charge of Rs. 42.04 million (March 31, 2025: Rs. 46.46 million).

2. LOANS AND ADVANCES

   Includes advances to contractors and suppliers amounting to Rs. 325.6 million (December 31, 2025: Rs. 259.2 million).

3. TRADE DEPOSITS AND SHORT-TERM PREPAYMENTS

   Includes margin against letters of credit amounting to Rs. 433.6 million (December 31, 2025: Rs. 176.2 million).

   March 31, December 31,

   Note 2026 2025

   Rupees in '000

4. SHORT-TERM INVESTMENTS (Un-audited) (Audited)

   At fair value through profit or loss

   Investment in Mutual Funds 10.1 3,009,947 250,068

   At amortised cost

   Investment in Term Deposit Receipts 10.2 202,222 200,000 Investment in Treasury Bills - 837,367

   3,212,169 1,287,435

   1. Investment in Mutual Funds

      March 31, 2026 December 31, 2025

      Number of units

      Rupees in '000 Number of

      units

      Rupees in '000

      (Un-audited) (Audited)

      - Bank Al-Habib Money Market Fund	11,990,904		1,295,733		2,367,673		250,068
      - NBP Mahana Amdani Fund	59,231,572		658,513		-		-
      - UBL Liquidity Fund	9,978,643		1,055,701		-		-
      	81,201,119		3,009,947		2,367,673		250,068

   2. This represents investment in Term Deposit Receipts having maturity date of February 19, 2027 carrying interest rate at the rate of 10.40% (December 31, 2025: 10.40%) per annum.

5. LEASE LIABILITY

   March 31,2026 (Un-audited)

   Rupees in '000

   December 31,2025 (Audited)

   Electrical equipment

   Motor vehicle

   Total Electrical equipment

   Motor vehicle

   Total

   Opening balance		214,154	47,319	261,473		211,476	-	211,476
   Additions during the period / year	11.1	201,177	-	201,177		-	47,918	47,918
   Finance cost charged during the period / year		18,941	1,307	20,248		50,235	447	50,682
   Payments made during the period / year		(17,789)	(3,114)	(20,903)		(47,557)	(1,046)	(48,603)
   		416,483	45,512	461,995		214,154	47,319	261,473
   Less: Current maturity of lease liability		(67,514)	(12,407)	(79,921)		(40,807)	(12,557)	(53,364)
   		348,969	33,105	382,074		173,347	34,762	208,109

   1. This represents lease arrangement entered by the Holding Company for deployment of solar panels and related equipment on the Holding Company's premises. The lease has a term of 15 years, after which the ownership of solar panels and related equipment will transfer to the Holding Company. Consequently, the solar panels and related equipments are being depreciated based on their estimated useful life of 20 years.

March 31, December 31,

2026 2025

Rupees in '000

There are no material changes in the contingencies as disclosed in note 22.1 of the annual consolidated financial statements of the Company for the year ended December 31, 2025.

March 31, December 31,

2026 2025

Rupees in '000

March 31, March 31,

2026 2025

Rupees in '000

1. OTHER EXPENSES

   Includes net exchange gain amounting to Rs. 36.2 million (net exchange loss March 31, 2025: Rs. 37.9

2. FINANCE COSTS

Includes bank charges and finance cost on lease liability amounting to Rs. 4.8 million and Rs 20.2 million (March 31, 2025: Rs. 13.6 million and Rs. 10.4 million), respectively.

March 31, December 31,

2026 2025

Rupees in '000

March 31, 2026 December 31, 2025

Note Coventional Shariah Compliant Total Coventional Shariah Compliant Total

Rupees in 000 Rupees in 000

Statement of financial position

Lease liabilities 11 461,995 - 461,995 261,473 - 261,473

Short-term investments 10 3,212,169 - 3,212,169 1,287,435 - 1,287,435

Cash and bank balances 241,028 44,173 285,201 151,809 1,063 152,872

March 31, 2026 March 31, 2025

Coventional Shariah Compliant Total Coventional Shariah Compliant Total

Rupees in 000 Rupees in 000

Statement of profit or loss

Revenue from contracts with customers - net 14 - 7,699,476 7,699,476 - 7,573,493 7,573,493 Foreign exchange loss (net) - - - 37,929 - 37,929

Profit on bank deposits 612 - 612 717 - 717

Income from investments 69,912 - 69,912 18,744 - 18,744

Foreign exchange gain (net) 36,240 - 36,240 - - -

Scrap sales - 1,338 1,338 - 6,143 6,143

Gain on disposal of operating assets - net - 140 140 - 326 326

Finance costs 16 25,146 - 25,146 41,496 - 41,496

Other income - 15,482 15,482 - 18,192 18,192