Transmission of Quarterly Report for the Period Ended 2026-03-31

For The Nine Months Period Ended

March 31, 2026

Registered / Head Office

21- Mauve Area, 3rd Road, G-10/4

P.O. Box 1614, Islamabad 44000

Tel: 051-111-410-410, 051-8062200

Fax: 051-2352856

Email: info@marienergies.com.pk Web: marienergies.com.pk

Field Office Daharki

Daharki, District Ghotki

Tel: 0723-111-410-410, 07 23-660403-30

Fax: 0723-660402

Karachi Liasion Office

D-87, Block 4, Kehkashan, Clifton

P.O. Box 3887, Karachi -75600

Tel: 021-111-410-410

Fax: 021-35870273

Ǫuetta Liasion Office

26, Survey-31, Defence Officers Housing Scheme, Airport Road, Ǫuetta Tel: 081-2821052, 2864085, 2836760

Fax: 081-2834465

KP Liasion Office

Bannu Cantt

Tel: +62 8621764 - 5

External Auditors

A.F. Ferguson G Co., Chartered Accountants

A member firm of PWC network 74- East 2nd Floor, Blue Area, Jinnah Avenue

P.O. Box 3021, Islamabad-44000, Pakistan

Tel: 051-2273457-60 Email: Imtiaz.aslam@pwc.com Web: https://www.pwc.com/pk

Shares Registrar

M/s Corplink (Pvt) Limited

Wings Arcade, 1-K Commercial Model Town, Lahore Tel: 042-35836182, 042-35616714

Email: corporate@corplink.com.pk

Legal Advisor

Barrister Panni Law Associates Advocates - Corporate Consultants

Apt. # E-1, Karakoram Enclave - 1, Hamza Road, Sector F-11/1, Islamabad.

Tel: 051-2856086-88

Bankers

Registration, NTN and GST Numbers

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2.

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8.

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10.

11.

Lt Gen Anwar Ali Hyder HI(M) (Retd) Chairman, Non-Executive Director Mr. Syed Bakhtiyar Kazmi

Non-Executive Director Mr. Syed Shahzad Nabi Non-Executive Director Mr. Faheem Haider

Managing Director / CEO, Executive Director

Mr. Hamed Yaqoob Sheikh*

Non-Executive Director

Mr. Zafar Abbas

Non-Executive Director Mr. Ahmed Hayat Lak Non-Executive Director

Mr. Muhammad Aamir Salim

Non-Executive Director

Mr. Abid Hasan

Non-Executive Independent Director

Ms. Seema Adil

Non-Executive Independent Director

Ms. Ayla Majid

Non-Executive Independent Director

Mr. Nabeel Rasheed

Chief Financial Officer

Brig Sumair Ashraf Sheikh (Retd)

Company Secretary

*Joined the Board on March 27, 2026 in place of Mr. Mirza Nasiruddin Mashhood Ahmad

AUDIT COMMITTEE

Director

Mr. Abid Hasan

Mr. Syed Bakhtiyar Kazmi Mr. Hamed Yaqoob Sheikh Mr. Ahmed Hayat Lak

HRGR COMMITTEE

Director

Ms. Ayla Majid

Mr. Syed Shahzad Nabi Mr. Ahmed Hayat Lak Mr. Zafar Abbas

TECHNICAL COMMITTEE

Director

Mr. Syed Shahzad Nabi Mr. Zafar Abbas

Mr. Ahmed Hayat Lak Ms. Seema Adil

ENVIRONMENT, SOCIAL G GOVERNANCE COMMITTEE

Director

Ms. Seema Adil Mr. Abid Hasan

Mr. Hamed Yaqoob Sheikh Mr. Muhammad Aamir Salim

Designation Chairman Member Member Member

Designation

Chairperson

Member Member Member

Designation Chairman Member Member Member

Designation

Chairperson

Member Member Member

MARI ENERGIES LIMITED

DIRECTORS' REVIEW

We are pleased to present our review report alonČ with the condensed interin standalone and consolidated financial statenents of the Conpany for the nine-nonths period ended on March 31, 2026.

Key HiČhliČhts:

• The Federal Cabinet approved Čas allocation arranČenents for the Ghazij Field, enablinČ dedicated Čas supply fron Mari to key fertilizer sector custoners. Subsequently, a revised Field Developnent Plan was subnitted to the reČulator.

• Production connenced fron Spinwan-1 discovery in Waziristan Block after approval of EWT and allocation of up to 50 MMscfd Čas to SNGPL.

• The Conpany advanced its drillinČ proČran with nine e:ploration wells out of which si: conpleted as producers, three new discoveries, and three appraisal wells conpleted in Mari DGPL, while testinČ and appraisal activities continue across Waziristan and Sujawal blocks.

• Reduction in nunber of LNG carČoes beinČ inported coupled with disruption in LNG supply (due to Force Majure declared by Ǫatar EnerČy) eased the inpact of forced Čas curtailnent in the last quarter. Enhanced contributions fron SwinČ Volune, SGPC and Shewa supported a neaninČful recovery in the sales volunes.

• The Conpany continued to advance its ESG and sustainability aČenda throuČh capacity buildinČ, enhanced Čovernance, and structured initiatives to strenČthen reČulatory aliČnnent and pronote sustainable business practices.

• The Conpany naintained stronČ HSE perfornance and e:ecuted over 15,000 critical jobs safely without najor incidents, supported by e:tensive traininČ and enerČency preparedness while under the Process Safety ManaČenent (PSM) roadnap, 16 individuals achieved international certification as PHA-HAZOP Leaders.

• The Conpany's CCS project is proČressinČ as planned, with Front End EnČineerinČ DesiČn (FEED) and Environnental G Social Inpact Assessnent (ESIA) studies underway, alonČside reČulatory and reservoir assessnents, and reČistration with VERRA as an underdevelopnent initiative for future carbon credit Čeneration.

• The Conpany, in partnership with Ghani Chenical Industries Ltd., has established GHG Enission MitiČation Ltd. for vent Čas processinČ at SGPC. Project financinČ nandate was awarded to Habib Bank Linited on 31 March 2026.

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• MariTechnoloČies, throuČh its subsidiary SKY47 Linited, is proČressinČ developnent of Tier III/IV-certified data centers to support Pakistan's diČital infrastructure, with the Islanabad facility achievinČ Tier III DesiČn Certification fron the Uptine Institute. The project also secured an STZA Zone Enterprise License and successfully enerČized a 5 MW Črid connection at the Islanabad site.

  Operational Environnent and Key ChallenČes:

  • Security in Khyber Pakhtunkhwa and Balochistan renains a key operational consideration Čiven their inportance to strateČic projects. The Conpany continues to strenČthen risk nanaČenent to safeČuard personnel and assets while ensurinČ business continuity, via workinČ closely with law enforcenent aČencies and local connunities to inplenent adaptive security neasures and foster Čoodwill.

  • The continuinČ issue of circular debt anountinČ Rs 84.0 billion poses a siČnificant challenČe, with potential inplications for e:ploration, developnent, and production activities. The Conpany is actively enČaČinČ with authorities to inprove recoveries, while the Čovernnent's Task Force is proČressinČ a nanaČenent plan e:pected to address the issue. Further, durinČ latest enČaČenent of the Governnent with the International Monetary Fund (IMF), it has been aČreed to keep the enerČy sector financially stable and avoid the build-up of circular debt throuČh tinely tariff adjustnents.

  • The Čeopolitical situation in the reČion is havinČ a detrinental inpact on the supply chain, which niČht have a potential inplication on tarČets and project tinelines. The Conpany is riČorously followinČ the natter with its suppliers to find alternatives to nitiČate any adverse inpacts.

DETAILED REPORT

HEALTH, SAFETY AND ENVIRONMENTAL (HSE) PERFORMANCE

DurinČ the first three quarters of FY 2025-26, the Conpany sustained stronČ HSE perfornance, with all operational and process safety KPIs renained within tarČet linits. IMS certifications were successfully retained, with no najor non-confornances reported durinČ surveillance audits conducted across nultiple locations in February 2026.

Over 15,000 critical jobs were e:ecuted safely, coverinČ 12.22 nillion nan-hours and 6.04 nillion kiloneters driven without najor incidents. Workforce capability was enhanced throuČh 746 enerČency drills and 50,860 traininČ nan-hours delivered throuČh structured proČrans. Under the Process Safety ManaČenent (PSM) roadnap, 16 nenbers achieved international certification as PHA-HAZOP Leaders, while Pulse Check Surveys were conducted to support conpliance and continuous inprovenent of PSM franework.

On the Environnental, Social and Governance (ESG) front, the Conpany strenČthened its sustainability franework e:hibitinČ Sustainability Leadership throuČh the developnent of an internal Corporate Sustainability Assessnent aliČned with SGP Global CSA nethodoloČy. A conpliance review of SECP ESG Guidelines and IFRS S1 and S2 requirenents was conpleted to identify reportinČ Čaps. Cross-functional inteČration of ESG practices proČressed, supported by enČaČenent with A.F.FerČuson G Co a nenber firn of PricewaterhouseCoopers (PwC) to further enhance disclosures. Capacity buildinČ renained a priority, with tarČeted traininČ conducted on sustainability, enerČy nanaČenent, and clinate-related areas.

CORPORATE SOCIAL RESPONSIBILITY (CSR)

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DurinČ the period, the Conpany proČressed its CSR aČenda throuČh tarČeted initiatives in education, livelihoods, healthcare, and connunity infrastructure. Key developnents included

the launch of a Vocational Skills Development Program for females in Daharki, establishment at Noor−e−Sehar Special Education School (NSSES) of an Independent Living Center to support persons with special needs. The first cohort under the Hospitality Training Program successfully graduated, while the inaugural batch of the employment−based Digital Bootcamp was inducted to equip youth with market−relevant skills.

Community engagement and economic empowerment remained a priority, with continued progress under the Mari Kissan Dost Program (MKDP), including a Town Hall with local farmers. The Midline Assessment of the MKDP reflects an increase in crop yields, improvement in child growth under the Mari Meal initiative, and a rise in female economic empowerment through enhanced inclusion of women in the program. The Company is initiating a Microfinance Program to promote financial inclusion and an Overseas Employment Program to connect local youth with international opportunities. Infrastructure development remained a focus, with multiple water supply schemes completed, benefiting approximately 29,000 individuals, and the project for 1,200 solar units was initiated under the Kareera Valley Solarization Program in NWD. These initiatives are strategically designed with the Company's ongoing commitment to inclusive growth, human capital development, and sustainable community uplift in its areas of operations.

FINANCIAL PERFORMANCE

Net sales increased prinarily due to hiČher sales volunes and inproved pricinČ conpared to the correspondinČ period. Profitability inproved as a result of operatinČ cost optinization and lower e:ploration and prospectinČ e:penditures and lower ta: charČe, despite a decline in finance incone attributable to the reduction in policy rates.

CORE BUSINESS ACTIVITIES

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The Conpany's core business proČran renains strateČically focused on e:pandinČ its resource base, convertinČ resources into reserves, and enhancinČ production capacity throuČh tarČeted Access, E:ploration, Appraisal, Developnent, and Production activities. DurinČ the period, notable proČress was achieved in line with the annual budČet, reflectinČ the effectiveness of these initiatives and reaffirninČ the Conpany's connitnent to sustainable Črowth and operational e:cellence.

ACCESS:

MariEnerČies, independently and throuČh joint ventures, was awarded 23 offshore e:ploration blocks in the Pakistan EGP Offshore Bid Round held on October 31, 2025, by the Ministry of EnerČy (Petroleun Division). Of these, 18 blocks were awarded as Operator and 5 as a non-operatinČ partner. Production SharinČ AČreenents (PSAs) and E:ploration Licenses (ELs) for two blocks (Indus Offshore-C and Indus Offshore-F) have been e:ecuted, while the renaininČ 16 are in process. Additionally, the Governnent has e:ecuted Petroleun Concession AČreenents (PCAs) and E:ploration Licenses (ELs) for 10 onshore blocks, includinČ Block 28 North.

The Deed of AssiČnnent pertaininČ to assiČnnent of Pakistan Petroleun Linited's (PPL) 65% participatinČ to Turkish Petroleun Overseas Conpany Linited, Oil and Gas Developnent Conpany Linited (OGDC), and MariEnerČies alonČ with the transfer of Operatorship to TPOCL in respect of Eastern Offshore Indus-C Block has been duly e:ecuted by the Governnent.

The Conpany's portfolio stands at 72 Licenses and 15 DGP leases, includinČ Offshore Block 5 in Abu Dhabi.

EXPLORATION:

Seisnic Data Acquisition Projects and GGM Survey:

E:ploration Wells:

• The Shans-1 well was spudded on January 30, 2026, and successfully drilled to a total depth of 3,075 neters. A Čas and condensate discovery was nade throuČh the identification of a new hiČh-BTU Čas conpartnent within the Goru B-Sand reservoir in Mari DGPL. DurinČ testinČ of the Goru B-Sand fornation, the well produced Čas at a rate of 47.G8 MMSCFD alonČ with 64 barrels per day of condensate at a choke size of 64/64". A stabilized Well Head FlowinČ Pressure (WHFP) of 2,404 psiČ was recorded durinČ the testinČ phase.

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• Tibri-1 (Kalchas South Block): The well was successfully drilled, resultinČ in a Čas discovery in the DunČhan/Sui Main Linestone (SML) fornation. Initial testinČ of the reservoir denonstrated a Čas flow rate of 11 MMSCFD at a 64/64k choke with a wellhead flowinČ pressure (WHFP) of 561 psiČ, and 6.5 MMSCFD at a 32/64k choke with a WHFP of 1,161 psiČ.

  This discovery has enhanced the overall prospectivity of the block and strenČthened confidence in its renaininČ e:ploration potential.

• Ghazij e:ploration wells Ghazij CF-A1, and Ghazij CF-C1 were successfully drilled and conpleted in Ghazij fornation. Ghazij CF-B1 was conpleted as an oil producer, narkinČ the second oil discovery fron the Ghazij Fornation. DurinČ testinČ, the well produced 305 barrels per day of oil alonČ with 3 MMSCFD Čas with WHFP of 225 psiČ at 48/64 inch choke size and 246 barrels per day of oil alonČ with 2.͕ MMSCFD Čas with WHFP of 635 psiČ at 32/64 inch choke size.

• Pario-1 and Sunro-1 (Sujawal Block - Khadro Fornation): Pario-1 well was spudded on February 26, 2026, to E:plore hydrocarbon potential of Khadro Fornation. Pario-1 drilled down to its tarČet depth of 657 neters in Upper Goru Fornation and has been declared pluČČed and abandoned (PGA). Further, Sunro-1 well was spudded in the sane Fornation on March 13, 2026 to assess the hydrocarbon potential. Sunro-1 was drilled to its planned total depth of 752 neters in the Upper Goru Fornation and the preparations are underway for a riČ less hydraulic fracturinČ operation considerinČ it a tiČht Čas reservoir.

• ZarČhun South Ghazij-1 well in ZarČhun South DGPL was spud in on AuČust 16, 2025, to test the hydrocarbon potential of linestone reservoir beds within Ghazij Fornation. The well is PluČČed and Suspended and post-well studies are underway.

• Speen-1ST (Hanna Block) well was re-entered on January 17, 2026, to evaluate the hydrocarbon potential of the DunČhan and Chiltan reservoirs. The well was drilled to a total depth of 3,125 neters on February 26, 2026, within the Chiltan fornation. Two drill sten tests (DSTs) were conducted; however, no hydrocarbons were produced. The well has currently been pluČČed and Abandoned (PGA) pendinČ further evaluation.

  APPRAISAL:

• Shawal appraisal wells (Shawal-3, Shawal-4, and Shawal-5) were conpleted as Čas producers, as part of the Shawal appraisal proČran addinČ conbined production capacity of ~25 MMscfd.

• Soho-2, an appraisal well in Sujawal Block was spud-in on February 13, 2026, to appraise the hydrocarbon potential of nassive sands at Soho discovery. Currently, drillinČ is in proČress.

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• Spinwan East-Shewa-3, an appraisal well in the Waziristan Block, was spudded on AuČust 11, 2025, to evaluate the hydrocarbon potential of the Lockhart, HanČu, and KawaČarh fornations. Two drill sten tests (DSTs) have been conducted across the HanČu-3 and KawaČarh-3 intervals, as well as the Lockhart-2 and Lockhart-3 intervals, with further testinČ operations currently in proČress in accordance with the approved plan.

  DEVELOPMENT:

• Ghazij-11, Ghazij-12, Ghazij 13 and Ghazij-14 were successfully drilled and conpleted in Ghazij fornation. Ghazij-11 and Ghazij-14 resulted in an addition of ~17 MMscfd to the production capacity whereas Ghazij-12 and Ghazij 13 are candidates for pilot hydraulic fracturinČ operations, which are planned durinČ the current fiscal year.

• Mari-127H and Mari-128H are planned to be drilled in FY 2025-26 to support the delivery of required production to fertilizer custoners under the onČoinČ HRL Pressure Enhancenent Facilities (PEF) project anid the prevailinČ international Čeopolitical environnent.

• MD-24, a developnent well in the Mari Deep (Goru-B) Fornation, was successfully drilled and tested, deliverinČ a Čas flow rate of 27 MMscfd fron the Lower Goru-B sands at a wellhead flowinČ pressure of 1,720 psiČ on a 64/64" choke size.

• SML-2, a snart conpletion developnent well, was drilled and tested at appro:inately 5 MMscfd of Čas fron the Ghazij reservoir and about 2.7 MMscfd fron the SML-SUL reservoirs.

  Well Interventions:

• DurinČ the period, nultiple well intervention and stinulation activities were successfully e:ecuted, includinČ acid stinulation at Bhitai-5, Shaheen-3, and SML-1, as well as additional perforation at Bhitai-06 and re-perforation at Bhitai-1, resultinČ in a cunulative production increase of appro:inately ͕.0 MMscfd and supportinČ the sustained plateau production of 58 MMscfd fron the SML-SUL reservoirs. Additionally, a riČ workover at Adan West X-1 ST (Hala Block, partner-operated) successfully revived the well, contributinČ around 7.0 MMscfd of Čas production.

Developnent projects:

Fertilizer Manufacturers of Pakistan Advisory Council (FMPAC) Approval and Revised Field Developnent Plan for Ghazij

The Federal Cabinet approved the Čas allocation and supply arranČenents for the Ghazij Field, as proposed by the Econonic Coordination Connittee (ECC), enablinČ dedicated raw Čas supply fron Mari to three najor fertilizer plants includinČ Fauji Fertilizer Conpany (Port Ǫasin), Fatina Fertilizer (Sheikhupura), and AČritech (Daudkhel) for processinČ and transportation throuČh the Sui conpanies' network. FollowinČ this approval, the revised Field Developnent Plan (FDP) for the Ghazij Field was subnitted to the reČulator on March 4, 2026. The revised FDP e:pands the discovery area to cover the entire Mari DGPL area, includinČ Shawal throuČh appraisal activities, brinČinČ the Shawal discovery and Collapse Feature wells under the Ghazij developnent franework and enhancinČ overall field adninistration and nanaČenent efficiency.

Mari HRL Pressure Enhancenent Facilities (PEF) Project

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Mari EnerČies, in collaboration with its fertilizer custoners, is proČressinČ the PEF Project at the Mari Field to sustain the HRL plateau production level. DebottleneckinČ (DBN) Phase II is currently underway, with four pipeline loops conpleted to date, while the conpression project renains in proČress. Key project aČreenents, includinČ Material Procurenent Phase II,

Operations and Maintenance Phase I, and Construction G Installation Phase II, have been e:ecuted with the fertilizer consortiun.

Capacity Enhancenent at SwinČ Volune ProcessinČ Facility (SVPF)

As part of Mari EnerČies' onČoinČ efforts to na:inize Čas sales fron the Mari Field, a fourth conpressor was installed and connissioned at SVPF, increasinČ the plant's desiČn capacity fron 60 MMscfd to 80 MMscfd. This enhancenent will enable interin supply of Ghazij Čas to approved fertilizer custoners, Fatina Fertilizer and AČritech, until pernanent facility arranČenents are finalized.

Mari SGPC Carbon Capture and Sequestration (CCS) Project

The Carbon Capture and StoraČe (CCS) initiative, branded as Cquestra, is proČressinČ in line with its developnent plan. Front-End EnČineerinČ DesiČn (FEED) and Environnental G Social Inpact Assessnent (ESIA) studies are underway, alonČside reservoir evaluations and reČulatory enČaČenents to support carbon credit certification. The project has been reČistered with VERRA as an under-developnent project, with preparations onČoinČ to achieve the ne:t staČe of "Under Validation." Upon successful validation, the project is e:pected to qualify as an enission reduction initiative, enablinČ the Čeneration of carbon credits. Subsurface study includinČ well desiČn has been conpleted.

Offshore Block-5 (UAE)

FollowinČ e:ecution of the Production Concession AČreenent, the project has transitioned into the developnent phase and is proČressinČ in line with the approved developnent plan, while e:ploration activities continue under the approved work proČran.

PRODUCTION:

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The hydrocarbon sales durinČ the period are sunnarized below:

Production durinČ the period was siČnificantly inpacted by forced Čas curtailnents fron SwinČ Volune ProcessinČ Facility (SVPF), SGPC, and Shewa inposed by SNGPL, alonČ with prolonČed Čas suspension at Shewa due to pipeline rupture incidents. Fron March 2026 onwards, evolvinČ Čeopolitical dynanics and associated LNG supply disruptions created favorable conditions to increase the Čas offtake to distribution conpanies. Enhanced contributions fron SwinČ Volune, SGPC, and Shewa are supportinČ a neaninČful recovery in sales volunes. NotwithstandinČ the challenČes and opportunity, Conpany denonstrated stronČ operational resilience, naintaininČ supply continuity throuČh proactive coordination, adaptive production nanaČenent, and tinely nitiČation neasures.

DurinČ the period, Conpany achieved a historic nilestone by recordinČ its hiČhest-ever sales rate of 127,518 BOEPD, surpassinČ the previous benchnark. This perfornance reflects the effectiveness of optinized production strateČies and robust operational e:ecution.

In line with its Črowth aČenda, Conpany further strenČthened its production base by successfully brinČinČ MD-23, Bolan East-2, SML-2, Ghazij CF-B1, and Spinwarn-1 wells on strean, reinforcinČ its connitnent to sustaininČ production Črowth and enhancinČ overall hydrocarbon output.

Key facility upČrades were also conpleted, includinČ connissioninČ of two evaporative coolers at SVPF to ensure on-spec Čas delivery durinČ peak tenperatures. Additionally, Cyclic HAZOP Phase-II studies for Bolan, ZarČhun, Halini, and KalabaČh facilities were concluded, reinforcinČ the Conpany's connitnent to operational inteČrity, process safety and reČulatory conpliance. The tern sheet for the sale of Ghazij Čas to new fertilizer custoners has also been finalized, narkinČ a siČnificant connercial nilestone. Meanwhile, enČineerinČ activities for the Pateji Plant are proČressinČ in line with the project schedule.

MARI SERVICE DIVISION:

DurinČ the first three quarters of FY 2025-26, Mari's drillinČ and Čeoscience units delivered e:tensive operational and third-party services. The Mari DrillinČ Unit (MDU) provided drillinČ services for 16 e:ploratory, appraisal, and developnent wells, while the Mari Mud LoČČinČ Unit supported wells in Mari DGPL and Sujawal Block. The Mari Seisnic ProcessinČ Center (MSPC) continued work on On-shore and Off-shore data processinČ. Additionally, MSPC carried out processinČ services for third-party projects, includinČ Kalchas South and Kuhan Block for M/s UEPL, test line processinČ for OǪEP (Onan), and Baska North for M/s AEPL. Furthernore, the Conpany's Seisnic Acquisition Unit is currently perforninČ third-party seisnic acquisition activities in the Baska North 2D project.

DIVERSIFICATION EFFORTS

Joint Venture AČreenent with Ghani Chenical Industries

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MariEnerČies has entered into a Joint Venture AČreenent with Ghani Chenical Industries Ltd. throuČh which a project conpany "GHG Enissions MitiČation Linited (GEM)" has been incorporated. The objective of the project is to process vent/e:haust Čas fron the Sachal Gas ProcessinČ Conple: (SGPC) at Mari Field, Daharki and recover hydrocarbons for production and sale as liquefied natural Čas (LNG), alonČ with industrial and food-Črade liquid CO,.

The project will be financed throuČh a conbination of equity contributions by the sponsors and debt financinČ for which HBL has been Čiven the nandate for arranČinČ project financinČ.

Mari Minerals (Private) Linited

MariMinerals, a wholly owned subsidiary of MariEnerČies, has entered into a Joint Venture AČreenent with MSALABS Linited, headquartered in Canada, for the establishnent and operation of a full-service assay laboratory in Pakistan. The activities on the e:ploration licenses are on-ČoinČ as per plan. Pursuant to the Joint Venture AČreenent, a project conpany is to be incorporated, with equal shareholdinČ between MariMinerals and MSALABS. The proposed laboratory will provide conprehensive ISO-Certified ninerals testinČ services, coverinČ all aspects fron sanple preparation to assayinČ, to support nininČ activities in Pakistan.

MariMinerals and Sanjrani MininČ Conpany (SMC) have jointly incorporated a project conpany, TuzČi Minerals (Private) Linited, to undertake nineral e:ploration and nininČ activities in ChaČai, Balochistan. MariMinerals holds a 67% najority shareholdinČ in the conpany and will lead its operational nanaČenent.

Mari TechnoloČies Linited

MariTechnoloČies, throuČh its najority-owned subsidiary, SKY47 Linited, is developinČ Tier III/IV-certified data centers to strenČthen Pakistan's diČital infrastructure. At the Islanabad site, civil works have been conpleted, and the facility has been successfully certified by Uptine Institute for Tier III Certification of DesiČn Docunents (TCDD).

Furthernore, a Zone Enterprise License has been issued to SKY47 by the Special TechnoloČy Zone Authority (STZA), and an 11 kV IESCO Črid connection, with a capacity of up to 5 MW, has been successfully enerČized with effect fron March 15, 2026.

FUTURE OUTLOOK OF THE COMPANY

The Conpany renains firnly connitted to its Vision 2030 and lonČ-tern Črowth strateČy, with a continued focus on strenČtheninČ its core business to support national enerČy and food security. The Conpany's diversification into the nininČ and technoloČy sectors represents a strateČic e:pansion aliČned with its broader objectives, reinforcinČ its pathway toward sustainable Črowth and positioninČ it as a national leader in ESG practices.

The Conpany's key priorities in the short to nediun tern include the followinČ:

• Developnent of the Ghazij Field to supply Čas to fertilizer plants in accordance with Governnent allocations.

• Advancenent of developnent activities for the Shewa, Spinwan, Soho, Pateji and Shans discoveries.

• E:ecution of surface and subsurface activities related to the HRL PEF Project at the Mari Field.

• Construction and operationalization of data centers in Islanabad and Karachi.

• Focused drillinČ and other activities under the Conpany's nininČ licenses.

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• Reduction of Čreenhouse Čas enissions at the Sachal Gas ProcessinČ Conple: throuČh capture, processinČ, and purification of cold vent and e:haust Čases throuČh GEM.

• MitiČation of siČnificant CO, enissions fron SGPC throuČh Project "Cquestra," Pakistan's first Carbon Capture and StoraČe (CCS) initiative.

DIVIDEND

DurinČ the period, the Conpany paid the final cash dividend of Rs. 21.7 per share (217%) for the year ended June 30, 2025, and paid an interin cash dividend of Rs. 8.3 per share (83%) for the year endinČ June 30, 2026.

TRIBUTE TO LAW ENFORCEMENT AGENCIES (LEAs)

The Conpany e:tends its sincere Čratitude and appreciation to the Law Enforcenent AČencies for their unwaverinČ support and dedication. Their professionalisn, couraČe, and connitnent to safeČuardinČ the Conpany's personnel and operations of national inportance renain hiČhly connendable and continue to inspire confidence in the secure e:ecution of our activities.

ACKNOWLEDGEMENT

The Board of Directors acknowledČes and connends all the enployees of the Conpany for their dedication, professionalisn, and sustained efforts in successfully deliverinČ projects of national siČnificance durinČ the year.

The Board also e:presses its sincere appreciation for the continued support and cooperation e:tended by the Federal and Provincial Governnents, local adninistrations, and various Čovernnent institutions, particularly the Ministry of EnerČy (Petroleun Division), Ministry of Finance, OGRA, Director Generals (Petroleun Concessions and Oil G Gas), Fauji Foundation, OGDC, FBR, Law Enforcenent AČencies, suppliers, joint venture partners, and all other valued stakeholders.

For and on behalf of the Board

Faheen Haider

ManaČinČ Director/CEO

Page 10 of 10

Islanabad April 22, 2026

Lt. Gen. Anwar Ali Hyder, HI (M), (Retd)

Chairnan

MARI ENERGIES LIMITED

CONDENSED INTERIM FINANCIAL STATEMENTS

FOR THE NINE MONTHS PERIOD ENDED MARCH 31,2026

MARI ENERGIES LIMITED

CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION AS AT MARCH 31, 2026

The annexed notes 1 to 22 form an integral part of these condensed interim financial statements.

Nabeel Rasheed Faheem Haider Abid Niaz Hasan Lt Gen Anwar Ali Hyder

Chief Financial Officer

Managing Director / CEO

Director HI(M), (Retd)

1C

Chairman

FOR THE NINE MONTHS PERIOD ENDED MARCH 31, 2026

Three months period ended Nine months period ended

31.03.2026 31.03.2025 31.03.2026 31.03.2025

Note

(Rupees in thousand)

(Rupees in thousand)

The annexed notes 1 to 22 form an integral part of these condensed interim financial statements.

Nabeel Rasheed Faheem Haider Abid Niaz Hasan Lt Gen Anwar Ali Hyder

Chief Financial Officer

Managing Director / CEO

Director HI(M), (Retd)

Chairman

Three months period ended Nine months period ended

31.03.2026 31.03.2025 31.03.2026 31.03.2025

(Rupees in thousand) (Rupees in thousand)

The annexed notes 1 to 22 form an integral part of these condensed interim financial statements.

Nabeel Rasheed Faheem Haider Abid Niaz Hasan Lt Gen Anwar Ali Hyder

Chief Financial Officer

Managing Director / CEO

Director HI(M), (Retd)

Chairman

MARI ENERGIES LIMITED

CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY FOR THE NINE MONTHS PERIOD ENDED MARCH 31, 2026

Share capital

Capital redemption reserve fund

Self insurance reserve

Foreign currency translation reserve

(Rupees in thousand)

General reserve

Unappropriated profit

Total

* Distribution to owners - recorded directly in equity

The annexed notes 1 to 22 form an integral part of these condensed interim financial statements.

Nabeel Rasheed Faheem Haider Abid Niaz Hasan Lt Gen Anwar Ali Hyder

Chief Financial Officer

Managing Director / CEO

Director HI(M), (Retd)

1G

Chairman

FOR THE NINE MONTHS PERIOD ENDED MARCH 31, 2026

Cash flows from operating activities

Note

31.03.2026 31.03.2025

(Rupees in thousand)

The annexed notes 1 to 22 form an integral part of these condensed interim financial statements.

Nabeel Rasheed Faheem Haider Abid Niaz Hasan Lt Gen Anwar Ali Hyder

Chief Financial Officer

Managing Director / CEO

Director HI(M), (Retd)

Chairman

MARI ENERGIES LIMITED

NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS (UN-AUDITED) FOR THE NINE MONTHS PERIOD ENDED MARCH 31, 2026

1. LEGAL STATUS AND OPERATIONS

   Mari Energies Limited ("MariEnergies or the Company") is a public limited company incorporated in Pakistan on December 4, 1984 under the repealed Companies Ordinance, 1984 (replaced by the Companies Act, 2017). The shares of the Company are listed on the Pakistan Stock Exchange Limited. The Company is principally engaged in exploration, production and sale of hydrocarbons. The registered office of the Company is situated at 21 Mauve Area, 3rd Road, G-10/4, Islamabad.

2. BASIS OF PREPARATION

   1. These 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 Companies Act, 2017 and provisions of, directives and notifications issued under the Companies Act, 2017. Where the provisions of, directives and notifications issued under the Companies Act, 2017 differ with the requirements of IAS 34, the provisions of, directives and notifications issued under the Companies Act, 2017 have been followed.

   2. These condensed interim financial statements are un-audited and are being submitted to the members as required under Section 237 of the Companies Act, 2017 and Rule Book of Pakistan Stock Exchange Limited.

   3. The disclosures in these condensed interim financial statements do not include all the information and disclosures reported in the annual audited financial statements and should therefore be read in conjunction with the audited financial statements of the Company for the year ended June 30, 2025.

   4. These condensed interim financial statements are the separate condensed interim financial statements of the Company in which investment in subsidiaries are accounted for at cost less accumulated impairment, if any. Consolidated condensed interim financial statements are prepared separately.

   5. Exemption from application of Expected Credit Losses model

      The Securities and Exchange Commission of Pakistan (SECP) through S.R.O. 25(I)/2026 dated January 6, 2026 has notified that in respect of companies holding financial assets due or ultimately due from the Government of Pakistan (GoP) in respect of circular debt, the requirements contained in IFRS 9 'Financial Instruments' with respect to application of Expected Credit Losses (ECL) model shall not be applicable for financial years ending on or before December 31, 2026, provided that such companies shall follow relevant requirements of IAS 39 'Financial Instruments: Recognition and Measurement' in respect of above referred financial assets during the exemption period.

      Consequently, the Company has not recorded impact of application of ECL model on the financial assets due directly/ultimately from the GoP in these condensed interim financial statements.

3. ACCOUNTING POLICIES, SIGNIFICANT ACCOUNTING ESTIMATES, ASSUMPTIONS AND JUDGEMENTS

   1. The preparation of these condensed interim financial statements in conformity with the approved accounting standards as applicable in Pakistan for interim financial reporting requires management to make estimates, assumptions and apply judgments that affect the application of accounting policies and reported amounts of assets, liabilities, income and expenses. Estimates, assumptions and judgments are continually evaluated and are based on historical experience and other factors, including reasonable expectations of future events. Revision to accounting estimates are recognized from the period of revision.

   2. The accounting policies adopted in the preparation of these condensed interim financial statements are the same as those applied in the preparation of the audited financial statements for the year ended June 30, 2025.

   3. The estimates, assumptions and judgments made in the preparation of these condensed interim financial statements are substantially the same as those applied in the preparation of the audited financial statements for the year ended June 30, 2025 except as disclosed in note 17 to these condensed interim financial statements. The management also believes that standards, amendments to published standards and interpretations that are effective for the Company from accounting periods beginning on or after July 1, 2025 do not have any significant effect on these condensed interim financial statements or are not relevant to the Company.

4. SHARE CAPITAL

Authorized capital

(Un-Audited) (Audited)

31.03.2026 30.06.2025

(Rupees in thousand)

17,000,000,000 (June 30, 2025: 17,000,000,000) ordinary

shares of Rs 10 each

170,000,000 170,000,000

Issued, subscribed and paid up capital

24,850,007 (June 30, 2025: 24,850,007) ordinary shares

(Un-Audited) (Audited)

Nine months ended Year ended

31.03.2026 30.06.2025

7.1 Gas Development Surcharge (GDS), Gas Infrastructure Development Cess (GIDC) and their related sales tax amounting to Rs 149,712,513 thousand (June 30, 2025: Rs 150,251,863 thousand) are not reflected in these condensed interim financial statements in accordance with the accounting guidance issued by the Institute of Chartered Accountants of Pakistan (ICAP) through Circular no. 1/2021 dated January 21, 2021, whereby, these are recorded as payables to the extent that they are received from customers and are to be deposited with GoP as per their respective rules and regulations.

On August 13, 2020, the Supreme Court of Pakistan has decided the matter of GIDC, which has restrained the charging of GIDC from August 1, 2020 onwards and ordered gas consumers to pay GIDC arrears due up to July 31, 2020 in installments. The fertilizer companies have obtained stay orders against recovery from the Sindh High Court, where the matter is subjudice.

1. CONTINGENCIES AND COMMITMENTS

   1. Contingencies

      1. The Company is currently defending multiple cases in Pakistan relating to its routine business activities. Based on review by legal counsel appointed for each case, it is expected that the outcomes will favor the Company. Consequently, no provisions and/or disclosure have been made in these condensed interim financial statements.

      2. The Company has given corporate guarantees to the GoP under various Petroleum Concession Agreements (PCAs) for the performance of obligations.

      3. As part of the investment arrangement in Pakistan International Oil Limited (PIOL), a related party, each of the consortium partners including MariEnergies has also provided, joint and several, parent company guarantees to Abu Dhabi National Oil Company, Abu Dhabi Company for Offshore Petroleum Operations Limited and Supreme Council for Financial and Economic Affairs Abu Dhabi, UAE, to guarantee the obligations of PIOL.

      4. The Company has given a corporate guarantee amounting to Rs 7,500 million, guaranteeing the financing obligations of its subsidiary namely SKY47 Limited, to the extent of 60% shareholding in SKY47 Limited through Mari Technologies Limited (a wholly owned subsidiary of the Company).

      (Un-Audited) (Audited)

      31.03.2026 30.06.2025

      (Rupees in thousand)

   2. Commitments

1. Commitments for capital expenditure:

   Wholly owned	27,729,319	4,311,938
   Joint operations	11,499,932	5,242,546

2. The Company's share in outstanding minimum work commitments, other than capital commitments included in 'a' above, under various PCAs aggregating to US$ 105.10 million (June 30, 2025: US$ 85.91 million)

   39,229,251 9,554,484

   29,396,218 24,342,599

3. As part of the Shareholders Agreement with the consortium partners in PIOL, the Company committed to invest up to US$ 100 million in PIOL during five years from August 31, 2021, which have been invested up to March 31, 2026 (June 30, 2025: US$ 85 million).

4. The Board of Directors of the Company in its meeting held on January 26, 2026, has approved a further investment of Rs 2,500 million in Mari Minerals (Private) Limited (MariMinerals), a wholly owned subsidiary of the Company, by way of equity injection through subscription of right issue of shares at par value. Out of this, Rs 1,000 million has been invested upto March 31, 2026.

9.2 It includes additions amounting to Rs Nil (year ended June 30, 2025: Rs 1,661,688 thousand) on account of provision for decommissioning cost.

(Un-Audited) (Audited)

Nine months ended Year ended

31.03.2026 30.06.2025

Note (Rupees in thousand)

10.1 It includes additions amounting to Rs 1,929,713 thousand (year ended June 30, 2025: Rs 2,596,085 thousand) on account of provision for decommissioning cost.

(Un-Audited) (Audited)

Nine months ended Year ended

Note

31.03.2026 30.06.2025

(Rupees in thousand)

11.1 It includes additions amounting to Rs 490,927 thousand (year ended June 30, 2025: Rs 754,833 thousand) on account of provision for decommissioning cost.

12. LONG TERM INVESTMENTS

Investment in related parties

(Un-Audited) (Audited)

31.03.2026 30.06.2025

Note (Rupees in thousand)

value through profit or loss 195,023 188,779

37,259,907 32,566,614

(Un-Audited) (Audited)

Nine months ended Year ended

31.03.2026 30.06.2025

(Rupees in thousand)

12.2 During the period, the Company, together with Ghani Chemicals Industries Limited (Ghani), incorporated a subsidiary namely GHG Emissions Mitigation Limited (GEM), a public limited company incorporated in Pakistan under the Companies Act, 2017. The principal line of business of GEM is to develop, design, construct, commission and operate the project for the mitigation of greenhouse gas emissions from the Sachal Gas Processing Complex through the capture, processing and purification of cold vent/exhaust gases. The Company holds 51% shareholding, and Ghani holds 49% shareholding in GEM. The Company has made an investment of Rs 102 million against 10,200 thousand ordinary shares of Rs 10 each.

(Un-Audited) (Audited)

Nine months ended Year ended

31.03.2026 30.06.2025

14.1 As detailed in note 7.1 to these condensed interim financial statements, GDS, GIDC and their related sales tax billed to customers but not received are not included in these condensed interim financial statements.

(Un-Audited) (Audited)

31.03.2026 30.06.2025

(Rupees in thousand)

Three months period ended Nine months period ended 31.03.2026 31.03.2025 31.03.2026 31.03.2025

1. NET SALES

   (Rupees in thousand)

   (Rupees in thousand)

   Product wise breakup of net sales is as follows:

   Natural gas 46,333,684 43,762,383 132,765,942 126,962,093

   Crude oil 1,832,876 1,836,934 5,511,818 5,288,862

   Liquefied Petroleum Gas (LPG) 11,816 43,926 22,069 43,926

   48,178,376 45,643,243 138,299,829 132,294,881

2. PROVISION FOR TAXATION

   1. The Company has recorded a reversal of tax provision amounting to Rs 5,666,993 thousand related to prior year by treating the amount payable under rule 35 of the Pakistan Onshore Petroleum (Exploration and Production) Rules, 2013 as Payment to the Government.

   2. During the period, the Federal Constitutional Court of Pakistan ("FCC") announced its decision through short order dated January 27, 2026, regarding the constitutional challenges to the Super Tax levied under Section 4B and 4C of the Income Tax Ordinance, 2001. In its decision, the FCC held that, in respect of Exploration & Production (E&P) Companies application of section 4B and 4C by virtue of Rule 4AA and 4B of the Fifth Schedule (the Schedule) will only apply to the petroleum income arising to E&P Companies if it's application does not result in exceeding the aggregate rate of taxes provided in the Schedule and their respective PCAs. Pending detailed judgement on the matter by FCC and final determination of the matter, management believes that impact of judgement on the Company cannot be currently determined and accordingly, the Company has maintained the provision in respect of the matter in these condensed interim financial statements.

3. EARNINGS PER SHARE - BASIC AND DILUTED

   Three months period ended Nine months period ended 31.03.2026 31.03.2025 31.03.2026 31.03.2025

   21,171,100	15,905,481	49,611,520	46,301,293
   1,200,623	1,200,623	1,200,623	1,200,623
   17.63	13.25	41.32	38.56

   Profit for the period (Rupees in thousand)

   Number of ordinary shares outstanding (in thousand)

   Earnings per ordinary share (in Rupees)

   There is no dilutive effect on the basic earnings per ordinary share of the Company.

4. CASH AND CASH EQUIVALENTS

   31.03.2026 31.03.2025

   (Rupees in thousand)

   Cash and bank balances 23,981,356 36,446,869

   Short term investments 34,671,178 37,570,506

   58,652,534 74,017,375

5. TRANSACTIONS AND BALANCES WITH RELATED PARTIES AND ASSOCIATED COMPANIES

   The related parties of the Company comprise of entities having significant influence over the Company and entities controlled by such entities, subsidiaries, associates, employees' retirement funds and key management personnel. Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the Company. The Company considers its Directors, MD/CEO, senior managers and above to be key management personnel. Associated companies have been identified in accordance with the requirements of the Companies Act, 2017. Transactions and balances with related parties and associated companies, other than below, have been disclosed in relevant notes to these condensed interim financial statements.

   The Company, in the normal course of business, pays for utilities and makes regulatory payments to entities controlled by GoP which are either disclosed in respective notes to these condensed interim financial statements or are collectively, but not individually, significant to these condensed interim financial statements.

   Transactions for the nine months period ended

   Name and nature of relationship Nature of transaction 31.03.2026 31.03.2025

   (Rupees in thousand)

   Related parties

   Entities with significant influence over the Company

   Fauji Foundation*	Dividend paid Cost and other expenses recharged to the Company	14,287,408 1,333,701	7,090,788 1,215,115
   Oil and Gas Development Company	Dividend paid	7,143,704	3,545,394
   Limited*	Sale of stores and spares	67,137	88,666
   	Contractual services income	32,093	210,787
   	Expenses against studies	75,114	160,487
   Government of Pakistan (GoP)	Dividend paid	7,198,888	3,572,781
   Entities controlled by those entities having
   significant influence over the Company
   Sui Northern Gas Pipelines Limited*	Gas sale	61,942,899	53,800,800
   	Expenses against studies	16,079	8,142
   Sui Southern Gas Company Limited*	Gas sale	4,979,404	4,557,056
   	Expenses against studies	16,079	8,142
   	Pipeline expense	45,836	128,649
   Central Power Generation Company Limited	Gas sale	8,634	10,970
   Pak Arab Refinery Company Limited	Crude oil sale	892,925	171,106
   Pakistan Refinery Limited*	Crude oil sale	796,806	244,869
   Askari Bank Limited*	Interest income	1,321,151	1,403,816
   Fauji Fertilizer Company Limited*	Gas sale	28,608,059	28,986,898
   	Income against services	287,368	40,061
   Foundation Power Company Daharki Limited*	Gas sale	4,563,711	4,265,673
   Olive Technical Services Limited*	Purchase of services	1,632	7,572
   Foundation Gas*	LPG sale	26,170	52,083
   National Investment Trust	Income on mutual funds	701,612	1,019,939
   National Bank of Pakistan	Interest income	5,913	46,625
   	Income on mutual funds	378,099	1,073,195

   Transactions for the nine months period ended

   Name and nature of relationship Nature of transaction 31.03.2026 31.03.2025

   (Rupees in thousand)

   Related parties

   Entities controlled by those entities having significant influence over the Company

   Government Holdings (Private) Limited*	Expenses against studies	75,114	160,487
   Pakistan Petroleum Limited*	Gas processing income	1,506,824	318,851
   	Sale of stores and spares	260,004	45,003
   	Expenses against studies	75,114	160,487
   Fauji Cement Company Limited*	Crude oil sale	19,492	14,244
   Key management personnel
   Key management personnel	Remuneration, fee and benefits	1,341,602	1,083,502
   Employees' retirement funds
   Provident Fund	Company's contribution	266,189	240,927
   Subsidiaries
   Mari Minerals (Private) Limited*	Cost and other expenses recharged by the
   	Company	296,526	-
   Mari Technologies Limited*	Cost and other expenses recharged to the
   	Company	131,875	10,995
   SKY47 Limited*	Cost and other expenses recharged by the

   GHG Emissions Mitigation Limited*

   Associated companies by virtue of common directorship

   Siemens Pakistan Engineering Co.

   Company

   Cost and other expenses recharged to the Company

   Cost and other expenses recharged by the Company

   127,494 -

   54,757 -

   40,031 -

   Limited

   Pakistan Petroleum Exploration & Production Companies Association

   Purchase of services 39,260 -

   Membership fee 8,185 2,725

   Balance as at

   Name and nature of relationship Nature of balance 31.03.2026 30.06.2025

   (Rupees in thousand)

   Related parties

   Entities with significant influence over the Company

   Fauji Foundation*	Dividend payable	419,479	299,416
   	Cost and other expenses payable	161,209	121,229
   Oil and Gas Development Company	Dividend payable	209,740	149,709
   Limited* Payable to joint operating partner		699,033	358,958
   Receivable from joint operating partner		3,521,413	1,465,608
   Right-of-use asset receivable		2,507,682	3,244,983
   Receivable against contractual services		32,093	357,644
   Receivable against studies		127,862	55,147

   Balance as at

   Name and nature of relationship Nature of balance 31.03.2026 30.06.2025

   (Rupees in thousand)

   Related parties

   Entities controlled by those entities having significant influence over the Company

   Sui Northern Gas Pipelines Limited*	Trade debts	73,443,648	67,291,712
   	Receivable against studies	5,204	33,130
   Sui Southern Gas Company Limited*	Trade debts	10,509,678	9,859,612
   	Payable against pipeline expenses	157,453	144,854
   	Receivable against studies	657	6,194
   Central Power Generation Company
   Limited	Trade debts	2,225	1,446
   Pak Arab Refinery Company Limited	Trade debts	269,084	254,654
   Pakistan Refinery Limited*	Trade debts	153,223	101,286
   Askari Bank Limited*	Bank balances	16,613,275	23,091,614
   	Interest accrued	168,302	250,070
   Fauji Fertilizer Company Limited*	Trade debts	1,420,877	1,771,937
   	Advance received against services	398,635	90,833
   	Receivable against services	196,999	50,486
   Foundation Power Company Daharki Limited*	Trade debts	1,110,826	1,100,852
   Olive Technical Services Limited*	Payable against services	-	407
   Foundation Gas*	Trade debts	16,226	64,470
   National Investment Trust	Mutual funds	3,662,854	7,469,835
   National Bank of Pakistan	Bank balances	34,288	16,328
   	Mutual funds	2,191,833	10,784,455
   	Interest accrued	1,704	3,735
   Government Holdings (Private) Limited*	Payable to joint operating partner	705	117,094
   	Receivable from joint operating partner	75,370	7,814
   	Receivable against studies	195,178	62,789
   Pakistan Petroleum Limited*	Payable to joint operating partner	401,989	108,913
   	Receivable from joint operating partner	1,826,679	1,659,377
   	Receivable against sale of stores and spares	-	213
   	Receivable against gas processing	886,840	656,537
   	Receivable against studies	36,699	93,940
   Associate
   Pakistan International Oil Limited*	Other payable	-	53,438
   Subsidiaries
   Mari Minerals (Private) Limited*	Other receivable	293,150	250
   Mari Technologies Limited*	Other payable	66,560	33,290
   SKY47 Limited*	Other receivable	123,553	136,422
   GHG Emissions Mitigation Limited*	Other receivable	40,031	-
   Associated companies by virtue of common
   directorship
   Siemens Pakistan Engineering Co. Limited	Payable against services	759	2,111

   * These entities are also associated entities by virtue of common directorship.

6. FINANCIAL RISK MANAGEMENT AND FAIR VALUE MEASUREMENT

The Company's financial risk management objectives and policies are consistent with those disclosed in the audited financial statements for the year ended June 30, 2025. There is no change in the nature and corresponding hierarchies of fair value levels of financial instruments from those as disclosed in the audited financial statements for the year ended June 30, 2025. The carrying values of financial assets and liabilities approximate their fair values as of March 31, 2026 except for financial assets due directly/ultimately from GoP for which ECL model has not been applied as mentioned in note 2.5 to these condensed interim financial statements.

The Company has the following financial assets at fair value:

Level 1 Level 2 Level 3 Total

Share capital

Capital redemption reserve fund

Self insurance reserve

Foreign currency translation reserve

General reserve

Unappropriated profit

Total

Non-controlling interests

Total equity

The annexed notes 1 to 22 form an integral part of these condensed interim consolidated financial statements.

Nabeel Rasheed Faheem Haider Abid Niaz Hasan Lt Gen Anwar Ali Hyder

Chief Financial Officer Managing Director / CEO Director HI(M), (Retd)

37

Chairman

FOR THE NINE MONTHS PERIOD ENDED MARCH 31, 2026

CONDENSED INTERIM CONSOLIDATED STATEMENT OF CASH FLOWS (UN-AUDITED) FOR THE NINE MONTHS PERIOD ENDED MARCH 31, 2026

Cash flows from operating activities

Note

31.03.2026 31.03.2025

(Rupees in thousand)

The annexed notes 1 to 22 form an integral part of these condensed interim consolidated financial statements.

Nabeel Rasheed Faheem Haider Abid Niaz Hasan Lt Gen Anwar Ali Hyder

Chief Financial Officer

Managing Director / CEO

Director HI(M), (Retd)

Chairman

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

FOR THE NINE MONTHS PERIOD ENDED MARCH 31, 2026

The Securities and Exchange Commission of Pakistan (SECP) through S.R.O. 25(I)/2026 dated January 6, 2026 has notified that in respect of companies holding financial assets due or ultimately due from the Government of Pakistan (GoP) in respect of circular debt, the requirements contained in IFRS 9 'Financial Instruments' with respect to application of Expected Credit Losses (ECL) model shall not be applicable for financial years ending on or before December 31, 2026, provided that such companies shall follow relevant requirements of IAS 39 'Financial Instruments: Recognition and Measurement' in respect of above referred financial assets during the exemption period.

Consequently, the Group has not recorded impact of application of ECL model on the financial assets due directly/ultimately from the GoP in these condensed interim consolidated financial statements.