Transmission of Quarterly report for the period ended 31st December 2025

DECEMBER 31, 2025

Contents

Company Information 2

Directors' Report 3

Independent Auditor's Review Report 7

Condensed Interim Statement of Financial Position 8

Condensed Interim Statement of Profit or Loss 10

Condensed Interim Statement of Comprehensive Income 11

Condensed Interim Statement of Changes in Equity 12

Condensed Interim Statement of Cash Flows 13

Notes to and Forming Part of the Condensed Interim Financial Statements 14

Company Information

BOARD OF DIRECTORS

Mr. Kashif Sajjad Sheikh Chairman

Mr. Usman Zafar Butt Chief Executive Officer

Mr. Nadeem Bin Javed Non - Executive Director

Mr. Asim Dilawar Non - Executive Director

Mr. Hassan Sheikh Non - Executive Director

Mr. Ashan Rashid Independent Director

Mr. Babur Sultan Independent Director

Ms. Fariyha Subhani Independent Director

AUDIT COMMITTEE

Mr. Nadeem Bin Javed Non - Executive Director

Mr. Asim Dilawar Non - Executive Director

Mr. Ashan Rashid Independent Director

HUMAN RESOURCES & REMUNERATION COMMITTEE

Mr. Usman Zafar Butt Chief Executive Officer

Mr. Hassan Sheikh Non - Executive Director

Mr. Babur Sultan Independent Director

SUSTAINABILITY COMMITTEE

Ms. Fariyha Subhani Independent Director

Mr. Hassan Sheikh Non - Executive Director

Mr. Usman Zafar Butt Chief Executive Officer

SHARE REGISTRAR

Corplink (Private) Limited,

Wings Arcade, 1-K (Commercial), Model Town, Lahore

Phone : (042) 35839182, 35887262,

Fax: (042) 35869037

CORPORATE OFFICE

72-FCC Gulberg IV, Lahore Phones: (042) 35872392-96,

Fax: (042) 3587239

E-Mail: ho@mitchells.com.pk Website: https://www.mitchells.com.pk

FACTORY & FARMS

Renala Khurd, District Okara, Pakistan Phones: (044) 2635907-8, 2622908

Fax: (044) 2621416

E-Mail: rnk@mitchells.com.pk rsoc@mitchells.com.pk

COMPANY SECRETARY

Anum Ali

AUDITORS

Crowe Hussain Chaudhury & Co. Chartered Accountants

LEGAL ADVISORS

Ebaad-al-Vakeel 54-E1, Gulberg III, Lahore

BANKERS

Habib Bank Limited Allied Bank Limited JS Bank Limited

Bank Al Habib Limited National Bank of Pakistan

CHIEF FINANCIAL OFFICER

Abdul Wahab H. Malik, ACA

REGIONAL SALES OFFICES

ISLAMABAD

Plot # 102, Street 7

Main China Road, Sector I-10/3 Islamabad

Phones: (051) 2707357

E-Mail: rson@mitchells.com.pk

KARACHI

Mehran VIP II, Ground Floor, Plot 18/3 Dr. Dawood Pota Road- Karachi Phones: (021) 35212112, 35212712

& 35219675

Fax: (021) 35673588

E-Mail: rsos@mitchells.com.pk

Directors' Report

The Directors of the Company are pleased to present their report on the condensed interim financial statements for the half year ended December 31, 2025 (Q2-FY2026).

The Company's financial performance for the six-month period under review is summarised below:

December 31, December 31,

2025 2024

Rupees in Million

During the period under review, the Company recorded net sales of Rs. 1,325.6 million, reflecting growth of approximately 4% over the corresponding period last year. Revenue growth was supported by improved market execution and a balanced contribution from domestic and export channels. Gross profit stood at Rs. 333.9 million compared to Rs. 350.0 million in the same period last year. Margins were impacted by elevated commodity prices, particularly sugar and other agricultural inputs, alongside sustained inflationary pressures in utilities, packaging, and logistics. Management maintained disciplined pricing and product-mix optimisation to partially offset cost escalation while protecting market share.

Operating profit for the period was Rs. 38.7 million compared to Rs. 64.3 million in the corresponding period last year. The decline primarily reflects:

• Higher administrative expenses associated with organisational strengthening, systems enhancement, and post-acquisition transition initiatives; and

• Certain non-recurring and one-off operating expenses recorded during the period.

Profit before tax significantly increased to Rs. 193.7 million, and profit after tax amounted to Rs.

176.0 million (EPS: Rs. 7.69), compared to Rs. 6.4 million (EPS: Rs. 0.28) in the corresponding period last year.

The substantial improvement in bottom-line performance is primarily attributable to a one-time capital gain of Rs. 223 million realised on the disposal of land during the period. Excluding this non-recurring gain, the Company's core operating profitability reflects the ongoing cost pressures and structural adjustments highlighted above.

The Company remains cautiously optimistic for the remainder of the financial year. Management will continue to:

• Emphasise profitable revenue growth, particularly in higher-margin segments and export markets;

• Enhance manufacturing efficiency and productivity;

• Optimise working capital to improve cash generation; and

While the one-time gain realised during the period has strengthened the Company's financial position, management remains focused on improving underlying operational performance to ensure sustainable and recurring profitability.

The Directors wish to place on record their appreciation for the continued support and confidence of the Company's shareholders, customers, suppliers, financial institutions, and regulators. The Board also acknowledges the dedication and commitment of the Company's employees during this period of transition and strengthening.

For and on behalf of the Board of Directors

Usman Zaffar Butt Kashif Sajjad Sheikh

Chief Executive Officer Chairman

INDEPENDENT AUDITOR'S REVIEW REPORT

TO THE MEMBERS OF MITCHELL'S FRUIT FARMS LIMITED

REPORT ON REVIEW OF INTERIM FINANCIAL STATEMENTS

Introduction

We have reviewed the accompanying condensed interim statement of financial position of MITCHELL'S FRUIT FARMS LIMITED ("the Company'') as at December 31, 2025 and the related condensed interim statement of profit or loss, condensed interim statement of comprehensive income, condensed interim statement of changes in equity, and condensed interim statement of cash flows, and notes to the condensed interim financial statements for the six-month period then ended (here-in-after referred to as the "interim financial statements"). Management is responsible for the preparation and presentation of these interim financial statements in accordance with accounting and reporting standards as applicable in Pakistan for interim financial reporting. Our responsibility is to express a conclusion on these financial statements based on our review.

Scope of Review

We conducted our review in accordance with International Standard on Review Engagements 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity". A review of interim financial statements consists of making inquiries, primarily of persons responsible for the financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the accompanying interim financial statements are not prepared, in all material respects, in accordance with the accounting and reporting standards as applicable in Pakistan for interim financial reporting.

Other Matter

Pursuant to the requirement of Section 237(1)(b) of the Companies Act, 2017, only cumulative figures for the half year, presented in the second quarter accounts are subject to a limited scope review by the statutory auditors of the Company. Accordingly, the figures of the condensed interim statement of profit or loss and condensed interim statement of comprehensive income for the three months period ended December 31, 2025 have not been reviewed by us.

CROWE HUSSAIN CHAUDHURY & CO.

Chartered Accountants

The engagement partner on the review resulting in this independent auditor's report is Amin Ali.

Lahore

Dated: February 24, 2026 UDIN: RR202510051NxaopBjyJ

Condensed Interim

Statement of Financial Position

As at December 31,, 2025 (Un-audited)

The annexed notes 1 to 15 form an integral part of these condensed interim financial statements.

Condensed Interim Statement of Profit or Loss

For the Half Year & Quarter Ended December 31, 2025 (Un-audited)

Condensed Interim Statement of Comprehensive Income

For the Half Year & Quarter Ended December 31, 2025 (Un-audited)

Half Year Ended Quarter year ended

December 31, December 31,

2025 2024

Rupees Rupees

(Un-audited)

176,002,438

6,439,924

176,002,438 6,439,924

December 31, December 31,

2025 2024

Rupees Rupees

(Un-audited)

(7,721,914) (8,867,431)

(7,721,914) (8,867,431)

Net Profit / (Loss) for the Period

Other comprehensive income for the period

• Items that will not be re-classified subsequently to profit or loss

• Items that may be re-classified subsequently to profit or loss

Total Comprehensive Income / (Loss) for the Period

The annexed notes 1 to 15 form an integral part of these condensed interim financial statements.

HALF YEARLY

REPORT

12

Condensed Interim

Statement of Changes in Equity

2025

For the Half Year & Quarter Ended December 31, 2025 (Un-audited)

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

The annexed notes from 1 to 15 form an integral part of these condensed interim financial statements (un-audited).

Condensed Interim Statement of Cash Flows

For the Half Year & Quarter Ended December 31, 2025 (Un-audited)

(Increase) / decrease in current assets

The annexed notes from 1 to 15 form an integral part of these condensed interim financial statements (un-audited).

Notes to and Forming Part of the Condensed Interim Financial Information

For the Half Year Ended December 31, 2025 (Un-audited)

1. THE COMPANY AND ITS OPERATIONS

   1. Mitchell's Fruit Farms Limited ("the Company") is a public limited Company incorporated in Pakistan. The shares of the Company are listed on Pakistan Stock Exchange. The Company is domiciled in Pakistan and is principally engaged in manufacturing and sale of various confectionery and grocery products.

      The geographical location and address of Company's business units, including its manufacturing facility are as under:

      BUSINESS UNIT	GEOGRAPHICAL LOCATION
      Head Office / Registered Office	72 - FCC Gulberg IV, Lahore.
      Manufacturing Facility	Renala Khurd, District Okara, Pakistan.
      Regional Sales Office	Plot # 102, Street 7, Main China Road, Sector I-10/3, Islamabad.
      Regional Sales Office	Mehran VIP II, Ground Floor, House No. 18/3, Dr. Dawood Pota Road, Karachi.

   2. On May 14, 2025, Syeda Maimanat Mohsin and Syeda Matanat Ghaffar entered into a Share Purchase Agreement with CCL Holding (Private) Limited for the transfer of 9,293,244 ordinary shares of the Company, representing 40.63% of the total paid-up share capital of the Company. During the reporting period, the Board of Directors, in its meeting held on October 16, 2025, approved and ratified the changes in the composition of the Board of Directors arising from the said share transfer. As a result of the completion of the acquisition in October 2025, CCL Holding (Private) Limited acquired majority shareholding and obtained control of the Company, resulting in a significant change in the shareholding pattern and control of the Company. As at December 31, 2025, CCL Holding (Private) Limited holds 58.7727% shares of the Company.

2. BASIS OF PREPARATION

   1. Statement of compliance

      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;

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

      1. These condensed interim financial statements comprise the condensed interim statement of financial position of the Company as at December 31, 2025 and the related condensed interim statement of profit or loss, the condensed interim statement of comprehensive income, the condensed interim statement of changes in equity and the condensed interim statement of cash flows together with the notes forming part thereof.

      2. These condensed interim financial statements are unaudited and have been subjected to limited scope review by the external auditors as required by Section 237 of the Companies Act, 2017. The figures for the quarters ended on December 31, 2024 and 2025 presented in these condensed financial statements have not been reviewed by the external auditors.

      3. The comparative statement of financial position presented in these condensed interim financial statements has been extracted from the audited annual financial statements of the Company for the year ended June 30, 2025, whereas comparative condensed interim statement of profit or loss, condensed interim statement of comprehensive income, condensed interim statement of changes in equity and condensed interim statement of cash flows have been extracted from the un-audited condensed interim financial statements for the six months period ended December 31, 2024.

      4. These condensed interim financial statements are presented in Pak rupees, which is the Company's functional and presentation currency. Figures have been rounded off to nearest thousand rupees, unless stated otherwise. These condensed financial statements do not include all the information required for annual financial statements and therefore, should be read in conjunction with the annual financial statements of the Company for the year ended June 30, 2025.

3. ACCOUNTING ESTIMATES AND JUDGMENT

   The accounting estimates and associated assumptions used in the preparation of these interim financial statements are consistent with those applied in the preparation of annual financial statements of the Company for the immediately preceding year ended June 30, 2025.

4. MATERIAL ACCOUNTING POLICY INFORMATION

   The accounting policies and methods of presentation of these condensed interim financial statements are the same as those followed in the preparation of annual financial statements for the immediately preceding financial year ended June 30, 2025.

5. PROPERTY, PLANT AND EQUIPMENT

   December 31, June 30

   2025 2025

   Rupees Rupees

   Note Un-audited Audited

   Opening written down value Additions during the period / year

   Disposals during the period / year 5.1

   Depreciation charge for the period / year

   572,168,335

   546,180,189 2,081,035 (1,500)

   548,259,724 (22,210,680)

   526,049,044

   22,459,616

   (314,500)

   594,313,451

   (48,133,262)

   546,180,189

6. DEFERRED TAXATION

   Being prudent, the Company has not recognized deferred tax asset amounting to Rs. 410.1 million (June 30, 2025: Rs. 442.3 million) as sufficient taxable profits may not be available to set off this deferred tax asset.

7. LOAN FROM RELATED PARTIES - UNSECURED

   December 31, June 30

   2025 2025

   Rupees Rupees

   Un-audited Audited

   -

   Not later than one year 7.1 204,000,000

   1. During the period, the Company fully repaid the sponsor's loan amounting to Rs. 204 million. These loans carried mark-up @ 3 months KIBOR plus 1% margin (June 30, 2025: 3 months KIBOR plus 1% margin) per annum.

8. CONTINGENCIES AND COMMITMENTS

   1. Contingencies

      There is no material change in the status of contingencies as reported in the financial statements of the Company for the year ended June 30, 2025.

   2. Commitment

      Letters of credit for purchase of raw and packing materials amount to Rs 62.6 million (June 30, 2025: Rs. 15 million).

      Half Year Ended Half Year Ended

      2025	2024	2025	2024
      Un-audited	Un-audited	Un-audited	Un-audited
      Rupees	Rupees	Rupees	Rupees
      1,303,749,172	1,412,289,166	661,629,764	640,393,596
      377,080,256	288,683,461	132,699,849	172,684,402
      1,680,829,428	1,700,972,627	794,329,613	813,077,998
      (174,445,809)	(198,120,572)	(81,611,113)	(80,373,790)
      (180,742,142)	(233,289,990)	(89,235,093)	(112,816,547)
      (355,187,951)	(431,410,562)	(170,846,206)	(193,190,337)
      1,325,641,477	1,269,562,065	623,483,407	619,887,661

      December 31, December 31,

9. REVENUE

   Local Export

   Less: Sales tax

   Sales returns, trade discounts and incentives

10. BALANCES AND TRANSACTION WITH RELATED PARTIES

    Related parties comprise an associated company, directors, major shareholders and key management personnel of the Company. The Company in the normal course of business carries out transactions with related parties. These are un-secured amounts due from and due to related parties and are shown under respective notes to these condensed interim financial statements. Significant transactions with related parties are given below:

    Transactions during the period

    Name and Basis of Relationship Aggregate Nature of Half Year Ended December 31,

    Percentage of Shareholding of Related Party	Shareholding	Transactions	2025 (Un-audited) Rupees	2025 (Un-audited) Rupees
    Mr. Najam Former Chief Executive 0.0063% Loan repaid			(27,000,000)	-
    Aziz Sethi Officer Markup paid			(1,038,465)	(2,725,470)
    Markup expense			745,977	2,607,179
    Meeting fee			75,000	-
    Mr. S.M. Mehdi Mohsin Director 20.4167% Rent expense			3,050,335	2,165,514
    Amount received			355,115	-
    Meeting fee			75,000
    Rent paid			(2,652,339)	(1,082,757)
    Purchase of goods Expense incurred on behalf of related party			(397,997) (582,671)	- (1,533,643)
    Ms. Syeda Maimanat Spouse of N/A Markup expense			1,292,382	7,242,164
    Mohsin Former Director Markup paid			(2,884,624)	(6,153,555)
    Loan repaid			(75,000,000)	-
    Receipt of land sale			222,812,500	-
    Ms. Syeda Matanat Spouse of N/A Markup expense			2,818,134	9,849,344
    Ghaffar Former Director Markup paid			(3,923,087)	(8,879,023)
    Loan repaid			(102,000,000)	-
    Vanguard Books Former Common directorshipN/A Rent expense			7,136,000	5,741,173
    (Private) Limited Rent paid			(7,136,000)	(5,647,056)
    Security deposit			(800,000)	-
    Muhammad Arshad Key Management Personnel N/A Advance repaid			184,400	-
    Key management N/A Remuneration personnel			58,159,915	31,654,200

    OUTSTANDING BALANCE AS AT	December 31,	June 30
    Loan from directors / shareholders - unsecured	2025 Un-audited Rupees	2025 Audited Rupees
    - Mr. Najam Aziz Sethi	-	27,000,000
    - Ms. Syeda Matanat Ghaffar	-	102,000,000
    - Ms. Syeda Maimanat Mohsin	-	75,000,000
    Accrued finance cost
    - Mr. Najam Aziz Sethi	-	292,488
    - Ms. Syeda Matanat Ghaffar	-	1,104,953
    - Ms. Syeda Maimanat Mohsin	-	1,592,242
    Other receivable - Mr. S.M. Mehdi Mohsin	152,557	-
    Advance to employee - key management personnel	455,600	640,000
    Security deposit - M/s. Vanguard Books (Private) Limited	3,200,000	2,400,000
    Other payable - Mr. Najam Aziz Sethi	75,000	-
    These balances are in the normal course of business.

    1. In continuation of Note 1.1, the related party transactions disclosed above includes to entities and individuals that were considered related parties during the reporting period. Further, following the change in the composition of the Board on October 16, 2025, Mr. Najam Aziz Sethi, Mr. Shahzad Ghaffar, Ms. Syeda Matanat Ghaffar, Ms. Syeda Maimanat Mohsin and M/s Vanguard Books (Private) Limited are no longer related party of the Company.

11. OPERATING SEGMENT INFORMATION

    Operating segments are reported in a manner consistent with the internal reporting used by the Management. Segment information is presented in respect of the Company's business.

    All non-current assets of the Company as at December 31, 2025 are located in Pakistan. Revenue from export sales is Rs. 377.08 million (December 31, 2024: Rs. 288.68 million).

12. SHARIAH SCREENING DISCLOSURES

    Interest or mark up accrued on any conventional loan or advances

    Shariah compliant bank deposits / bank balances / overdrawn

    December 31, December 31,

    2025 2025

    Rupees Rupees

    8,176,343

    787,209

Un-audited Un-audited

16,997,838

6,342,281

December 31, December 31,

2025 2024

Rupees Rupees Note Un-audited Un-audited

Profit earned from shariah compliant bank deposits / bank balances

Revenue earned from a shariah compliant

business segment 9

Exchange (loss) / gain earned from actual currency Mark up paid on Islamic mode of financing

Profits earned on any conventional loan or advance Interest paid on any conventional loan or advance

370,951

-711,065

45,218,233

Name Relationship

Meezan Bank Limited Bank balance

1. FINANCIAL RISK MANAGEMENT

   The Company's financial risk management objective and policies are consistent with those disclosed in the financial statements for the year ended June 30, 2025.

2. DATE OF AUTHORIZATION FOR ISSUE

   These condensed interim financial statements were approved and authorized for issuance by the Board of Directors of the Company on 24 February 2026.

3. GENERAL

No re-arrangements / re-classification have been made in these condensed interim financial statements.

DECEMBER 31, 2025

Head Office:

72-FCC Gulberg IV, Lahore

P : (+92) (44) 2622908, 35872393-96

F : (+92) (44) 35872398

E : ho@mitchells.com.pk

Factory & Farms:

Mitchell's Fruit Farms Ltd

Renala Khurd, District Okara, Pakistan. P : (+92) (44) 2622908, 2635907-8

F : (+92) (44) 2621416

E : rnk@mitchells.com.pk

https://www.mitchells.com.pk