Transmission of Quarterly Report for the Quarter ended 31st March, 2026

MARCH 31, 2026

Contents

Company Information 2

Directors' Report 3

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

Mr. Syed Muhammad Mehdi Mohsin Non - Executive 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 Samba Bank

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 Mitchell's Fruit Farms Limited are pleased to present the condensed interim financial statements of the Company for the nine-month period ended March 31, 2026.

The financial results for the period under review are summarised below:

March 31, March 31,

2026 2025

Rupees in Million

During the nine-month period ended March 31, 2026, the Company recorded net sales of Rs. 2,246.2 million as compared to Rs. 1,988.9 million in the corresponding period last year, reflecting growth of 12.9%. While the Company achieved year-on-year revenue growth, overall business conditions remained challenging, particularly during the third quarter. The broader operating environment was affected by a slowdown in consumer demand and heightened market uncertainty, primarily in wake of Middle East war situation, which contributed to record-high fuel prices in Pakistan and placed pressure on purchasing power, distribution economics, and overall market sentiment.

Gross profit for the period stood at Rs. 571.6 million as compared to Rs. 574.8 million in the corresponding period last year. Gross margin declined to 25.4% from 28.9% in the comparative period. The contraction in margins principally reflects the impact of higher input and conversion costs, elevated fuel and logistics expenses and one off adjustment. Management continued to pursue disciplined pricing, procurement efficiencies, and product and channel mix optimisation; however, the extent of external cost pressures and subdued market conditions constrained overall margin performance during the period.

The Company recorded an operating loss of Rs. 48.8 million during the nine-month period as compared to an operating profit of Rs. 129.4 million in the corresponding period last year. This decline primarily reflects the compression in gross margins together with a significant increase in operating expenses which includes stepped up structural investments as part of post management transition Selling and distribution expenses increased in line with inflation for route-to-market and logistics costs. There were also major post transition hiring to strengthen the commercial function and trade marketing initiatives were put in place to build market visibility. Administrative expenses were higher mainly due to costs associated with the post-acquisition transition, strengthening of the management team, organisational rebuilding, systems and governance enhancements, and certain non-recurring and one-off expenses incurred during the period. These expenses, though weighing on short-term profitability, are part of the broader effort to set the Company's transformation platform, strengthen control environment and build long-term institutional capability.

Profit before tax for the period stood at Rs. 134.9 million as compared to Rs. 69.5 million in the corresponding period last year, while profit after tax increased to Rs. 106.9 million from Rs.

43.5 million. Earnings per share accordingly improved to Rs. 4.67 as compared to Rs. 1.90 in the corresponding period last year. The improvement in bottom-line performance was primarily attributable to a one-time gain on sale of land amounting to approximately Rs. 223 million recognised during the period. Excluding this non-recurring gain, the Company's profitability remained under pressure due to the factors discussed above, including margin contraction, and higher operating overheads associated with the transition phase.

The Board and management remain fully cognizant of the near-term challenges for the FMCG sector and the broader economy. Notwithstanding these challenges, the Company and its new directors and management are committed to restoring growth momentum and improving underlying profitability through sharper commercial execution, stronger revenue quality, portfolio and channel optimisation, manufacturing efficiencies, better cost discipline, and improved working capital management. The Company is also focused on further strengthening governance, internal controls, systems, and organisational capability so that future growth is supported by a more resilient and sustainable operating platform.

On behalf of the Board, we thank our shareholders for their confidence, our employees for their dedication, and our customers and partners for their support.

For and on behalf of the Board of Directors

Usman Zaffar Butt Kashif Sajjad Sheikh

Chief Executive Officer Chairman

Condensed Interim

Statement of Financial Position

As at March 31, 2026 (Un-audited)

Note

June 30,

2025

Rupees Audited

ASSETS

NON-CURRENT ASSETS

Property, plant and equipment 8

Intangible assets Right of Use assets Biological assets Long term deposits

CURRENT ASSETS

Stores and spares Stock in trade

Trade debts - considered good

Advances, deposits, prepayments and other receivables Income tax recoverable- net

Cash and bank balances

TOTAL ASSETS

570,783,854

1,427,544,591

1,998,328,445

The annexed notes 1 to 14 form an integral part of these condensed interim financial statements.

Condensed Interim Statement of Profit or Loss

FOR THE THREE MONTH & NINE-MONTH PERIOD ENDED MARCH 31, 2026

Nine Month Period ended Quarter year ended

(

(620,387,978) (445,385,432)

(48,814,371) 129,375,541

248,000,000 17,413,914

(24,253,948) (15,168,865)

(40,000,200) (62,100,895)

134,931,481 69,519,695

(28,029,300) (26,019,782)

106,902,181 43,499,913

4.67

1.90

(281,323,521) (158,694,914)

(50,290,924) 65,337,539

6,889,477 3,858,068

(1,010,485) (3,563,706)

(11,967,277) (19,325,019)

(56,379,209) 46,306,882

(10,371,048) (9,246,898)

(66,750,257) 37,059,984

(2.92)

1.62

Operating Profit / (loss)

Other income

Other operating expenses Finance cost

Profit before Taxation / (loss)

Taxation

Net Profit / (loss) for the Year

Earnings per Share - Basic and Diluted

Condensed Interim

Statement of Comprehensive Income

FOR THE THREE MONTH & NINE-MONTH PERIOD ENDED MARCH 31, 2026

Nine-month period ended Quarter Ended

Profit / (loss) after tax for the period

Other comprehensive income for the period

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

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

Total comprehensive income for the period

The annexed notes 1 to 14 form an integral part of these condensed interim financial statements.

THIRD QUARTERLY

REPORT

12

Condensed Interim

Statement of Changes in Equity

2026

FOR THE NINE-MONTH PERIOD ENDED MARCH 31, 2026

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

The annexed notes from 1 to 14 form an integral part of these condensed interim financial statements (un-audited).

Condensed Interim Statement of Cash Flows

For the Nine Month Ended March 31, 2026 (Un-audited)

Adjustments of non cash items:

Gain on Disposal of Land

Cash flow from investing activities

Notes to and Forming Part of the Condensed Interim Financial Statement

For the Nine Month Ended March 31, 2026 (Un-audited)

1. THE COMPANY AND ITS OPERATIONS

   1. Mitchell's Fruit Farms Limited ("the Company") is a public limited Company incorporated in Pakistan and 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 March 31, 2026, CCL Holding (Private) Limited holds 58.7727% shares of the Company.

2. BASIS OF PREPARATION

   1. Statement of compliance

      1. These condensed interim financial statements of the Company 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 and directives issued under the Companies Act, 2017.

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

      2. These condensed interim financial statements do not include all of the information required in annual financial statements and should be read in conjunction with the financial statements of the Company for the year ended june 30, 2025. Comparative condensed interim statement of financial position is extracted from the annual financial statements as at June 30, 2025 whereas comparative condensed interim statement of profit or loss account, 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 unaudited condensed interim financial statements for the quarter ended March 31, 2026.

      3. 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 listing regulation of the Pakistan Stock Exchange.

   2. Functional and presentation currency

      These condensed interim financial statements are presented in Pakistan Rupees which is the Company's functional currency.

3. JUDGMENTS AND ESTIMATES

   The preparation of these condensed interim financial statements in conformity with approved accounting standards require the use of certain critical accounting estimates. It also requires management to exercise its Mudgement in the process of applying the Company's accounting policies. Estimates and Mudgements are continually evaluated and are based on historic experience, including expectations of future events that are believed to be reasonable under the circumstances. Estimates and Judgements made by the management in the preparation of these condensed interim financial statements are the same as those used in the preparation of annual audited financial statements of the Company for the year ended June 30, 2025.

4. SIGNIFICANT ACCOUNTING POLICIES

   The Company's accounting and financial risk management policies and methods of computation adopted in the preparation of these condensed interim financial statements (un-audited) are the same as those applied in the preparation of preceding annual financial statements of the Company for the year ended June 30, 2025.

5. TAXATION

   Provision in respect of Taxation is estimated and is subject to final adjustment in the annual audited financial statements.

6. LOAN FROM RELATED PARTIES - UNSECURED

   Note

   March 31, June 30

   2026 2025

   Rupees Un-audited 90,000,000
   90,000,000
   - - -90,000,000
   90,000,000

   Rupees Audited

   Loan from related parties - Interest bearing 6.1 & 6.2

   & 6.3

   1. Loan from related parties - Interest bearing (Repayable on demand)

      Mr. Najam Aziz Sethi 6.2

      Ms. Syeda Matanat Ghaffar 6.2

      Ms. Syeda Maimanat Mohsin 6.2

      CCL Holding 6.3

      204,000,000

      204,000,000

      27,000,000

      102,000,000

      75,000,000

      -204,000,000

   2. These loans carried mark-up @ 3 months KIBOR plus 1% margin (2025: 3 months KIBOR plus 1% margin) per annum. During the quater, the Company fully settled all outstanding loan balances, of former sponsors - Mr. Najam Aziz Sethi, Ms. Syeda Matanat Ghaffar and Ms. Syeda Maimanat Mohsin - detail is as above and consequently, no borrowings were outstanding as of the reporting date.

   3. During the period, the Company obtained a loan from CCL Holding (Private) Limited at KIBOR plus a margin of 0.9% per annum, which was utilized for the Company's working capital requirements.

7. 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.

      7.1.2 Others

      1. Letter of guarantee in favour of Sui Northern Gas Pipelines Limited on account of payment of dues against gas consumption amounting to Rs. 17.21 million (June 30, 2025: Rs. 17.21 million).

      2. The Company has issued postdated cheques amounting to Rs 102.38 million (2025: Rs 102.38 million) to Collector of Customs Lahore Dry Port on account of taxable duty which might become payable against Duty and Tax Remission on Export under SRO # 492 (I)/2009 dated June 13, 2009 and SRO # 450 (I)/2001 dated June 30, 2001 under Customs Rules, 2001.

   2. Commitment

1. Letters of credit for purchase of raw and packing materials amount to Rs.Nil (2025: Rs. 0.74 million).

2. The Company's capital commitments amount to Rs. Nil (2025: Rs. 1.6 million) as at the reporting date.

1. 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

   As at 31st March
   2026 (Un-audited) Rupees		2025 (Un-audited) Rupees
   (27,000,000)	-
   (1,038,465)	(3,688,668)
   745,977	3,478,649
   75,000	-
   3,050,335	3,248,271
   355,115	-
   75,000
   (3,836,080)	-
   329,762	849,202
   329,762	1,478,676
   1,292,382	9,662,918
   (2,884,624)	(8,829,101)
   (75,000,000)	-
   222,812,500	-
   2,818,134	13,141,568
   (3,923,087)	(12,031,163)
   (102,000,000)	-
   4,828,235	8,847,052
   4,103,999	(8,847,052)
   (800,000)	-
   184,400	-
   124,271,574	48,470,392
   2,025,000	-

   Name and Basis of Aggregate Nature of Percentage of Relationship Shareholding Transactions Shareholding of

   Related Party

   Mr. Najam Aziz Sethi Former CEO

   0.0000% Loan repaid Markup paid Markup expense Meeting fee

   Mr. S.M. Mehdi Mohsin Director 20.4167% Rent expense

   Amount received Meeting fee Rent paid

   Purchase of goods Expense incurred on behalf of related

   party

   Ms. Syeda Maimanat Mohsin N/A Markup expense Spouse of Former Director / CEO Markup paid Loan repaid

   Receipt of land sale

   Ms. Syeda Matanat Ghaffar N/A Markup expense Spouse of Former Director / Chairman Markup paid Loan repaid

   Vanguard Books (Private)

   Former Common directorship N/A Rent expense Limited Rent paid

   Security deposit

   Muhammad Arshad Key Management

   Personnel N/A Advance repaid

   Key management personnel N/A Remuneration Director's Fee

   March 31, March 31,

   2026 2025

   Rupees Rupees

   OUTSTANDING BALANCE AS AT Un-audited Audited

   Loan from directors / shareholders - unsecured Accrued finance cost	- - -	27,000,000 102,000,000 75,000,000
   - Mr. Najam Aziz Sethi	-	300,173
   - Ms. Syeda Matanat Ghaffar	-	1,133,988
   - Ms. Syeda Maimanat Mohsin	-	833,815
   Security deposit - M/s Vanguard Books (Private) Limited	3,200,000	2,400,000
   CCL Holding Limited - Loan	90,000,000

   • Mr. Najam Aziz Sethi

   • Ms. Syeda Matanat Ghaffar

   • Ms. Syeda Maimanat Mohsin

2. FAIR VALUE MEASUREMENT OF FINANCIAL INSTRUMENTS

   Fair value is determined on the basis of objective evidence at each reporting date. The Company has not made any changes to valuation techniques used to value financial instruments as described in annual audited financial statements for the year ended June 30, 2025.

   As of reporting date, there were no Level 1, 2 or 3 financial assets or liabilities.

3. FINANCIAL RISK MANAGEMENT

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

4. AUTHORIZATION OF INTERIM FINANCIAL INFORMATION

   These condensed interim financial statements (un-audited) are approved and authorized for issuance by the Board of Directors of the Company on .

5. GENERAL

Corresponding figures have been rearranged/reclassified, where necessary, for better presentation and disclosure.

MARCH 31, 2026

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