Transmission of half-yearly accounts for the period ended december 31, 2025

NISHAT CRUNIAN POOR LIMITED

NISBAT GROUP

NCPL/PSX/2026

The General Manager,

Pakistan Stock Exchange Limited, Stock Exchange Building,

Stock Exchange Road, Karachi

February 27, 2026

SUBJECT: TRANSIHISSION OF HALP-YEARLY ACCOUNTS FOR THE PERIOD ENDED DECEMBER 31, 2025

Dear Sir,

We have to inform you that the financial statements of Nishat Chunian Power Limited for the half year ended December 31, 2025, are being transmitted through PUCARS and are available on the Company's website.

You may please inform the TRE Certificate Holders of the Exchange accordingly. Thanking you

Yours truly,

Syed Tasawar Hus ain Company Secreta y

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Contents

Company Information 02

Directors' Review Report 03

Independent Auditor's Review Report 05

Condensed Interim Statement of Financial Position 06

Condensed Interim Statement of Profit or Loss 08

Condensed Interim Statement of Comprehensive Income 09

Condensed Interim Statement of Changes in Equity 10

Condensed Interim Statement of Cash Flows 11

Selected Notes to the Condensed Interim

Financial Statements 12

Nishat Chunian Power Limited

01

Company Information

BOARD OF DIRECTORS:

Mr. Hassan Mansha

Director

Mr. Ghazanfar Husain Mirza

Chairman

Mr. Farrukh Ifzal

Chief Executive Officer Mr. Aftab Ahmad Khan Director

Ms. Leila Khan

Director

Mr. Sheikh Muhammad Iqbal

Director

Mr. Mustaqeem Talish

Director

AUDIT COMMITTEE:

Mr. Sheikh Muhammad Iqbal

Chairman

Mr. Aftab Ahmad Khan

Member

Mr. Mustaqeem Talish

Member

HR & R COMMITTEE:

Mr. Hassan Mansha

Member

Sheikh Muhammad Iqbal

Chairman

Mr. Mustaqeem Talish

Member

CHIEF EXECUTIVE OFFICER:

Mr. Farrukh Ifzal

CHIEF FINANCIAL OFFICER:

Mr. Tanvir Khalid

COMPANY SECRETARY:

Mr. Syed Tasawar Hussain

AUDITORS:

Riaz Ahmad & Co.

Chartered Accountants

BANKERS TO THE COMPANY:

Al Baraka Bank (Pakistan) Limited Allied Bank Limited

Askari Bank Limited Bank Alfalah Limited

BankIslami Pakistan Limited

Dubai Islamic Bank Pakistan Limited Habib Bank Limited

Habib Metropolitan Bank Limited MCB Bank Limited

MCB Islamic Bank Limited Meezan Bank Limited National Bank of Pakistan The Bank of Punjab United Bank Limited Faysal Bank Limited

LEGAL ADVISER:

RMA & Co.

Advocates & Legal Consultants

HEAD OFFICE:

17-B, Aziz Avenue, Canal Bank Gulberg V, Lahore.

Ph: +92-42-35717090-96,

+92-42-35717159-63

Fax: +92-42-35717239

https://www.ncpower.com.pk

REGISTERED OFFICE:

53-A, Lawrence Road, Lahore. Ph: +92-42-111 113 333

Fax: +92-42-36367414

https://www.ncpower.com.pk

SHARE REGISTRAR:

Hameed Majeed Associates (Pvt) Limited 1st Floor, H.M. House 7 - Bank Square, Lahore

Ph: +92-42-37235081-2

Fax: +92-42-37358817

PLANT:

66-Km, Multan Road, Pattoki Kasur.

02 Nishat Chunian Power Limited

Dear Shareholders

The Board is pleased to present the company's condensed interim unaudited financial statements for the half year ended December 31, 2025.

Performance:

For the half year under review, turnover was PKR 2,314 million (December 2024: PKR 2,783 million) with a profit after tax of PKR 899 million (Loss-December 2024: PKR 3,732 million), reflecting an Earnings Per Share (EPS) of PKR 2.45 (Loss- December 2024: PKR 10.16).

Reduction in the capacity tariff, and delay payment rate due to the Amendment Agreement ('AA'), as explained in note 1.2 of the financial statements, has resulted in a decrease in turnover and profit. The returns on the short-term investments supported the profits for the half-year ended 31-Dec-2025.

As of December 31, 2025, our receivables from the Power Purchaser stood at PKR 1,247 million (June 2025: PKR 1,464 million), out of which PKR 1,233 million is overdue (June 2025: PKR 1,052 million).

During the half year ended December 31, 2025, the Company dispatched 27,682 MWH (December 2024: 8,449 MWH) to Power Purchaser with a capacity factor of the plant of 3.2% (December 2024: 0.98%) and an availability factor of 99.36% (December 2024: 99.56%).

Outlook and Strategy

Sector Challenges and Operations

The Company anticipates a continued challenging environment for the power sector. Capacity utilization of the RFO-based plant is expected to remain low due to stagnant national demand and elevated fuel costs following the introduction of Carbon and Petroleum Levy in July 2025. In response, management is prioritizing cost-efficiency and plant readiness to ensure stable performance under the revised tariff structures.

Strategic Diversification

As parts of the company efforts to diversify its portfolio, the Board is actively executing a diversification strategy through its investment in NexGen, an New Energy Vehicle (NEV) manufacturer. Additionally, the company has decided to invest in Rafhan Maize Products Company Limited under a consortium led by Nishat Group. This move reflects the boards initiative to explore new avenues of growth in view of increasing challenges faced by the power sector. The diversification further:

• Reduces reliance on traditional thermal power generation.

• Capitalizes on the growing domestic shift toward clean mobility.

• Aligns the Company's portfolio with sustainable, long-term growth.

Acknowledgment

The Directors would take this opportunity to thank our valued shareholders who have trusted in our Company and also to express their deep appreciation for the services, loyalty, and efforts rendered by the employees of the Company and hope that they will continue to do so in the future.

Chief Executive Officer Director

Dated: February 26, 2026

Nishat Chunian Power Limited 03

04 Nishat Chunian Power Limited

To the members of Nishat Chunian Power Limited

Report on review of Condensed Interim Financial Statements Introduction

We have reviewed the accompanying condensed interim statement of financial position of NISHAT CHUNIAN POWER LIMITED as at 31 December 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 half year then ended (here-in-after referred to as the "condensed interim financial statements"). Management is responsible for the preparation and presentation of these condensed 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 condensed interim 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 condensed interim financial statements consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and 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 condensed 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 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 31 December 2025 have not been reviewed by us.

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

RIAZ AHMAD & COMPANY

Chartered Accountants

Lahore

Date: 26 February 2026

UDIN: RR202510132JxABeG8CI

Nishat Chunian Power Limited 05

AS AT DECEMBER 31, 2025 (UN-AUDITED)

Un-audited Audited

December 31, June 30,

2025 2025

Note (Rupees in thousand)

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

CHIEF EXECUTIVE OFFICER

06 Nishat Chunian Power Limited

AS AT DECEMBER 31, 2025 (UN-AUDITED)

Un-audited Audited

December 31, June 30,

2025 2025

Note (Rupees in thousand)

DIRECTOR CHIEF FINANCIAL OFFICER

Nishat Chunian Power Limited 07

FOR THE HALF YEAR ENDED DECEMBER 31, 2025 (UN-AUDITED)

Half Year Ended Quarter Ended

December 31, December 31, December 31, December 31,

Note 2025 2024 2025 2024

(Rupees in thousand)

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

CHIEF EXECUTIVE OFFICER DIRECTOR CHIEF FINANCIAL OFFICER

08 Nishat Chunian Power Limited

FOR THE HALF YEAR ENDED DECEMBER 31, 2025 (UN-AUDITED)

Half Year Ended Quarter Ended

December 31, December 31, December 31, December 31,

2025 2024 2025 2024

(Rupees in thousand)

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

CHIEF EXECUTIVE OFFICER DIRECTOR CHIEF FINANCIAL OFFICER

Nishat Chunian Power Limited 09

10

Nishat Chunian Power Limited

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

CHIEF EXECUTIVE OFFICER DIRECTOR CHIEF FINANCIAL OFFICER

FOR THE HALF YEAR ENDED DECEMBER 31, 2025 (UN-AUDITED)

FOR THE HALF YEAR ENDED DECEMBER 31, 2025 (UN-AUDITED)

Half Year Ended December 31, December 31,

2025 2024

Note (Rupees in thousand)

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

CHIEF EXECUTIVE OFFICER DIRECTOR CHIEF FINANCIAL OFFICER

Nishat Chunian Power Limited 11

SELECTED NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS

FOR THE HALF YEAR ENDED DECEMBER 31, 2025 (UN-AUDITED)

1. THE COMPANY AND ITS ACTIVITIES

   1. Nishat Chunian Power Limited ('the Company') is a public Company limited by shares incorporated in Pakistan on 23 February 2007 under the repealed Companies Ordinance, 1984 (now Companies Act, 2017). The Company's ordinary shares are listed on the Pakistan Stock Exchange Limited.

   2. The principal activity of the Company is to build, own, operate and maintain a fuel fired power station having gross capacity of 200 MW and net capacity of 195.722 MW at Jamber Kalan, Tehsil Pattoki, District Kasur, Punjab, Pakistan. The address of the registered office of the Company is 53-A, Lawrence Road, Lahore. On 13 November 2007, the Company entered into a Power Purchase Agreement ('PPA') with its sole customer, National Transmission and Dispatch Company Limited ('NTDC') for twenty-five years which commenced from 21 July 2010. On 11 February 2021, the Company entered into a Novation Agreement to the PPA with NTDC and Central Power Purchasing Agency (Guarantee) Limited ('CPPA-G' and also referred to as the 'Power Purchaser'), whereby, NTDC irrevocably transferred all of its rights, obligations and liabilities under the PPA to CPPA-G and thereafter, NTDC ceased to be a party to the PPA, and CPPA-G became a party to the PPA in place of NTDC. Further, on the same day, the Company entered into the PPA Amendment Agreement, whereby the Agreement Year that was ending on 20 July 2021 was extended by seventy five (75) days to 04 October 2021. Therefore, the existing term of the PPA Agreement has been extended by seventy five days to twenty five years and seventy five days ending on 04 October 2035. The Company entered into another PPA Amendment Agreement with effect from 01 November 2024 to further amend the terms of PPA. Under this Agreement, certain significant amendments have been taken place including the conversion of existing tariff to 'Hybrid Take and Pay' model. Government of Pakistan has also agreed to unconditionally and irrevocably withdraw and extinguish all claims against the Company under the Arbitration Submission Agreement as more fully explained in note 8.1.1 (viii) to the annual published preceding financial statements of the Company for the year ended 30 June 2025.

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

        12 Nishat Chunian Power Limited

        
        
        

        SELECTED NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS

        FOR THE HALF YEAR ENDED DECEMBER 31, 2025 (UN-AUDITED)

        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 do not include all the information and disclosures required in annual financial statements and should be read in conjunction with the annual audited financial statements of the Company for the year ended 30 June 2025. These condensed interim financial statements are un-audited, however, have been subjected to limited scope review by the auditors and are being submitted to the shareholders as required by the Listed Companies (Code of Corporate Governance) Regulations, 2019 and Section 237 of the Companies Act, 2017.

3. MATERIAL ACCOUNTING POLICY INFORMATION

   The material accounting policy information and methods of computations adopted for the preparation of these condensed interim financial statements are same as applied in the preparation of the preceding audited annual published financial statements of the Company for the year ended 30 June 2025 except for the adoption of accounting policies as stated in note 3.1 to these condensed interim financial statements.

   1. Investment in associate - (with significant influence)

      Associate is an entity over which the Company has significant influence but not control or joint control. Investment in associate is accounted for using the equity method of accounting, after initially being recognized at cost.

      Under the equity method of accounting, the investment is initially recognized at cost and adjusted thereafter to recognize the Company's share of the post-acquisition profits or losses of the investee in profit or loss, and the Company's share of movements in other comprehensive income of the investee in other comprehensive income. Dividends received or receivable from associate is recognized as a reduction in the carrying amount of the investment.

      When the Company's share of losses in an equity-accounted investment equals or exceeds its interest in the entity, including any other unsecured long-term receivables, the Company does not recognize further losses, unless it has incurred obligations or made payments on behalf of the other entity.

      Nishat Chunian Power Limited 13

      
      
      

      SELECTED NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS

      FOR THE HALF YEAR ENDED DECEMBER 31, 2025 (UN-AUDITED)

      Unrealized gains on transactions between the Company and its associate are eliminated to the extent of the Company's interest in these entities. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Accounting policies of equity accounted investee have been changed where necessary to ensure consistency with the policies adopted by the Company.

      Investment in equity method accounted for associate is tested for impairment in accordance with the provision of IAS 36 `Impairment of Assets`.

   2. Critical accounting estimates and judgments

      The preparation of these condensed interim financial statements in conformity with approved accounting standards requires the use of certain critical accounting estimates. It also requires management to exercise its judgment in the process of applying the Company's accounting policies. Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

      During preparation of these condensed interim financial statements, the significant judgments made by the management in applying the Company's accounting policies and key sources of estimation and uncertainty were the same as those that applied in the preceding audited annual published financial statements of the Company for the year ended 30 June 2025.

4. CAPITAL RESERVE - overhauling reserve

   Capital reserve amounting to Rupees 5,523.626 million (30 June 2025: Rupees 5,509.465 million) has been recognized in these condensed interim financial statements. This capital reserve is set aside from retained earnings for the purpose of repair and maintenance costs associated with overhauling of the plant. Any utilization of overhauling reserve is transferred to retained earnings in the period in which actual overhauling is carried out.

5. CONTINGENCIES AND COMMITMENTS

   1. Contingencies

There is no significant change in the status of contingencies as disclosed in the preceding audited annual published financial statements of the Company for the year ended 30 June 2025.

14 Nishat Chunian Power Limited

SELECTED NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS

FOR THE HALF YEAR ENDED DECEMBER 31, 2025 (UN-AUDITED)

Un-audited Audited December 31, June 30,

2025 2025

Note (Rupees in thousand)

Nishat Chunian Power Limited 15

SELECTED NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS

FOR THE HALF YEAR ENDED DECEMBER 31, 2025 (UN-AUDITED)

Un-audited Audited December 31, June 30,

2025 2025

(Rupees in thousand)

7.2 The Company directly holds 200,000,000 fully paid ordinary shares of Rupees 10 each, in its associate, Nexgen Auto (Private) Limited (NAPL), representing its 33.33% equity. NAPL is a private limited company incorporated in Pakistan to carry on automobile business in Pakistan, including the assembly and distribution of New Energy Vehicles (NEVs), passenger cars, light commercial vehicles and vans. The address of the registered office of NAPL is 53-A, Lawrence Road, Lahore. Post acquisition share of loss of associate has been taken on the basis of un-audited financial statements of the associate for the year ended 31 December 2025.

16 Nishat Chunian Power Limited

SELECTED NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS

FOR THE HALF YEAR ENDED DECEMBER 31, 2025 (UN-AUDITED)

Un-audited Audited December 31, June 30,

2025 2025

(Rupees in thousand)

8.1. These represent trade receivables from CPPA-G and are considered good. These are secured by a guarantee from the Government of Pakistan (GOP) under the Implementation Agreement and are in the normal course of business and interest free, however, delayed payment mark-up at the rate of three months KIBOR plus 1.00% per annum is charged in case the amounts are not paid within due dates. The rate of delayed payment mark-up charged during the period on outstanding amounts ranged from 11.63% to 12.19% (30 June 2025: 12.15% to 22.80%) per annum.

Unaudited

Half Year Ended Quarter Ended

December 31, December 31, December 31, December 31,

2025 2024 2025 2024

(Rupees in thousand)

Nishat Chunian Power Limited 17

SELECTED NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS

FOR THE HALF YEAR ENDED DECEMBER 31, 2025 (UN-AUDITED)

Un-audited Half Year Ended

December 31, December 31,

2025 2024

Note (Rupees in thousand)

18 Nishat Chunian Power Limited

SELECTED NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS

FOR THE HALF YEAR ENDED DECEMBER 31, 2025 (UN-AUDITED)

1. TRANSACTIONS WITH RELATED PARTIES

   The related parties, during the current period, included associated undertakings, other related parties, key management personnel of the Company and post employment benefit plan (Provident Fund). Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the Company, directly or indirectly, including any director (whether executive or otherwise) of that Company. The Company in the normal course of business carries out transactions with various related parties. Details of transactions with related parties are as follows:

   Un-audited

   Half Year Ended Quarter Ended

   December 31, December 31, December 31, December 31,

   2025 2024 2025 2024

   (Rupees in thousand)

   i)	Transactions:
   	Associated company Purchase of goods and services	78,882	2,233	42,656	2,233
   	Insurance premium paid	340,347	-	274,292	-
   	Loan given	500,000	-	-	-
   	Loan repaid	500,000	-	500,000	-
   	Investment made	2,000,000	-	-	-
   	Purchase of fixed assets	10,765	-	-	-
   	Interest on short term loan	1,326	-	1,161	-
   	Other group entities Profit on deposit accounts	1,194	-	625	-
   	Dividend income	1,001	-	-	-
   	Bonus shares received Gain on disposal of short term investements	1,522 136,967	- -	23 88,492	- -
   Insurance premium paid 275,644 Key management personnel			-	208,827	-
   Remuneration to chief executive officer, directors and executives 124,247			68,238	63,389	31,032
   Dividend paid to directors - Post employment benefit plan			314	-	314
   Company's contribution to provident fund trust 10,833			6,102	5,403	1,626

   Nishat Chunian Power Limited 19

   
   
   

   SELECTED NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS

   FOR THE HALF YEAR ENDED DECEMBER 31, 2025 (UN-AUDITED)

   Un-audited Audited December 31, June 30,

   2025 2025

   (Rupees in thousand)

   Period end balances:
   Payable to related parties
   - Associated companies	521	-
   - Group entity Bank deposits with related parties	425	4,957
   - Group entity Receivable from related parties	13,169,303	11,435,056
   - Associated companies	1,161	-
   - Group Entity	-	1,166

2. RECOGNIZED FAIR VALUE MEASUREMENTS - FINANCIAL INSTRUMENTS

   1. Fair value hierarchy

      Judgements and estimates are made in determining the fair values of the financial instruments that are recognised and measured at fair value in these condensed interim financial statements. To provide an indication about the reliability of the inputs used in determining fair value, the Company has classified its financial instruments into the following three levels. An explanation of each level follows underneath the table.

      Recurring fair value measurements

      at December 31, 2025 Level 1 Level 2 Level 3 Total

      (Rupees in thousand)

      Financial assets

      Financial assets at fair value through

      profit or loss 12,989,930 - - 12,989,930

      Recurring fair value measurements

      at June 30, 2025 Level 1 Level 2 Level 3 Total

      (Rupees in thousand)

      Financial assets

      Financial assets at fair value through

      profit or loss 11,410,753 - - 11,410,753

      20 Nishat Chunian Power Limited

      
      
      

      SELECTED NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS

      FOR THE HALF YEAR ENDED DECEMBER 31, 2025 (UN-AUDITED)

      The above table does not include fair value information for financial assets and financial liabilities not measured at fair value if the carrying amounts are a reasonable approximation of fair value. Due to short term nature, carrying amounts of certain financial assets and financial liabilities are considered to be the same as their fair value. For the majority of the non-current receivables, the fair values are also not significantly different to their carrying amounts.

      There were no transfers between levels 1 and 2 for recurring fair value measurements during the period. Further there was no transfer in and out of level 3 measurements.

      The Company's policy is to recognise transfers into and transfers out of fair value hierarchy levels as at the end of the reporting period.

      Level 1: The fair value of financial instruments traded in active markets (such as publicly traded derivatives and equity securities) is based on quoted market prices at the end of the reporting period. The quoted market price used for financial assets held by the Company is the current bid price. These instruments are included in level 1.

      Level 2: The fair value of financial instruments that are not traded in an active market (for example, over-the-counter derivatives) is determined using valuation techniques which maximise the use of observable market data and rely as little as possible on entity-specific estimates. If all significant inputs required to fair value an instrument are observable, the instrument is included in level 2.

      Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included in level 3. This is the case for unlisted equity securities.

   2. Valuation techniques used to determine fair values

      Specific valuation techniques used to value financial instruments is the use of quoted market prices on Pakistan Stock Exchange and for funds, Net Assets Value (NAV) of respective Assets Management Company.

3. FINANCIAL RISK MANAGEMENT

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

   Nishat Chunian Power Limited 21

   
   
   

   SELECTED NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS

   FOR THE HALF YEAR ENDED DECEMBER 31, 2025 (UN-AUDITED)

4. DISCLOSURE REQUIREMENT FOR COMPANY NOT ENGAGED IN SHARIAH NON-PERMISSIBLE BUSINESS ACTIVITITIES AS THEIR CORE BUSINESS ACTIVITIES

   Un-audited Audited December 31, June 30,

   2025 2025

   (Rupees in thousand)

   Description

   Financing (long-term, short-term, or lease financing) obtained as per Islamic mode Short term borrowings

   Interest or mark-up accrued on any conventional loan or advance

   Long-term and short-term Shariah compliant Investments

   Long term investments

   Shariah-compliant bank deposits, bank balances, and TDRs

   2,099,985

   1,116

   1,996,918

   3,951

   749,745

   -

   -1,207

   Un-audited

   Half Year Ended Quarter Ended

   December 31, December 31, December 31, December 31,

   2025 2024 2025 2024

   (Rupees in thousand)

   Revenue earned from a Shariah-compliant business segment

   Break-up of late payments or liquidated damages

   Gain or loss or dividend earned on Shariah compliant

   investments or share of profit from Shariah-compliant associates

   Profit earned from Shariah

   -compliant bank deposits, bank balances, or TDRs

   22 Nishat Chunian Power Limited

   2,259,452

   -

   -

   2,244,706

   -

   -

   921,056

   -

   -

   768,275

   -

   -

   
   
   

   SELECTED NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS

   FOR THE HALF YEAR ENDED DECEMBER 31, 2025 (UN-AUDITED)

   Un-audited Un-audited

   Half Year Ended Quarter Ended

   December 31, December 31, December 31, December 31,

   2025 2024 2025 2024

   (Rupees in thousand)

   Profit on bank deposits 36

   Profit on term deposit receipts -

   Exchange gain earned from

   actual currency 2

   Exchange gains earned using conventional derivative financial instruments

   Profit paid on Islamic mode of

   financing 659

   Total Interest earned on any conventional loan or advance

   Profit on bank deposits 1,504

   Source and detailed breakup of other income, including breakup of other or miscellaneous portions of other income into Shariah

   -compliant and non-compliant income

   68

   1,298

   -

   2,083

   48,902

   18

   -2

   422

   678

   42

   -

   -

   841

   5,537

   Shariah-compliant:
   Profit on bank deposits	36	68	18	42
   Profit on term deposit receipts	-	1,298	-	-
   Gain on disposal of operating
   fixed assets	-	2,473	-	-
   Scrap sales	2,296	10,014	196	7,381
   Interest earned on Loan to
   associated company	1,326	-	1,161	-
   Exchange gain	2	-	2	-
   Non-shariah compliant income:
   Dividend income	1,001	34,826	-	-
   Interest on Government Treasury
   Bills	21,779	32,905	10,912	15,771
   Unrealized gain on remeasurement
   of investments at fair value
   through profit or loss	425,373	68,613	191,260	68,613
   Gain on disposal of investment in
   mutual funds	116,543	226,420	75,080	89,389
   Profit on bank deposits	1,504	48,902	678	5,537
   Miscellaneous	655	465	324	107

   Nishat Chunian Power Limited 23

   
   
   

   SELECTED NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS

   FOR THE HALF YEAR ENDED DECEMBER 31, 2025 (UN-AUDITED)

   Relationship with Shariah-compliant financial institutions, including banks, takaful operators and their windows, etc

   Name Relationship

   MCB Islamic Bank Limited Bank balance

   Meezan Bank Limited Bank balance and short term borrowings

   Faysal Bank Limited Bank balance Al-Baraka Bank (Pakistan) Limited Bank balance

   National Bank of Pakistan Bank balance and short term borrowings

5. CORRESPONDING FIGURES

   In order to comply with the requirements of International Accounting Standard 34 "Interim Financial Reporting", the condensed interim statement of financial position and condensed interim statement of changes in equity have been compared with balances of audited annual published financial statements of preceding financial year, whereas, the condensed interim statement of profit or loss, condensed interim statement of comprehensive income and condensed interim statement of cash flows have been compared with the balances of comparable period of immediately preceding financial year.

   Corresponding figures have been re-arranged and reclassified, wherever necessary for the purpose of comparison, however, no significant re-arrangements and reclassifications have been made in these condensed interim financial statements.

6. DATE OF AUTHORISATION FOR ISSUE

   These condensed interim financial statements were approved by the Board of Directors and authorized for issue on 26 February 2026.

7. GENERAL

Figures have been rounded off to the nearest thousand of Rupees, unless otherwise stated.

CHIEF EXECUTIVE OFFICER DIRECTOR CHIEF FINANCIAL OFFICER

24 Nishat Chunian Power Limited

NISHAT

53-A, Lawrence Road, Lahore. Tel: +92-42-111 113 333

VERSATILE Ph: +92 42 3717 3282

Fax: +92-42-36367414

E-Mail: info@ncpower.com.pk