Half yearly Report for the Period Year Ended December 31, 2025

‌Half Yearly Report (Unaudited)*+é,

December 1,

tIJARB/tT

/QuiceFoodOfficial /quicepk https://www.quice.com.pk

CONTENTS

Page N0.

Company Information 01

Directors` Review 02

ه¿ئاج اrjy& کisئاڈ 04

Independent Auditor`s Review Report 06

Condensed Interim Statement of Financial Position 07

Condensed Interim Statement of Profit or Loss Account (Unaudited) 08

Condensed Interim Statement of Other Comprehensive Income (Unaudited) 09

Condensed Interim Statement of Changes in Equity 10

Condensed Interim Statement of Cash flow (Unaudited) 11

Notes to the Interim Financial Statements 12

CORPORATE INFORMATION

Mr. Fakhir Ahmed Chairman

Mr. Muhammad Atif Chief Executive

Mr. Muhammad Siraj Director

Mr. Salman Haroon Director

Mr. Qazi Muhammad lmran Director

Ms. Hina Faiyaz Independent Director

Ms. Saba Irfan Independent Director

Ms. Hina Faiyaz Chairperson

Mr.Muhammad Siraj Member

Ms. Saba lrfan Member

Ms. Saba lrfan Chairperson

Ms. Hina Faiyaz Member

Mr. Fakhir Ahmed Member

*Mr. Iqbal Shahid

Bank Islami Pakistan Limited Bank Alfalah Limited

Meezan Bank Limited MCB Bank Limited

Habib Metropolitan Bank Limited United Bank Limited

Aslam Malik & Co. Chartered Accountants

Ahmed & Qazi Advocates & Legal Consultants

F.D. Registrar Services (Pvt.) Ltd Office No. 1705, 17th Floor, Saima Trade Tower-A,

I.I Chundrigar Road, Karachi

WS7, Mezzanine Floor Madina Palace, Faran Co-operative Housing Society, Dhoraji Colony

Karachi

Website: https://www.quice.com.pk

* Mr. Sardar Iftikhar Ahmed has been appointed as Company Secretary w.e.f January 21, 2026

Review Report

Directors

Fellow shareholders,

The Directors of Quice Food Industries Limited (the "Company") present herewith Directors' Review together with condensed Interim Financial Statements of the Company for the Half year ended December 31, 2025.

Business Overview

Our financial performance for the Half year ended has been particularly noteworthy and it takes meticulously executed strategy to deliver results of this scale.

The Company revenue for the Half year under review jumped a whopping by 90.47 percent, from PKR 495.288 million to PKR 943.384 million. Domestic sales have improved by approximately 119 percent, due to better economic conditions, supported by strengthened macroeconomic fundamentals, introduction of new products (CSD and mineral water), expansion into new cities, while export sales have notched up by approximately 54 percent, mainly attributable to increased demand for our products internationally and owing to stable exchange rates.

Similarly, Gross profit escalated to PKR 147.806 million from 87.171 million SPLY because of enhanced topline revenue, better sales mix and effective cost control measures leading to a reduction in per-unit production costs.

Notably, the Company clocked PAT of PKR 6.639 million as compared to a loss of PKR 5.434 million in SPLY. This turnaround was driven by improved operating results, streamlined operations, disciplined cost management, improved product mix, better market penetration and utmost strong consumer demand for our products.

Similarly, EPS stood at Re. 0.07 against loss per share of Re 0.06, year on year.

Director's Report (Contd.)

Future Outlook

"Pakistan stands at an inflection point"- with stiff headwinds easing such as headline inflation and MPC has cut back the policy rate to 10.50%, the Committee has adjusted the policy rate after a gap of seven months (May 2025). Additionally, SBP has reduced the average Cash Reserve Requirement (CRR) for banks from 6.00% to 5.00%, which may abet in increasing private sector borrowing.

Albeit, Pakistan would have to implement a package of reforms to strengthen economic governance which is sine qua non, in line with the recommendations of IMF as outlined in their High-Level Summary Technical Assistance Report (November 2025)

Despite, Quice is attuned to the expected environmental and economic conditions of Pakistan. The management remains staunch in its commitment to improving quality, enhancing productivity, controlling costs, and strengthening distribution channel and wider LMT and IMT and retail penetration to improve competitiveness and thereby uptick our market share.

On the long-term strategy, the management thinks that increasing export volumes and enhancing brand visibility across international retail networks will foster revenue and will improve profit margins.

Acknowledgement

The directors take pleasure in expressing their sincere gratitude and appreciation for the commitment and contribution of employees at all levels. And we look forward to their continuous commitment, devotion and cooperation in the days ahead.

For and on behalf of the Board of Director

Chief Executive Chairman

Karachi

February 25, 2025

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نام ( ᣌ. ᢕ ėراe bوبضم ᣍ᡽ ا(ïنا ᣰᢕ l 3 تاعونeم یراaᕼ ر9ا

یہر ےپور 0.07 یندمآ صصح یف ںيم ےلباقم ےک ناصقن ےک صصح یف ےپور 0.06 لاس ہتشزگ ،حرط یسا

ںاiᝃلھج ᣠام

2024 y. مسد 2025 y. مسد

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

495,288 943,384

87,171 147,806

(5,434) 6,639

ᣍ. دم- ا

şėانم ᣘوaجم

¿اeäن /şėانمدعᗷ 3 سکiٹ

(0.06) 0.07 یs~- ᣚ. ¿اeäن / ᣍ᡽ اar

ជل ٹؤآ اᜇ لᘘقتسم

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ᣳ بناج (زy& کᗬᖁئاڈ فآ ڈروب

وciکijگiا فiچ

ᣌ. ᢕ مy᡽ iچ

2025 یر9sė 25 :خــــiراï

چاs'

Review Report

Independent Auditor's Review Report

To the members of Quice Food Industries Limited

Report on Review of Condensed Interim Financial Statements

Introduction

We have reviewed the accompanying condensed interim statement of financial position of Quice Food Industries Limited (the company) as at December 31, 2025 and the related condensed interim statement of profit or loss and condensed interim statement of other comprehensive income, condensed interim statement of changes in equity, and condensed interim statement of cash flows, and notes to the 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 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 financial statements based on our review.

The figures of the condensed interim statement of profit or loss and condensed interim statement of other comprehensive income for the quarters ended December 31, 2025 and December 31, 2024 have not been reviewed, as we are required to review only the cumulative figures for the six months ended December 31, 2025.

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 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.

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

Muhammad Kamran Aslam.

Date: February 25, 2026 Aslam Malik & Co.

Place: Lahore Chartered Accountants

UDIN: RR2025108270atmOypDG

Chief Executive Officer Director Chief Financial Officer

Note

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

Chief Executive Officer Director Chief Financial Officer

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

The annexed notes form an integral part of this condensed interim financial Statements.

Chief Executive Officer Director Chief Financial Officer

-

The annexed notes form an integral part of this condensed interim financial Statements.

Chief Executive Officer Director Chief Financial Officer

The annexed notes form an integral part of this condensed interim financial Statements.

________________

________________

Chief Executive Officer Director Chief Financial Officer

1. THE COMPANY AND ITS OPERATIONS

   1. The Company was incorporated in Pakistan on 12 March 1990 as a Private Limited Company and was converted into Public Limited Company on 13 December 1993. The Company was listed on Karachi and Islamabad Stock Exchange(s) on 02 August 1994 and on 18 July 1995 respectively. Its registered office has been transferred to Karachi with effect from 15 November 2011. Principal activities of the Company are manufacturing and sale of Jam, Jelly, Syrups, Custard powder, Pickles, Essence, Juices and Aerated drinks and its Allied Products. Currently, the Company operates its units in SWAT and HUB. The principle office of the company is situated as WS7, Madina Palace, Mezzanine Floor, Faran Co-operative Society, Dhoraji Colony, Karachi, Pakistan.

2. BASIS OF PREPARATION

   1. Statement of compliance

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

      • International Accounting Stanadards (IAS) 34, `Interim Financial Reporting' , issued by the international Accounting Standards Board (IASB) as notied under Companies Act, 2017: and

      • Provisions of and directives issued under the Companies Act, 2017.

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

        -These condensed interim financial statements do not include all the information required for annual financial statements and should be read in conjunction with the annual audited financial statements as at and for the year ended June 30, 2025.

   2. Basis of measurement

      This interim financial statements have been prepared under the historical cost convention except for staff retirement benefits that is determined under actuarial valuation annually and free hold improvements and plant and machinery that are stated at revalued amount in accordance with the criteria laid down under International Accounting Standard (IAS) 16 'Property, Plant and Equipment'.

      These Condensed interim financial statements, except for cash flow information, has been prepared under the accrual basis of accounting.

   3. Functional and presentation currency

      This condensed interim financial information is presented in Pakistan Rupees (PKR), which is the Company's functional and presentation currency. All amounts are stated in Pakistan Rupees and have been rounded to the nearest Rupee.

3. ACCOUNTING POLICIES

   The accounting policies and method of computation adopted in preparation of this interim financial information are the same as those applied in preparation of the annual financial statements of the Company for the year ended 30 June 2025.

4. CRITICAL ACCOUNTING ESTIMATES AND JUDGMENTS

   Judgments and estimates made by the management in preparation of this interim financial information are the same as those applied to the annual financial statements for the year ended 30 June 2025.

   Unaudited Dec-31, 2025

   Audited June 30, 2025

5. PROPERTY, PLANT AND EQUIPMENT

   Operating assets - note 5.1 Capital Work-in-progress

   1. Opening book value

      Add: Cost of additions during the period / year Surplus on revaluation

      Less: Depreciation charged during the period / year Disposal during the period / year

   2. All the non-current assets of the Company are located in Pakistan.

6. STOCK IN TRADE

   Raw and packing materials Finished goods

   Provision for slow moving items

7. TRADE DEBTS - CONSIDERED GOOD

   Considered good (Unsecured)

   1. The aging of trade debts as at December 31, 2025 is as follows: Neither past due nor impaired (0-30)

      Past due but not impaired (31-60)

      Past due but not impaired (61 and above)

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

      560,199,100 137,065,128	587,032,696 126,943,529
      697,264,228	713,976,225
      587,032,696	328,594,122
      -	265,773,672
      -	29,322,189
      (26,833,596)	(36,614,418)
      -	(42,869)
      (26,833,596)	(36,657,287)
      560,199,100	587,032,696

      352,119,012	539,754,643
      495,369,879	244,143,786
      (100,630,167)	(100,630,167)
      746,858,724	683,268,262

      49,505,245

60,123,872

1. 2. 647,308,534 440,393,589	295,883,268 285,377,995
      1,087,702,123	581,261,263
      (24,532,033)	(34,452,567)
      (119,786,110)	(51,521,147)
      943,383,980	495,287,549

   3. As at December 31, 2025, an amount of Rupees 22.639 million (June 2025: 0.653 million) refer to foreign debtors.

      No aggregate outsanding balance of trade debtors due from related parties at the end of any month during the period.

      As at December 31, 2025, no amount was due from related parties for which impairment needs to be tested (June 2025: Nil).

2. CASH AND BANK BALANCES

   589,111	718,959
   2,686,576 601,162	- 1,506,307
   3,287,738	1,506,307
   3,876,849	2,225,266

   Cash in hand Cash at banks:

   • Current accounts

   • Saving accounts

3. CONTINGENCIES AND COMMITMENTS

   1. Contingencies

      There are no known material contingencies as at year-end (June 2025: Nil).

   2. Commitments

      There were no capital or other commitments at the balance sheet date (June 2025: Nil).

      Unaudited Dec-31, 2025

      Unaudited Dec-31, 2024

4. SALES - NET

   Local Export

   Federal exise duty Sales tax

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

   1. Export sales comprise of sale made in USA, UK , Europe, South Africa, South Asia, Middle East, and Mauritius regions.

   2. Revenue has been recognized at a point in time for sales made during the year.

5. Distribution Cost includes the royalty payable to Mr. Furqan Hussain for the use of trademark "QUICE" in accordance with the royalty agreement.

6. TRANSACTIONS WITH RELATED PARTIES

   The related parties comprise of shareholders, directors of the Company, employees benefit funds and key management employees and carried out in the normal course of business. Transactions with related parties are as follows during the period December 31, 2025.

   Name of Related Party

   Basis of Relationship

   Nature of Transaction

   Unaudited Dec- 31, 2025	Audited June 30, 2025
   (Rupees)	(Rupees)

   Mr. Furqan Hussain

   Significant Influence

   Royalty Payable

   27,678,811 -

7. SEASONALITY

   The Company's business is subject to seasonal fluctuation, with demand of its product increasing in the summer season and in the month of Ramadan and other events. Therefore, revenues and profits are not necessary indicative of results to be expected for the full year.

   Unaudited December 31, 2025

   Audited June 30, 2025

8. SHARIAH SCREENING

   Shariah compliant bank deposits / bank balances / overdrawn 14.1

   Profit earned from shariah compliant bank deposits / bank balances Revenue earned from a shariah compliant business segment

   542,693

   1,325,670

   475,366

   943,383,980

2,203,588

1,094,764,441

221,827

1. CORRESPONDING FIGURES

   Corresponding figures have been rearranged and reclassified, where necessary for the purpose of comparassion and for better presentation.

2. GENERAL

This condensed interim financial statements was approved by the Board of Directors and authorized for issue on February 25, 2026.

Chief Executive Officer Director Chief Financial Officer