Transmission of Quarterly Report for the Period Ended December 31, 2025

HALF YEARLY REPORT 2026 1

ABOUT

THIS REPORT

We are pleased to present Roshan Packages Limited’s Half Year Report 2026. This period reflects our ability to stay steady, move forward, and build on our strengths. Guided by the theme “Roots of Resilience,” this half year is represented by a strong tree with deep roots. Just as roots keep a tree firm during storms, they reflect the stability and character of Roshan Packages.

Our focus on sustainability, innovation, and responsibility continues to shape our progress. After achieving FSC Chain of Custody Certification, we strengthened our commitment to responsible sourcing and sustainable packaging. We also expanded our use of solar energy, with

a growing share of our operations now powered by the sun. This shift has helped lower our carbon footprint and reduce reliance on conventional energy sources.

We also addressed one of Pakistan’s most pressing concerns: water. Through awareness campaigns on conservation and flood preparedness, along with plantation drives to support soil stability and biodiversity, we took practical steps to support both the environment and the communities around us.

2 HALF YEARLY REPORT 2026

The half year brought meaningful achievements that motivate us to keep improving. We focused on improving

operational performance and reducing emissions. We enhanced efficiency through boiler economizers, energy-efficient submersible pumps, and

LED lighting systems. In addition, by converting forklifts from diesel to battery-operated systems at our corrugation plant, we reduced lifter-related carbon emissions by 32%.

As you go through this report, you will see that resilience at Roshan Packages means steady progress, responsible decisions, and long-term thinking, supported by our people and guided by a clear direction for the future.

Company Information 04

At a Glance 06

Directors’ Review Report 07

Directors’ Review Report (Urdu) 10

Independent Auditor’s Review Report 12

Section 1: Unconsolidated Financial Statements 14

Condensed Interim Unconsolidated Statement Of Financial Position 15

Condensed Interim Unconsolidated Statement Of Profit Or Loss16

Condensed Interim Unconsolidated Statement Of Comprehensive Income 17

Condensed Interim Unconsolidated Statement Of Changes In Equity 18

Condensed Interim Unconsolidated Statement Of Cash Flows 19

Section 2: Consolidated Financial Statements

30

Condensed Interim Consolidated Statement Of Financial Position

31

Condensed Interim Consolidated Statement Of Profit Or Loss

32

Condensed Interim Consolidated Statement Of Comprehensive Income

33

Condensed Interim Consolidated Statement Of Changes In Equity

34

Condensed Interim Consolidated Statement Of Cash Flows

35

Notes To The Condensed Interim Consolidated Financial Statements

37

Notes To The Condensed Interim Unconsolidated Financial Statements 20

Status: Public Listed Entity CUIN: 0044226

NTN: 1436951-6

STRN: 03-01-4819-303-73

Board of Directors

QUASIM AIJAZ

Chairman

TAYYAB AIJAZ

Chief Executive Officer

SAADAT EIJAZ

Executive Director

KHALID EIJAZ QURESHI

Non-Executive Director

ZAKI AIJAZ

Non-Executive Director

AYESHA MUSADDAQUE HAMID

Independent/Non-Executive Director

NADEEM AMJAD KHAN

Independent/Non-Executive Director

Chief Financial Officer (CFO)

SYED TANEEM HAIDER

Company Secretary

HAMMAD KHAN SHERWANI

Tax Consultant

Zulfiqar Ahmad & Co

Website

https://www.roshanpacfiages.com.pfi

Banks

Askari Bank Limited Allied Bank Limited Bank Alfalah Limited The Bank of Punjab Bank Islami Pakistan

Dubai Islamic Bank Limited Habib Metropolitan Bank JS Bank Limited

Meezan Bank Limited Soneri Bank Limited National Bank of Pakistan

Share Registrar

CDC Share Registrar Services Limited CDC House, 99-B, Block B, S.M.C.H.S.

Main Shahra-e-Faisal, Karachi–74400

Statutory Auditor

KPMG Taseer Hadi & Co

Head of Internal Audit

Stock Symbol

RPL

Nabil Tahir

Registered Office

325 G-III, M.A Johar Town, Lahore. Phone: +92-042-35290734-38

Fax: +92-042-35290731

Factory

Corrugation Plant:

7-KM Sundar Raiwind Road, Opp. Gate No 1, Sundar Industrial Estate, Lahore.

Flexible Plant:

Plot No 141,142 and 142-B Sunder Industrial Estate, Lahore.

(Rs. in Million) - HALF YEARLY 2025-26

Net Revenue

(Rs. in Million) - HALF YEARLY 2025-26

GROSS PROFIT

(Rs. in Million) - HALF YEARLY 2025-26

PBT

5,583

4,564

(HALF YEARLY 2024-25)

357

357

(HALF YEARLY 2024-25)

63

114

(HALF YEARLY 2024-25)

(Rs. in Million) - HALF YEARLY 2025-26

(Rs. in Million) - HALF YEARLY 2025-26

(Rs. in Million) - HALF YEARLY 2025-26

201

(HALF YEARLY 2024-25)

324

(HALF YEARLY 2024-25)

7,705

(HALF YEARLY 2024-25)

(Ratio) - Half Yearly 2025-26

1.57 (HALF YEARLY 2024-25)

(Ratio) - Half Yearly 2025-26

1.43 (HALF YEARLY 2024-25)

(Rs.) - HALF YEARLY 2025-26

0.52 (HALF YEARLY 2024-25)

(Rs. in Million) - HALF YEARLY 2025-26

74 (HALF YEARLY 2024-25)

HALF YEARLY REPORT 2026 7

The Directors of Roshan Packages Limited are pleased to present their review of the Company’s unconsolidated financial performance for the half year ended 31 December 2025, together with the auditors’ review report.

Financial Overview

The operating results of the Company for the period under review are summarized below:

Operating Performance

During the half year ended 31 December 2025, the Company’s net revenue increased to Rs 5,583 million (2024: Rs 4,564 million), driven by growth in both sales volumes & value, reflecting improved market traction and stronger execution across key customer accounts.

Despite higher revenues, gross profit remained broadly flat at Rs 356.8 million (2024: Rs 356.6 million) due to input cost inflation, energy-related costs, and product mix pressures, coupled with a timing lag in price pass-through during the period. Consequently, gross margins remained under pressure. Operating profit decreased to Rs 139.6 million (2024: Rs 171.0 million) mainly due to the margin compression noted above and inflationary increases in operating costs. Finance cost increased to Rs 121.2 million (2024: Rs 87.8 million) primarily due to increase in working capital utilization, which impacted profitability for the period.

Earning Per Share

The earnings per share for the half-year 2025-26 is reported at Rs. 0.07/- share compared to Rs. 0.52/- share for the corresponding period last year.

Outlook

The Directors are optimistic about an improved performance trajectory in the coming quarters. The Company expects the operating environment to become more supportive due to (i) recently announced power tariff relief, which should reduce energy cost burden, and (ii) expected easing in interest rates, which should improve finance costs and liquidity conditions, subject to market and monetary policy developments.

Management remains focused on converting revenue momentum into stronger profitability

through pricing discipline and faster pass-through, enhanced product mix and value-added packaging solutions, continued operational efficiency and energy optimization, and strengthened working capital controls to reduce reliance on short-term borrowing. Demand indicators and customer engagement remain encouraging, and the Company expects these factors to support improved margins and earnings going forward.

Acknowledgement

CHAIRMAN

CHIEF EXECUTIVE OFFICER

The Board of Directors expresses its appreciation to the Company’s employees, customers, suppliers, bankers, and shareholders for their continued support and confidence.

CHIEF EXECUTIVE OFFICER CHAIRMAN

To the members of Roshan Packages Limited

Report on the review of Condensed Unconsolidated Interim Financial Statements

Introduction

We have reviewed the accompanying condensed unconsolidated interim statement of financial position of Roshan Pacfiages Limited (the “Company”) as at 31 December 2025 and the related condensed unconsolidated interim statement of profit or loss and condensed unconsolidated interim statement of comprehensive income, condensed unconsolidated interim statement of changes in equity, condensed unconsolidated 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 “condensed unconsolidated interim financial statements”).

Management is responsible for the preparation and presentation of these condensed unconsolidated 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 condensed unconsolidated 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 unconsolidated 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 Bilal Ali.

Lahore

Date: 18 February 2026

UDIN: RR202510114AWBYfqILD

KPMG Taseer Hadi & Co. Chartered Accountants

14 HALF YEARLY REPORT 2026

Roshan Packages Limited

Condensed Interim Unconsolidated Statement of Financial Position (Un-audited) As at 31 December 2D25

ASSETS

Note

(Un•audited) (Audited) 31 December 2025 30 June 2D25

Rupees Rupees

Non current assets Property, plant and equipment Investment property

RigM of use assets Investment in subsidiary Long-term deposits

Current assets

Stores. spares and other consumables Stack-in-trade

Contract assets

Trade debts - unsecured, considered good

Advances, deposits, prepayments and other receivables Tax refunds due from Government

Short-term investments Cash and bank balances

5,688,282,936

209,37Q,136

40,822,352

970,010,517

40,964,127

6,949,450,068

7

5,386,303,498

5,735,9D1,089

209,970,40B

45,937,891

956,010,517

24,981,825

6,972,8D1,722

1. B8,425,412

   TOTAL ASSETS 12,335,753,560 12.161,227,134

   EQUITY AND LIABILITIES

   Authorized share capital

   Issued, subscribed and paid-up capital Capital reserves

   Share premium

   Surplus on revaluation of property, plant and equipment

   Revenue reserve

   2,000,000,000

   1,419,000,000

   1,994,789,057

   2,666,383,581

   4,661,172,638

   2,000,000,OOD

   1,419,000,OOD

   1,994,789,057

   2,692,2D2,637

   4.6B6,991,694

   Un-appropriated profit 4,63S,297,257 1,598,880,488

   Non-current liabilities Long-term financing Lease liabilities

   Long term musharika Deferred tax liabilities Deferred liabilities

   Current liabilities

   Current portion of non-current liabilities Short-term borrowings

   Trade and other payables

   Contract liabilities Accrued finance cost Unclaimed dividend

   Contingencies and commitments

   7,715,469,895

   17,348,049	34,696,083
   32,183,299	34,260,145 1,369,13D
   980,161,223	999,920,165
   74,663,043	73,9D1,301

   1,104,355,614

   99,682,549	102,692,209
   1,940,282,704	1,531,216,344
   1,384,746,147	1,552,189,478
   43,B64,183	B8,0D2,864
   44,256,214	34,892,042
   	3,215,191

   10

   11

   12

   3,515,928,057

   13

   7,704,872,182

   1.144,146,824

   3.312,2D8,128

   TOTAL EQUITY AND LIABILITIES 12,335,753,560 12.161,227,134

   The annexed notes from 1 to 24 fom an integral part of these condensed interim unconsolidated financial statements.

   Chief Executive Director Chief Financial Officer

   Roshan Packages Limited

   Condensed Interim Unconsolidated Statement of Profit or Loss (un-audited)

   For the six months ended and quarter ended 3J December 2025

   Six months period ended Three months period ended (Un-audited) (Un-audited)

   1 July to 31 1 July to 31 1 October to 31 1 October to 31 December December December December

   2025 2024 2025 2024

   (163,112,791)	(152,163,599	(86,367,746	(B0,963,B19
   6,069,924	35,700,321	6,069,924	10,7127BD
   (fid,977,7O9)	(60,235,291	(29,9d8,742	(31,326,DB3
   	(8,952,163	(1.630.781	(3849,B91

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

   Revenue from contracts with customers	6,603,663,245	5,395,879,299	3,013,207,484	2,607,534,730
   Less Sales tax	(1,020,521,598)	(B32,368,552)	(473,826,582)	(413,139,209)
   Net revenue	5,583.141.647	4,563,510,747	2,539.360.902	2, J94,395,521
   Cost of revenue	(5,226.323.Z10)	(4 2D6 896 999)	(Z,380.468.594)	(2 036 600 041)
   	356,818,437	356,613,748	158,912,308	157,795,4BD
   Administrative and general expenses
   Reversal of allowance for expected
   credit lasses
   Selling and distribution expenses
   Other operating expenses
   		(185,650,732)	(111,877,345)	(1D5,427,D13)
   	139.58J.669	170,963,D16	47.034.963	52,368,467
   Other income	45,791,404	41,490,708		1B,259,372
   Other expenses Finance cost	(1.J06.048) (121,16d,131)	(11,159,D71) (87,757,752)	1.733.739	(11,159,D71) (49,361,652)
   Profit before income tax. final tax and
   minimum tax differential	62,818,793	113,536,901	18,122,741	10,107,116
   Final tax	(2,190,751)	(3,208,462)	(1,338,031)	(1,448,SSD)
   Minimum tax differential			(20,063,339)
   Profit / (lass) before taxation	20.587.200	110,328,439	(3.298.629)	B,658,566
   Taxation	(9.989.487)	(36,532,329)	(2Z.5Z0.557)	(60,774,519)
   Profit / (lass) after taxation	fi0,597,713	73,796,11D	(25,819,186)	(52,1 15,953)
   Earnings J (loss) per shcre (basic and diluted)	0.07	0 52	(0.18)	(0 37)

   The annexed notes from 1 to 24 farm an integral part of these condensed interim unconsolidated financial statements

   Chief Executive Director Chief Financial Officer

   16 HALF YEARLY REPORT 2026

   Roshan Packages Limited

   Condensed Intenm Unconsolidsted Statement of Comprehensive Income (Un-audited)

   For the sir montt+s ended and quarter ended 31 December 2025

   Stx rriontns peno0 enoea Tnree rrionltis penoo enrteo

   (Un-audñed) (Dn-audited)

   1 July to 01 1 July to 31 1 October to 31 1 October to 31 Dece* r December oecembor Oecember

   Other comprehensive incc

   items that wiii not be reclassme0 to

   2025

   10,S97.710

   2O3d 2025 2o24

   73.796.110 (20,B19.186) (SZ.115.953)

   Items that are or may be recBss led to

   Deaease/{ir›aease) in deferred taa zabaty on revaKiation siapMs on1!XecI assets resuling horn change in tax rate did other aqustments

   Total comprehensive Income / pass) for the pedod 10 S97 710 73 796 110 (6fi 590 715) (SZ 115 953)

   The annexed notes 1nxn 1 to 24 fa+rri an integral part of these condensed interim unronsoBdated firuaicial statements.

   Director

   Roshan Packages Limited

   Condensed Interim Unconsolidated Statement of Changes In Equity (Un-audited)

   For tho six months ended 31 December 2D25

   laaued,

   subscribed and paid up shaxe capital

   Shexe premium

   Surplus on

   revaluation of Un-appropriated TOtBI FB8eFVeB property, plant profit

   Total

   18 HALF YEARLY REPORT 2026

   Balance as et 01 July 2024 (Audited)

   TOtBl comprehensive income for the period

   Profit for the period

   Surplus bansferred to un-appropriated profit c›n accrxJnt of incremental depreciation charged during the period - net of tax

   and equipment

   Rupees ————————————————————————————1,419,000,IA)B 1,9B4,7g9,OST 2,7D2,797,632 1,555,617,B12 6,253,Z04,501 7,672,Z04,5B1

   (50,602,730)

   T3,796,110 50,6O2,T30

   73,7fXi,11D

   73,T9d,110

   Transactions with owners of the Company Final cash dfvsdend at Rs. 1.00 per share for

   (TO.602,730) 124,39B,041

   73,7@,11D

   73.796,110

   the year ended 3D June 2D24

   Balance as at 31 December 2024 - un-audited Balance as at DI July 2025 (Audited)

   TOtBl comp+ohensive income for the period

   Pn›fit for the period

   Other c‹xfiprehensive inc‹xne for the penod

   Surplus bansferred to un-appropriated profit c›u account of incremental deprecistion chsrged dunng the penod - net of tax

   (141,90D,t¥A)) (141,9iXl,IA)D) ‹141,&0,ODD)

   1 419 000 L iD 1 904 789 057 2 652 194 902 1 53B 116 653 6 1B5 100 611 7 604 1 i 611 1,419,000,IA)D 1,904,T89,OST 2,692,202,637 1,5BB,8BD,488 6,2B5,BT2,182 7,704,872,1B2

   (2S.819,056)

   25,819,OSB

   10,597,714

   t0,597,713

   (ZS,819,056) 56,416,769

   10,597,719

   10,597,713

   Balance aa et 31 Decemlaer Z025 - un-audited 1,419,000.000 1.994,7B9,O57 ’ 2,666,SB3,581 1,655.297,257 6,296,469.895 7,715,400,895

   The annexed notes from 1 to 24 forrri an integral part of these condensed interim unconsolidstod financial statements

   Chief Executive Director Chief Financial OBicer

   Roshan Packages Limited

   Condensed Interim Unconsolidated Statement of Cash Flows (Un-audited)

   For tne six months enaed 31 December 2025

   1 July to 1 July to

   December December

   Cash flows from operating activibes

   Prorit Defore taxation

   Adjustments for.

   Depreciation on operating fixed assets Depreciation on investment property Depreciation on rigM-of-use assets Interest income on loans

   Finance cast Provision for gratuity

   Prost on bank deposit Dividend income

   Proft on treasury bills Final tax on dividends Minimum tax diWerential

   Reversal of allowance for ex0ected credit losses Excnange loss / (gainj - unrealized

   (Gain) / loss on oisposal of operadng Fxed assets

   wove

   2025

   2024

   110,328,439

   130,059,314	118.557.234
   600,264	600,264
   0,110,536	32,448,495
   	(3.613.673
   121,1Sd,232	85,030,137
   4,901,263	8,681,503
   ‹z,37s,s4z	(3.4a9.078
   (7,700,163	Q2.833.8#Q
   (12,226,B96	]8,809,0f2
   Z,19O,751	3,208,462
   40.o40.a42
   	(35.700.321
   100,964	(53,032
   (16.071.9M	10.663.646

   259,B23,717 184 640 736

   Cash generated from operations before working capital changes

   (Increase) / decrease in current assets:

   Stores. spares and other consumables Stock-in-trade

   Traoe receivables Contract assets

   Arlvances. deposits, prepayrnents and other receivables Sales ax payable / receivable - net

   (Decrease) / increase in current IiaDilitJes:

   Contract liabilities

   Traoe and other oayables

   280, 10,917

   294,969,175

   (Z4.260,419	(49.565.873
   190,687,520	(81,588,454
   (Z16,080,95B	331,118,961
   6,091,843	8.890.727
   (1,502,741	(99.985.591
   48,291,1B2	(70,367,461
   (44.108.6B1	21.725560
   (18d,900,J74	(290,739,236

   (111,790,062	(89,888,873
   	(89,628,111
   (2,190,751	(3.247.265
   	(46,746,214
   (10,98Z,3D2	(1,072,450

   (Z29,367,72B) (230 511 367)

   Cash generated from operations	51.043.1B9	64.457.808
   Finance cost paid
   Taxes paid
   Minimum ax diPerenbal
   Final tax paid
   Gratuity paid
   Net increase in long term deposits Net cash used in operating activities	(203.010,563)	(166.125.105)
   Cash fear from investing activities
   Purcnase of property, plant and eqMipment
   Investment in sMbsidiary Long term loan given
   Proceeds from dispasal of operating fiaed assels
   Interest on long term laan received
   dividend received on short tern investments
   8hort tern investments — net
   Prorit on treasury-oills received
   ProFit on bank deposits received
   Net cash used in investing activibes	(177,O31,5B6)	(91,252,637)
   casn lion from financing acovrties
   Repayment of long tern loans
   Dividend paid
   Snort tern borrowings net
   Repayment of long tern musharika
   Repayment of lease liabilities Net casn generated from nnancing amivioes	101,616,776	87,279,3f2

   	(91,158,405
   (14.000.0D0	(59.200.000
   18,098,691	8,962,515
   	44g27548
   (118,468,0D7	(29,510,207
   12,001,119	18,859,052
   2.104.376	3 033 011

   (17,3d8,03d	(17.348.034
   (118,931	(141,336,303
   1Z3,63Z,O2B	284,368,314
   (1.267.920	(1.497.681
   (3,280,367	(36.906.944

   Net decrease in cash and cash equivalents

   Cash and cash equivalents at beginning of the period

   Cash and cash equivalents at end of the period

   (170.098.389)

   (260,251,27B) (91 241 658)

   18 (039,176,651) (261,340,047)

   Tne annexed notes from 1 to 24 lorm an integral part of tnese condensed intenm unconsolioated financial statements

   Cnief Executive Director Cnief Financial Officer

   Roshan Packages Limited

   Notes to the Condensed Interim Unconsolidated Financial Statements (Un-audited) For the six months ended 31 December 2D25

   1. Reporting entity

      1. Roshan Packages Limited (the Company) was incorporated in Pakistan as a private company limited by shares on 13 August 2DD2 under the Companies Ordinance, 1984 (repealed with the enactment of the Companies Act, 2017). The Company was converted into a public limited company on 23 September 2016 and listed on Pakistan Stock Exchange Limited on 28 February 2017. It is principally engaged in the manufacture and sale of corrugation and flexible packaging materials.

      2. These unconsolidated interim financials statements are the separate financial statements of the Company in which investment in the subsidiary namely Roshan Sun Tao Paper Mills (Private) Limited (the Subsidiary) has been accounted for at cost less accumulated impairment losses. if any. The consolidated interim financial statements of the Company are being issued separately.

      3. The geographical locations and addresses of the Company's business units, including production facilities are as under:

         Head office and registered office: 325 G-III. M.A. Johar Towi. Lahore.

         • Corrugation packaging plant: 7 KM, Sundar Raiwind Road, Lahore.

         • Flexible packaging plant: Plot No. 141, 142 and 142-B, Sundar Industrial Estate, Raiwind, Lahore.

   2. Basis of preparation

      1. These condensed unconsolidated interim financial statements comprise the condensed unconsolidated interim statement of financial position of the Company as at 31 December 2D25 and the related condensed unconsolidated interim statement of profit or loss, condensed unconsolidated interim statement of comprehensive income, condensed unconsolidated interim statement of cash flows and condensed unconsolidated interim statement of changes in equity together with the notes forming part thereof.

      2. These condensed unconsolidated 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 applicable in Pakistan for interim financial reporting comprise:

         • International Accounting Standard (IAS) 34, issued by the International Accounting Standards Board (IASB) as notified under the Companies Act, 2D17:

           Islamic Financial Accounting Standards (IFAS) issued by the Institute of Chartered Accountants of Pakistan as 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, 2D17 differ with the requirements of IAS 34, the provisions of and directives issued under the Companies Act, 2D17 have been followed.

      3. These condensed unconsolidated interim financial statements do not include all of the information required for full annual financial statements and should be read in conjunction with the annual audited financial statements for the year ended 30 June 2D25. However, selected explanatory notes are included to explain events and transactions that are significant to an understanding of the changes in the company's financial position and perfomance since the last annual audited financial statements.

      4. Comparative statement of financial position numbem are extracted from the annual audited financial statements of the Company for the year ended 30 June 2025, whereas comparatives of condensed interim statement of profit or loss. statement of comprehensive income. statement of cash flow and statement of changes in equity are stated from unaudited condensed unconsolidated interim financial statements of the Company for the six months period ended 31 December 2024.

      5. These condensed unconsolidated interim financial statements are unaudited and being submitted to the shareholders as required under Section 237 of the Companies Act, 2£I17.

   Judgments and estimates

   The preparation of the condensed unconsolidated interim financial statements require management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of asseb and liabilities, income and expenses. Actual results may diRer from these estimates.

   The significant judgments made by the management in applying the Company's accounting policies and the key sources of estimation uncertainty were the same as those applied to the annual audited financial statements for the year ended 30 June 2025.

   Material Accounting policies

   1. The accounting policies and methods of computation adopted in the preparation of these condensed interim financial statements are the same as those applied in the preparation of the financial statements for the year ended 30 June 2025.

   2. The following amendment and interpretations of approved accounting standards will be effective for accounting periods as detailed below:

      Amendments and Interpretations of Approved Accounting Standards:

      • Amendments to the Classification and Measurement of Financial Instruments (Amendments to IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures)

      • Financial Assets with ESG-Linked features (Amendments to IFRS 9 Financial Instruments relating to SPPI test and additional SPPI test for financial assets with contingent features)

      • Amendments to IFRS 9 (Recognition / Derecognition requirement of Financial Assets / Liabilities by Electronic Payments)

      • Disclosures on investments in equity instruments

        Annual Improvements to Accountinq Standards — Amendments to:

      • Amendments to IFRS 9 (A conflict between IFRS 9 and IFRS 15 Revenue from Contracts with Customers over the initial measurement of trade receivables)

   Amendments to IFRS 9 (How a lessee accounts for the derecognition of a lease liability under paragraph 23 of IFRS

   *)

   01 January 2026

   01 January 2026

   01 January 2026

   01 January 2026

   01 January 2026

   01 January 2026

   The amendments apply for annual repoñing periods beginning on or after 1 January 2026. Earlier application is permitted.

   The above amendments are effective from annual periods beginning on or after 1 January 2026 and are not likely to have material impact on the Company's financial statements.

   5 Property, plant and equipment	Note	(Un-audited) 31 December 2025 Rupees	(Audited) 30 June 2025 Rupees
   Operating fixecl assets	5.1	5,683,264,077	5,735,901,089
   Capital work in progress	5.2	5,018,859	-
   		5,688,282,936	5,735,901,089
   5.1 Operating fIXOd BsSets
   Opening written down value Add: Additions / transfer during the		5,735,9Q1,089	5,794,394,825
   period / year (oost)
   	Buildings on freehold land
   	Plant and machinery
   	Electric installations Furniture and fixtures
   	Office equipment Vehicles
   		79,949,069	208,994,313
   	Less: Disposals during the period / year
   	Buildings on freehold land	-	(821,485)
   	Plant and machinery	(277,889)	(18,330,801)
   	Electric installations	(82,490)
   	Office equipment	(799,419)	(26,804)
   	Vehicles	(1,366,969)	(2,135,809)
   		(2,526,767)	(21,314,899)
   	Less: Depreciation charge for the period / year	(130,059,314)	(24g,173,15Q)
   	Closing written down value	5,683,264,077	5,735,901,089

   	3,630,309
   67,136,192	193,351,545
   3,417,698	3,136,390 663,314
   9,395,179	7,281,011 931,744

2. Capital work in progress

Balance at beginning of the period / year Add: Additions during the period / year

5,018,859

1. The Company directly holds 97,214,220 shares (30 June 2025: 97,214,220 shares) representing 1009a ownership (2025: 100°A ownership) in Roshan Sun Tao Paper Mills (Private) Limited, a subsidiary company. It has been established to set up business of manufacturing, dealing and supply of corrugated papers. However, it has not yet commenced its operations.

2. As at 31 December 2025 the company has made an investment of Rs. 22.88 million (30 June 2025: Rs. 8.88 million), against which the subsidiary company has not yet issued shares.

8.1 The saving accounts esrn interest at hosting rates based on daily bsnk deposit rstes ranging from 6.7396 to 7.8096 (30 June 2025: 7.0196 to 19.0796) per annum.

Long-term financing

Note

(Un-audited) 31 December

2025

Rupees

(Audited)

30 June

2025

Rupees

9.2 There is no material change in the terms and conditions of the long-term loan from those disclosed in note 21 to 1he Company's unconsolidated finsncial statements for the yesr ended 30 June 2025.

1 D Short term borrowings -secured

Mark-up based borrowings from conventional banks

• Running finance

• Finance against trust receipts

• Finance against pacKing credit

  (Un-audited) 31 December

  2025

  Rupees

  (Audited)

  30 June

  2025

  Rupees

  Islamic mode of financing

• Running Musharika

• Import finance / murabaha

• Istisna / wakala

476,985,9D5 290,794,345

1,463,897,99g 1,240,421,999

1,940,282,7D4 1,531,216,344

1D.1 Aggregate sanctioned limit of all above facilities including limit for opening letters of credit and guarantees is Rs. 4,350 million (30 June 2025: Rs. 4,250 million) of which un-availed credit limit as at 31 December 2025 is Rs. 1,765 million (30 June 2025: Rs. 2,126 million). The aggregate facilities for opening letters of credit and guarantees are secured by a first pari passu charge over current assets of the Company and lien over import documents. The facilities are expiring latest by 30 November 202b.

1D.2 There is no material change in the terms and conditions of the short-term borrowings from those disclosed in note 27 to the Company's unconsolidated financial statements for the year ended 30 June 2025

12.1 These represent advances from customers against which the Company has performance obligalion to provide goods in future. The contract liabilities are expected to be recognized as revenue within one year.

1. Contingencies and commitments

   1. Contingencies

      There is no material change in the status of contingencies set out in note 31 to the Company's unconsolidated financial statements for the year ended 30 June 2D25.

   2. Commitments

In respect of letters of credit for:-

(Un-audited) 31 December

2025

Rupees

(Audited) 3D June 2D25

Rupees

• Stores & spares and raw material

• Capital expenditure Others:

• Guarantee issued by Company in favor of:

  Sui Northern Gas Pipelines Limited Total Parco Pakistan Limited

  Post dated cheque issued to

  Custom Appraisement Collector

• ljarah financing commitments

Not later than one year

Later than one year but not later than five years

399,884,379 593,982,512

244,860,000 -

644,744,379 593,982,512

105,956,752 105,956,752

59,319,426 17,747,2D4 810,020,557 717,686,468

1J Revenue from contracts wiDi customers Note

Six monsis period ended Three months period ended (Un-audited) (Un-audited)

1 July to 31 1 July to 31 1 October to 31 1 October to 31 December December December December

2025 2024 2020 2024

Rupees Rupees Rupees Rupees

In the following table, revenue from contracts with customers is disaggregated by timing of revenue recognition and geograpnical market:

Products transferred over time

- Produce transferred at a point in dme

Six monsis penod ended Three months penod ended (Un-audited) (Un-audited)

1 July to 31 1 July to 31 1 October to 31 1 October to 31 December DecembeF December December

2025 2024 2020 2024

Rupees Rupees Rupees Rupees

Geographical marfiet:

- PaKisan

5 583 1J1 647

4,563,510,747 253S, 2 2,194,395,521

14.1 This includes unbilled revenue amounting to Rs. 12.64 million (31 Dec 2024: Rs. 9.32 million).

Six monsis penod ended Three months penod ended

17.1 Diluted Earning per share

There is no dilutive effect on the basic earnings per share as the Company does na have any convertible instruments in issue as at 31 December 2O25.

26 HALF YEARLY REPORT 2026

18 Cash and Cash Equivalents

The figures of cash and bank balances reconcile to the amount of cash and cash equivalents shown in the condensed interim unconsolidated statement of cash flows at reporting date as follows:

The Company's related parties consist of its wholly owned subsidiary, associated undertakings, directors and key management personnel and their associates. The Company in the normal course of business carries out transactions with various related parties. Material transactions with related parties have been disclosed in the respective notes to these condensed interim unconsolidated financial statements other than the following:

Relationship with the Name of related party

Company

Nature of Transactions

(Un-audited) (Un-audited) (Un-audited) (Un-audited)

1 July to 31 1 July to 31 1 October to 31 1 October to 31 December December December December

2025 2024 2025 2D24

Rupees Rupees Rupees Rupees

Z0 Reconciliation of movement of liabilities to cash flows arising from financing activities.

For the six months ended 31 December 2025

Equity and Liabilities

Long term Lease Long term Short term finances liabilities Musharika borrowings

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

Dividend payable

Total

l

l

For the six months ended 31 December 2024

Equity and Liabilities

Long term Lease Long term Short term finances liabilities Musharika borrowings

Dividend payable

Total

HALF YEARLY REPORT 2026 27

l

l

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

21 DISCLOSURE nEouiREM ENT FOR COMPANIES NOT ENGAGED IN SHARIAH NON-PERMISSIBLE BUSINESS ACTIVFFIES

Following information has been disclosed as required Mnder Part J Clause VII of the I"ourth ScnedMle to the Companies Act 2017 as amended via S. R. 0.1278(I}/2024 dated August 15. 2024:

Source and detailed breakup of odder income

Income ffiom non financial assets - S//aria/i compliant Liabiliâes no longer payable wriLen back Exchange gain

Profit on disposal of operating lixed assets Sundry Income

Income ffiom financial assets - Non Shariah compliant

Profit on bank deposit

Profit on short tern investments

Interest income on loans to related parties: Rashan Sun Tao Paper Mills (Private) Limited

Income ffiom financial assets - S/iaria/i compliant

Earned from shariah compliant transaction Earned from shanah compliant transaction Earned from shariah compliant transaction Earned from shariah compliant transaction

Earned from non shariah compliant transacfion Earned from non shai1ah compliant transaction Earned from non shai1ah compliant transacfion Earned from non shariah compliant transacfion

16,071,9M

7/19,879

12,226,896

2.539.B44

044,232

19,014,264

3.613.6T3

28 HALF YEARLY REPORT 2026

February 18, 2026.

HALF YEARLY REPORT 2026 29

30 HALF YEARLY REPORT 2026