Transmission of 2nd Quarterly Report for the Period Ended December 31, 2025

TARIQ GLASS INDUSTRIES LIMITED

2"d 9uorterly Report

December 31st, 2025

(Un-Audited)

An ISO 9001 : 2015 Certified Company FSSC 22000 Certified Company

CONTENTS

COMPANY INFORMATION 2

VISION & MISSION STATEMENT 3

DIRECTORS' REVIEW (English) 4

DIRECTORS' REVIEW (Urdu) 6

INDEPENDENT AUDITOR'S REVIEW REPORT TO THE MEMBERS 8

CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION 9

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 THE CONDENSED INTERIM FINANCIAL STATEMENTS 14

BANKERS

AL-BARAKA BANK (PAK) LIMITED ALLIED BANK LIMITED

ASKARI BANK LIMITED BANK ALFALAH LIMITED BANK ALHABIB LIMITED

BANK ISLAMI PAKISTAN LIMITED FAYSAL BANK LIMITED

HABIB METROPOLITAN BANK LIMITED HABIB BANK LIMITED

MCB BANK LIMITED MEEZAN BANK LIMITED

NATIONAL BANK OF PAKISTAN

PAKISTAN KUWAIT INVESTMENT CO., (PVT) LIMITED SAMBA BANK LIMITED

SONERI BANK LIMITED THE BANK OF KHYBER THE BANK OF PUNJAB UNITED BANK LIMITED

SHARES REGISTRAR

SHEMAS INTERNATIONAL (PVT) LIMITED

533-Main Boulevard, Imperial Garden Block, Paragon City, Barki Road, Lahore.

TEL: +92-42-37191262

E-MAIL: info@shemasinternational.com

COMPANY RATING

LONG TERM: A+ SHORT TERM: A1 OUTLOOK: STABLE RATING AGENCY: PACRA RATING DATE: DECEMBER 19, 2025

TAX CONSULTANTS

GRANT THORNTON ANJUM RAHMAN, CHARTERED ACCOUNTANTS, LAHORE

CORPORATE CONSULTANTS

MR. RASHID SADIQ

M/S R.S. CORPORATE ADVISORY , LAHORE

HUMAN RESOURCE & REMUNERATION COMMITTEE

MR. FAIZ MUHAMMAD CHAIRMAN

MR. OMER BAIG MEMBER

MS. RUBINA NAYYAR MEMBER

AUDIT COMMITTEE

MR. FAIZ MUHAMMAD MR. MANSOOR IRFANI MR. SAAD IQBAL

CHAIRMAN

MEMBER MEMBER

EXTERNAL AUDITORS

CROWE HUSSAIN CHAUDHURY & CO. CHARTERED ACCOUNTANTS, LAHORE

LEGAL ADVISOR

KASURI AND ASSOCIATES, LAHORE

CHIEF FINANCIAL OFFICER

MR. WAQAR ULLAH

COMPANY SECRETARY

MR. MOHSIN ALI

COMPANY INFORMATION

BOARD OF DIRECTORS

MR. MANSOOR IRFANI MR. OMER BAIG

MR. MOHAMMAD BAIG MR. SAAD IQBAL

MS. RUBINA NAYYAR MR. ADNAN AFTAB MR. FAIZ MUHAMMAD

CHAIRMAN

MANAGING DIRECTOR / CEO EXECUTIVE DIRECTOR

NON-EXECUTIVE DIRECTOR

NON-EXECUTIVE / FEMALE DIRECTOR INDEPENDENT DIRECTOR INDEPENDENT DIRECTOR

REGISTERED OFFICE

128-J, MODEL TOWN, LAHORE. UAN: 042-111-34-34-34

FAX: 042-35857692 - 35857693

E-MAIL: info@tariqglass.com WEBSITE: www.tariqglass.com

WORKS

33-KM, LAHORE / SHEIKHUPURA ROAD, DISTRICT SHEIKHUPURA.

TEL: (042) 37925652, (056) 3500635-7

FAX: (056) 3500633

STATEMENTS

To be a premier glass manufacturing organization of International standards and repute, offering innovative value-added products, tailored respectively to the customer's needs and satisfaction. Optimizing the shareholder's value through meeting their expectations, making Tariq Glass Industries Limited an "Investor Preferred Institution" is one of our prime policies. We are a "glassware supermarket" by catering all household and industrial needs of the customers under one roof.

To be a world class and leading company continuously providing quality glass tableware, containers and float by utilizing best blend of state of the art technologies, highly professional staff, excellent business processes and synergistic organizational culture.

Directors' Review

The directors of Tariq Glass Industries Limited (the "Company" / "TGL") present their review together with the un-audited condensed interim financial statements of the Company duly reviewed by the external auditors with limited scope review for the six-month period ended December 31, 2025.

Financial and Operational Performance

During the second quarter of the financial year 2025-26, Pakistan's economy demonstrated signs of macroeconomic stabilization, supported by improvement in selected high-frequency indicators, moderation in inflation and a gradual recovery in Large-Scale Manufacturing. However, despite these broad-based developments, the operating environment for the glass manufacturing sector remained challenging during the period under review. The Company's performance was adversely impacted by subdued demand conditions, continued pressure on margins, volatility in energy and input costs and intense market competition which collectively weighed on volumes and profitability. While easing monetary conditions and improving fiscal discipline provided some relief at the macro level, these benefits did not fully translate into sector-specific or Company-level recovery during the quarter, resulting in a cautious and restrained operating outcome.

During the first half of FY2025-26, TGL achieved total sales of PKR 14.53 billion, representing a decline of 11.6% compared to the same period last year, primarily due to subdued demand in certain market segments and competitive pressures. Despite the contraction in sales, the Company sustained a lower, albeit healthy, gross profit of PKR 3.77 billion, with a gross margin of 25.95%, supported by focused cost management and operational discipline. Operating profit amounted to PKR 3.16 billion, reflecting controlled administrative and distribution expenses, together with a robust reduction in finance costs. The Company reported a profit before taxation of PKR 2.87 billion and a net profit for the period of PKR 1.84 billion, with Earnings Per Share standing at PKR 10.70 compared to PKR 13.16 in the corresponding period of previous year. These results highlight the Company's resilience and commitment to maintaining efficiency and profitability even in challenging market conditions.

The brief financial results for the six-month period ended December 31, 2025 are as under:

(Million Rupees)

Six-Month Period Ended December 31

Alhamdulillah, during the period under review, one Tableware and one Float Glass plant operated smoothly, whereas the other two units that one each of Tableware and Float Glass, having completed their campaign life, remained closed.

In light of the Federal Constitutional Court's recent ruling on Super Tax, the Company is fully compliant and shall discharge all related obligations in accordance with the Court's orders and the applicable regulatory framework.

Interim Cash Dividend (Subsequent Event):

The Board of Directors has approved the payment of interim cash dividend at the rate of 50%, i.e., Rs. 5/- per share for the financial year ending June 30, 2026 to the shareholders of the Company. The interim financial statements under review do not include the effect of this appropriation, being a subsequent event.

Future Outlook:

Looking ahead, the management remains cautiously optimistic about the second half of FY2025-26. Market indicators apex towards a gradual recovery in demand for glass products, driven by a resurgence in construction and real estate activities. Improved pricing dynamics and stabilized input costs are expected to support better margins for float glass products. The Company continues to focus on operational efficiency, cost optimization and strategic market development to capitalize on emerging opportunities. With these measures, TGL is well-positioned to enhance profitability and deliver sustained value to its shareholders in the coming months.

The Board of Directors of your Company express their gratitude to all stakeholders including our valued shareholders, employees, customers, suppliers and financial institutions for their co-operation, encouragement and continued support to strengthen the Company.

For and on behalf of the Board

MANSOOR IRFANI OMER BAIG

Lahore, February 24, 2026 CHAIRMAN MANAGING DIRECTOR / CEO

Independent Auditor's Review Report To the Members

Introduction

We have reviewed the accompanying condensed interim statement of financial position of TARIQ GLASS INDUSTRIES LIMITED ("the Company'') as at December 31, 2025 and the related condensed interim statement of profit or loss, the condensed interim statement of comprehensive income, the condensed interim statement of changes in equity, the condensed interim statement of cash flows and notes to the condensed interim financial statements for the six-month period then ended (here-in-after referred to as the "interim financial statements"). Management is responsible for the preparation and presentation of these 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.

Scope of Review

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

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the accompanying 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 the second quarter accounts are subject to a limited scope review by the statutory auditors of the Company. Accordingly, the figures of the condensed interim statement of profit and loss and the condensed interim statement of comprehensive income for the quarters ended 31 December 2025 and 2024 have not been reviewed.

The engagement partner on the review resulting in this independent auditor's review report is Zain ul Arfeen.

Lahore CROWE HUSSAIN CHAUDHURY & CO.

Dated: February 24, 2026 Chartered Accountants UDIN: RR202510832ZmXQAD8HV

Condensed Interim Statement of Financial Position

shares of Rs. 10 each

The annexed notes from 1 to 16 form an integral part of these condensed interim financial statements

(un-audited).

Condensed Interim Statement of Profit or Loss (Un-audited)

For The Half Year and Quarter Ended December 31, 2025

The annexed notes from 1 to 16 form an integral part of these condensed interim financial statements (un-audited).

Condensed Interim Statement of Comprehensive Income (Un-audited)

For The Half Year and Quarter Ended December 31, 2025

Net profit for the period

Other comprehensive income

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

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

Total comprehensive income for the period

The annexed notes from 1 to 16 form an integral part of these condensed interim financial statements (unaudited).

12

Condensed Interim Statement of Changes in Equity

For The Half Year Ended December 31, 2025

…..........…..................…........................................................Rupees in '000….......…..........…...................................................................

The annexed notes from 1 to 16 form an integral part of these condensed interim financial statements (un-audited).

Condensed Interim Statement of Cash Flows (Un-audited)

For The Half Year Ended December 31, 2025

The annexed notes from 1 to 16 form an integral part of these condensed interim financial statements (un-audited).

Notes to the Condensed Interim Financial Statements

For The Half Year Ended December 31, 2025

1. The company and its operations

Tariq Glass Industries Limited ("the Company") was incorporated in Pakistan on September 04, 1978 and converted into a Public Limited Company in the year 1980. The Company is listed on Pakistan Stock Exchange Limited and is principally engaged in manufacturing and sale of glass containers, tableware, opal glass and float glass. The registered office of the Company is situated at 128-J, Model Town, Lahore. The production facilities of the Company are located at Kot Saleem, Sheikhupura.

1. Basis of preparation

   1. Statement of compliance

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

      • International Accounting Standard (IAS) 34, Interim Financial Reporting, issued by the International Accounting Standards Board (IASB) as notified under the Companies Act, 2017;

      • 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 from the IFRS Accounting Standards, the provisions of, directives and notifications issued under the Companies Act, 2017 have been followed.

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

   3. These condensed, interim, financial statements (un-audited) do not include all of the information contained in full annual financial statements and should be read in conjunction with the audited annual financial statements for the year ended June 30, 2025.

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

   5. These condensed, interim, financial statements are unaudited and are being submitted to the shareholders as required under Section 237 of the Companies Act, 2017 ("the Act"); however, these are subject to limited scope review by external auditors as required by the Act and the Listed Companies (Code of Corporate Governance) Regulations, 2019 (the Regulations).

   6. Functional and presentation currency

These condensed, interim, financial statements (unaudited) are presented in Pakistani Rupees which is the Company's functional and presentation currency. All the figures have been rounded off to the nearest thousand Pakistani Rupees, unless stated otherwise.

1. Judgments and estimates

   The preparation of these condensed interim financial statements (un-audited) requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.

   
   
   

2. Material accounting policy information

Material accounting policy 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.

6 Intangible assets

This represents intangible assets which are fully amortized as at the reporting date. However, the Company has retained a nominal value of Rs. 1 in the books for record-keeping and identification purposes.

1. Long term finances - secured

   Conventional bank borrowings - Local currency The Bank of Punjab - Demand finance 1

   The Bank of Punjab - Demand finance 2 The Bank of Punjab - Demand Finance 3 Bank Alfalah Limited - Term Finance Askari Bank Limited - Term Finance Habib Bank Limited - Term Finance MCB Bank Limited - Demand Finance

   National Bank of Pakistan - Demand Finance Allied Bank Limited - Term Loan

   Less: Current portion shown under current liabilities

   (Audited) June 30,

   2025 in '000….......

   9,369

   322,444

   116,502

   235,000

   93,750

   70,477

   15,500

   93,763

   126,124

   1,082,929

   (629,518)

   453,411

2. Contingencies and commitments

   1. 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.

      Commitments

   2. Commitments under letter of credits for capital expenditure amount to Rs. 139.58 million (June 30, 2025: Rs. 40.31 million).

   3. Commitments under letter of credits for other than capital expenditure amount to Rs. 161.39 million (June 30, 2025: Rs. 192.57 million).

      Half Year Ended December 31, 2025	Half Year Ended December 31, 2024		Quarter Ended December 31, 2025	Quarter Ended December 31, 2024
      (Un-audited)	(Un-audited)		(Un-audited)	(Un-audited)
      … Rupee	s in '000….......		… Rupees	in '000….......
      18,751,264	19,670,517		8,801,718	11,592,559
      439,941	1,205,855		169,325	592,036
      19,191,205	20,876,372		8,971,043	12,184,595
      (2,587,494)	(2,801,445)		(978,876)	(1,642,383)
      (2,074,189)	(1,637,461)		(960,652)	(992,319)
      (4,661,683)	(4,438,906)		(1,939,528)	(2,634,702)
      14,529,522	16,437,466		7,031,515	9,549,893

3. Revenue

   Local Export

   Less: Sales tax

   Trade discounts

   1. Disaggregation of sales - products transferred at a point in time

      Half Year Ended December 31, 2025	Half Year Ended December 31, 2024		Quarter Ended December 31, 2025	Quarter Ended December 31, 2024
      (Un-audited)	(Un-audited)		(Un-audited)	(Un-audited)
      … Rupee	s in '000….......		… Rupee	s in '000….......
      4,613,776	4,560,357		2,335,973	2,384,054
      9,477,506	10,672,752		4,526,747	6,574,658
      14,091,282	15,233,109		6,862,720	8,958,712
      270,580	780,154		120,865	424,731
      167,660	424,203		47,930	166,450
      438,240	1,204,357		168,795	591,181
      14,529,522	16,437,466		7,031,515	9,549,893

      The following table breaks down revenue from contracts with customers primarily by product type.

      Type of products - net local sales

      Tableware glass products Float glass products

      Type of products - net export sales

      Tableware glass products Float glass products

      
      
      

4. Operating segments

   These financial statements have been prepared on the basis of single reportable segment.

   1. The Company's revenue from external customers and geographical location is given as under:

      December 31, December 31,

      2025 2024

      ….......Rupees in '000….......

      - Asia	156,243	423,490
      - Africa	126,971	255,427
      - Europe	61,737	331,935
      - North America	42,228	16,225
      - South America	51,061	177,280
      	438,240	1,204,357

   2. Revenue from major customers individually accounting for more than 10% of total revenue was Rs. Nil million (December 31, 2024: Rs. Nil).

   3. All non-current assets of the Company as at the reporting date are located in Pakistan.

5. Balances and transactions with related parties

   Related parties comprise associated companies, staff retirement fund, directors, key management personnel and other companies where directors have controlling interest. Significant transactions with related parties other than those disclosed elsewhere in these condensed interim financial statements (un-audited) are as follows:

   Half Year Ended

   Name Nature of transactions

   Un-audited December 31,

   2025

   Un-audited December 31,

   2024

   ….......Rupees in '000….......

   Transactions during the period Associated companies / Joint venture
   MMM Holding (Private) Limited	Interest income on long term loan	12,259	5,789
   	Long term loan	66,350	-
   Baluchistan Glass Limited	Sales of stores, spares and raw materials Purchase of trading materials	- 38,644	302,042 841,383
   	Payments against purchases	23,501	916,263
   	Guarantee commission	-	18,696
   	Guarantee commission received	5,068	-
   	Short term loan given	54,251	-
   	Interest income on short term loan	19,427	-
   	Interest income received	25,798	-
   Directors
   Mr. Omer Baig (Managing Director)	Remuneration paid	30,000	26,400
   Mr. Mohammad Baig	Remuneration paid	18,000	13,200
   (Director)
   Mr. Mansoor Irfani	Meeting fee paid	400	400
   (Chairman)
   Ms. Rubina Nayyar	Meeting fee paid	300	300
   (Director)
   Mr. Faiz Muhammad	Meeting fee paid	500	500
   (Director)
   Saad Iqbal	Meeting fee paid	400	400
   (Director)
   Adnan Aftab	Meeting fee paid	100	200
   (Director)

   Half Year Ended

   Name Nature of transactions

   Un-audited December 31,

   2025

   Un-audited December 31,

   2024

   ….......Rupees in '000….......

   Employee benefit plan
   Provident fund	Contributions	35,365	31,947
   Key Management Personnel	Remuneration paid	91,587	69,701
   Outstanding Balances as at :

   Name Nature of transactions

   Un-audited December 31,

   2025

   Audited June 30,

   2025

   ….......Rupees in '000….......

   Lucky TG (Private) Limited	Investment in associated company	10,454	10,454
   MMM Holding (Private) Limited	Investment in associated company	1,700,649	1,810,670
   	Long term loan	233,333	166,983
   	Interest receivable on long term loan	23,799	11,539
   Baluchistan Glass Limited	Receivable against sales of stores,	395,608	400,676
   	spares, raw materials and guarantee
   	commission
   	Short term loan	316,751	262,500
   	Payable against purchases	17,220	2,077
   	Interest receivable on short term loan	10,407	16,778

   1. Key management personnel are persons having authority and responsibility for planning, directing and controlling the activities of the Company. The Company considers all members of the management team, including the Chief Financial Officer, Directors and Head of Departments to be its key management personnel.

6. Shariah compliance disclosure

   December 31, June 30,

   2025 2025

   ….......Rupees in '000….......

   Statement of financial position - Liability side
   Financing (long term, short term or lease financing) obtained as per Islamic mode;
   - Profit payable	785	551
   Interest or markup accrued on any conventional loan or advance	10,702	12,558
   Statement of financial position - Asset side Long-term Shariah compliant investments	1,711,103	1,821,124
   Short-term Shariah compliant investments	-	-
   Shariah compliant bank deposits, bank balances and TDRs	1,131,078	609,300

   
   
   

   December 31, June 30,

   2025 2025

   ….......Rupees in '000….......

   Statement of comprehensive income
   Revenue earned from a Shariah compliant business segment	14,529,522	16,437,466
   Break-up of late payments or liquidated damages	-	-
   Gain / loss or dividend earned from Shariah compliant investments	-	-
   Share of loss from Shariah compliant associates	110,021	193,038
   Profit earned from Shariah compliant bank deposits,	30,705	213
   bank balances or TDRs Exchange loss earned from actual currency	1,583	1,817
   Exchange gains earned using conventional derivative	-	-
   financial instruments Profit paid on Islamic mode of financing	2,764	23,652
   Total interest earned on any conventional loan or advance	19,634	11,549
   Profit paid on any conventional loan or advance	32,144	326,407
   Source and detailed breakup of other income, including breakup of other or miscellaneous portions of other income into Shariah-compliant and non compliant income;
   Shariah compliant; - Profit on bank deposits	30,705	213
   - Excess liabilities written back	8,934	845
   - Gain on sale of fixed asset	4,010	30,379
   - Recovery against provision for doubtful debts / advances	676	2,518
   - Scrap sales	56	26
   - Gain from sale of stores, spare parts and raw material to related party	-	15,049
   Non-Shariah compliant; - Interest income on loan to associate	31,686	5,789
   - Interest income on bank deposits with banks	19,634	11,549
   - Guarantee commission income	-	18,696

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

   Name Relationship

   Al-Baraka Bank (Pak) Limited Funded / Non-funded facility and bank balance

   Bank Al-Habib Limited Bank balance

   Bank Islami Pakistan Limited Bank balance

   Faysal Bank Limited Funded / Non-funded facility and bank balance

   MCB Islamic Bank Bank balance

   Meezan Bank Limited Funded / Non-funded facility and bank balance Pak Kuwait Investment Company (Private) Limited Short term investment (TDRs), lease and Ijarah Soneri Bank Limited Bank balance

   The Bank of Khyber Funded / Non-funded facility and bank balance

   The Bank of Punjab Bank balance

   UBL Ameen Bank balance

   IGI General Insurance Ltd. Window Takaful EFU General Insurance Company Limited Window Takaful

7. Financial risk management

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

8. Date of Authorization for Issuance

These condensed interim financial statements (un-audited) for the half year ended December 31, 2025 were approved and authorized for issuance by the Board of Directors on February 24, 2026.

15 Subsequent Event

The Board of Directors of the Company has proposed an interim cash dividend of Rs. 5 per share (December 31, 2024: Rs. 2 per share) for the period ended December 31, 2025, at their meeting held on February 24, 2026. These interim financial statements do not include the effect of this appropriation, which will be accounted for in the period in which it is approved.

16. General

Corresponding figures are re-arranged / reclassified for better presentation and comparison. No material re-arrangements / reclassification have been made in these financial statements.

TARIQ GLASS INDUSTRIES LIMITED

OUR BRANDS

NOYA

Toyo

Nosic

OUR CERTIFICATIONS