Pakistan Aluminium Beverage Cans Limited ("PABC" or the “Company”) is a publicly listed company. The Company got registered in 2014 and started its commercial production in September 2017. The Company has the following certifications: ISO 9001, 2015 QMS, FSSC 22000 (V5.1) Food Safety and PFA License.

Background PABC was set up to address a captive customer base, capitalizing on land connectivity of Pakistan and Afghanistan. Ashmore Investment Management Limited & Liberty Group joined hands in 2015 to execute the project. Ashmore Mauritius PABC Limited is a company based in Mauritius and is owned by Ashmore Cayman SPC No 2 Limited which is based in the Cayman Islands. During the financial year 2021, Ashmore Mauritius disposed its shares in the Company through IPO.

PABC operates from a modern production facility in M-3 Industrial City, Faisalabad, serving customers both in Pakistan and internationally. Company is committed to quality, sustainability, and ethical business practices always prioritizing customer satisfaction. Within a short span, the PABC has not only captured the entire market in Pakistan, but also accounts for more than half of market in Afghanistan – and continues to expand its footprint in new markets (Uzbakisan, Tajikistan and Bangladesh). The production facility is built on a 20.9 acre of land in Special Economic Zone, with a capacity to produce 1300 million cans per annum, The strategic location of PABC’s plant has been proven to be instrumental in its success, allowing cost advantage due to close proximity of PABC’s plant with key beverage bottlers in Pakistan & Afghanistan. Scope of markets include Pakistan, Afghanistan, Bangladesh and other Countries in the Central Asia.

The sponsors, directors, and their families collectively hold 55.61% of the Company's shares. Zain Ashraf Mukaty holds 20.99%, Temoor Ashraf Mukaty holds 17.31%, and Ahmed Ashraf Mukaty holds 17.31%. Soorty Enterprises (Pvt.) Ltd. holds 20.00%, with Liberty Mills Limited and Liberty Power Tech Limited holding 1.33% and 4.20% respectively. Banks, DFIs and NBFIs hold 0.83%, and the general public accounts for 14.61% of outstanding shares.

Mr. Zain Ashraf Mukaty, who holds a dual degree in Economics and Engineering from the University of Pennsylvania's M&T Program (graduating with highest honors), serves as Chief Executive Officer. He has been instrumental in the Company's strategic transformation — driving PABC from a turnaround phase to a period of sustained growth through operational de-bottlenecking, cost optimization, and regional market expansion. His track record also encompasses the development and execution of Liberty Wind Power 1 & 2 (100 MW combined) and the establishment of Oncogen Pharma's oncology-compliant manufacturing facility — Pakistan's first of its kind.

PABC has exhibited strong strategic vision by effectively capitalizing on market opportunities, expanding its export footprint, and achieving business growth, thereby strengthening its position in both local and regional markets. The Company’s prudent market strategy, efficient operations, and sustained capacity utilization have enabled it to retain a leading position in the aluminum beverage can industry.

Liberty Group maintains a strong financial profile, supported by a robust capital structure and adequate liquidity position. The Group’s diversified presence across textiles, renewable energy, power generation, cold storage and pharmaceuticals reduces concentration risk and strengthens overall financial stability. This diversification, coupled with stable cash flow generation and disciplined financial management, reinforces the Group’s resilience and supports its long-term growth prospects.

The Board of Directors (BoD) of PABC consists of seven members and is chaired by a Non-Executive Director. The Board comprises four Non-Executive Directors, two Independent Directors, one female director and one Executive Director serving as the CEO. The Board structure is fully compliant with the requirements of the Code of Corporate Governance (CCG).

Chairman – Mr. Simon Michael Gwyn Jennings has 40+ years of experience. He serves as a strategic advisor and is a valued member of the Human Resource and Remuneration Committee Chairman of the Human Resource and Remuneration Committee, Mr. Salim Parekh as a independent Director brings over 33 years of board experience and holds a Bachelor of Engineering from the University of Texas Austin. His directorship extends to Al Abbas Fabrics, a leading manufacturer and exporter of textile products. Mr. Irfan Zakaria as independent Director, a highly accomplished director, is a Certified Public Accountant (CPA) and holds a Bachelor's degree in Business Administration with a focus on Accounting from the University of Houston, USA. With a diverse career spanning electrical cable manufacturing, textiles, and insurance, Mr. Zakaria serves as CEO of Anam Fabrics (Pvt.) Limited, Chairman of Reliance Insurance Company Limited, and Director of Farhan Sugar Mills Limited. Mr. Asad Shahid Soorty as a non-executive member is also part of Audit committee, brings years of experience in Pakistan's Denim sector and serves as a strategic advisor to the board. Ms. Hamida Salim Mukaty represents the board as a non-executive director, Engaged in social welfare and philanthropic initiatives within the Liberty Group, Ms. Hamida also serves on the board of Liberty Solar Energy Limited. The overall average experience of the board is 23 years. Mr. Ahmed Ashraf Mukaty, a Non-Executive Director, joined the Board on May 23, 2025. He holds a Bachelor of Science degree in Finance and Operations Management and brings over five years of experience in strategic management.

The Board met four times, with the majority attendance to discuss pertinent matters. To ensure effective governance, the Board has formed two committees, namely, (i) Audit and Risk Committee (ii) Human Resource and Remuneration Committee. Audit and Risk Committee chaired by Mr irfan Zakaria and Human Resource and Remuneration Committee chaired by Mr. Salim Parekh respectivily.

PABC has engaged Kreston Hyder Bhimji & Company, Chartered Accountants, as its external auditors. The audit firm is classified as Category-A by the State Bank of Pakistan (SBP) and holds a satisfactory Quality Control Review (QCR) rating. The Company also provides appropriate disclosures in the notes to its annual financial statements in line with the regulatory requirements applicable to listed entities.

PABC maintains a well-defined, functionally segmented organizational structure with clear lines of authority and accountability. Key functional departments include Manufacturing & Operations, Finance, Commercial, Supply Chain, Human Resources, and Health, Safety & Environment (HSE). The internal audit function operates independently, reporting directly to the Audit Committee.

The CEO - Mr. Zain Ashraf Mukaty has been an integral part of the new venture development team at Liberty Group. He has a multifaceted role and is involved in various new projects that diversified Liberty Groups portfolio. He lead the project development, financing and execution of 2 x 50 MW wind power projects, Liberty Wind Power 1 & 2, as the Executive Director. In addition, as Chief Executive Officer at Oncogen Pharma (Private) Limited, He developed the first compliant cancer drugs manufacturing facility in Pakistan. His key role in the company is highly enterprising, focusing on project design, execution, technology transfer and commercialization. Mr. Zain is a key member of the steering committee of Engro PowerGen Thar Limited, which oversaw the project execution and subsequently operations of the $1.1 billion indigenous coal-fired power project. He is also a steering committee member of National Resources Limited, which is focussed on large scale mining in Pakistan. The CFO – Mr. Asad Zaidi has an overall experience of 22 years. The Company Secretary - Mr. Sohail Akhtar Gogal has an overall experience of 22 years and have been associated with the group for past 5 years. The General Manager/Controller Plant – Mr. Mohamed Moustafa has an overall experience of 16 years and been associated with the company for past 5 years. Head of Internal Audit – Mr. Obaid-Ur-Rehman has an overall experience of 12 years and been associated with the Company for past 7 years.

The management team demonstrated strong operational discipline in navigating a highly challenging external environment in CY2025. Despite the closure of the Afghan border in October 2025 — which severely disrupted a key export corridor — management maintained production continuity, proactively built domestic volumes and made prudent accounting decisions.

The Company utilizes SAP Business one as its primary Enterprise Resource Planning (ERP) and Management Information System (MIS) platform. The system adequately supports core business processes including inventory management, procurement, financial reporting, and customer order management. The Company also invested in intangible assets (production management software) during CY2025 (capitalized at PKR 10.4 million).

Pakistan Aluminium Beverages and Cans Limited maintains a structured control environment, supported by defined governance practices, internal policies, and oversight mechanisms to ensure operational integrity, regulatory compliance, and risk mitigation.

Pakistan's packaging industry is segmented into paper, plastic, tinplate/cans, and glass. The paper and plastic segments command the largest market shares. PABC operates in the aluminium beverage can sub-segment, where demand is fundamentally correlated with canned beverage consumption levels. A significant proportion of direct costs are import-dependent — primarily aluminium coil — making the business inherently sensitive to foreign exchange volatility and global commodity price cycles. The segment benefits from long-term structural tailwinds: growing consumer preference for sustainable and recyclable packaging, increasing carbonated beverage consumption per capita in Pakistan and the region, and brand-owner-driven adoption of aluminium cans as an environmentally superior format. Aluminium's infinite recyclability and 95% energy savings versus virgin production make it a packaging material of choice in a sustainability-conscious global market.

PABC is the sole domestic producer of aluminium beverage cans in Pakistan. This unique positioning eliminates direct domestic competition and provides significant pricing power in the domestic channel. The Company has captured effectively 100% of the Pakistan market and a dominant share of the Afghan market, which historically constituted its largest export destination. PABC is actively expanding into Bangladesh, Uzbekistan, Tajikistan, and other Central Asian markets.

In CY2025, net revenues rose 4.0% YoY to PKR 23.99 billion (CY2024: PKR 23.07 billion), despite the cessation of Afghan corridor trade in Q4 2025. Domestic revenues grew approximately 10% YoY on improved local demand, partially offsetting export volume declines. Export revenues totalled PKR 14.02 billion (CY2024: PKR 14.45 billion), with Afghanistan (PKR 11.35 billion), Uzbekistan (PKR 1.52 billion), and Bangladesh (PKR 0.71 billion) as the leading export markets. Local sales reached PKR 9.98 billion. Five customers contributed revenues exceeding 10% individually, collectively accounting for PKR 15.05 billion (63%) of total revenues. Net profit after tax stood at PKR 5.22 billion. Notably, the Company's tax position is privileged: operating within a Special Economic Zone, PABC remains exempt from income tax for ten years from commercial commencement (effective CY2017), with no current tax provision recorded for CY2025.

Gross profit margin contracted to 32.65% in CY2025 from 36.55% in CY2024, driven by higher raw material costs (aluminium coil price inflation following China's removal of processing rebates) and a PKR 1.17 billion impairment allowance on export-oriented inventory. Operating profit margin similarly compressed to approximately 23.2% (CY2024: ~26.9%). Net profit margin declined to 21.74% from 26.46% in CY2024, though remained healthy in absolute terms.

Cash conversion eficiency stood at 22.3% in CY25 as compared to 32.9% in CY24. Return on assets and return on equity of the company stood at 14.0% and 27.6% respectively for CY25 (CY24: 23.0% and 44.6%). Asset turnover for the Company was 66.3% as of Dec’25.

PABC continues to maintain efficient working capital management. Inventory days expanded to approximately 86 days in CY2025 (from 83 days in CY2024), primarily due to the build-up of inventory for Afghan and Central Asian markets that became stranded following the border closure. The Company has recorded a full impairment allowance of PKR 1.17 billion on this slow-moving stock as a matter of prudence. Trade receivable days compressed further to ~12 days, reflecting the Company's practice of collecting advances from export customers. Payable days declined to ~17 days. Net working capital days increased to approximately 82 days (CY2024: ~75 days), reflecting the inventory dynamics described above.

In CY2025, finance costs declined substantially to PKR 832 million from PKR 1,022 million in CY2024, driven by falling domestic interest rates and reduction in long-term borrowing. Cash generated from operations was PKR 4.24 billion (CY2024: PKR 7.83 billion), reflecting working capital absorption from the inventory build-up. Interest coverage ratios remain robust. The Company's liquidity position is underpinned by PKR 19.95 billion in short-term investments (primarily mutual funds and term deposits at recognized financial institutions) and PKR 2.55 billion in cash and bank balances — providing ample financial flexibility to navigate the near-term disruption in export channels.

At December 31, 2025, shareholders' equity grew substantially to PKR 21.96 billion (CY2024: PKR 16.74 billion), driven by retained earnings accumulation. Long-term borrowings declined to PKR 1.01 billion (CY2024: PKR 1.11 billion), while short-term borrowings increased to PKR 9.69 billion (CY2024: PKR 8.04 billion), principally comprising export refinance facilities. The overall gearing ratio improved to 33.4% (CY2024: 36.4%), reflecting balance sheet strengthening. The Company maintains compliance with all financial covenants under its existing credit facilities.