Jahangir Siddiqui & Co. Ltd. ('JSCL' or 'the Company'), the successor to the brokerage business initiated in the early 1970s by Mr. Jahangir Siddiqui, was incorporated in 1991 under the repealed Companies Ordinance, 1984 (now the Companies Act, 2017) as a public unquoted company and is presently listed on the Pakistan Stock Exchange. The Company serves as the principal investment holding entity for Mr. Jahangir Siddiqui's business interests and as the parent of the JS Group.

JSCL's structure comprises the holding of JS Group's investments across multiple sectors of the economy. The investment portfolio is classified into Core Investments (62%), Strategic Investments (32%), and Trading Investments (6%), indicating a mix of Long-term value holdings and shorter-term positions. The portfolio exhibits a significant concentration in the financial sector, with banking and Insurance constituting the major components. This concentration reflects the group's established presence and expertise in these segments, while also resulting in exposure to sector­ specific risks and regulatory developments.

JSCL's ownership structure comprises both corporate and individual shareholders. Corporate ownership includes related parties, banks, DFIs, NBFCs, insurance companies, and mutual funds, while individual ownership comprises the sponsoring shareholders, directors, and the general public. The majority control is retained through the combined shareholdings of Mr. Jahangir Siddiqui and the group companies.

Ownership remains stable, supported by JS's majority shareholding and the established holding company structure.

JS Group is a well-established and prominent business group in Pakistan. The Group maintains diversified interests within the financial sector — encompassing asset management, financial advisory, brokerage, insurance, and banking — and holds investments across energy, infrastructure, media, telecommunications, and technology.

The Company's financial strength is anchored in its established market position, diversified earnings base, and sound liquidity profile. Long-standing presence in asset management, brokerage, banking, and insurance provides stable, recurring income streams. A disciplined capital allocation framework, near-zero standalone leverage following the preference share redemption, and maintained access to financial markets further augment financial flexibility.

JSCL has a seven-member Board of Directors including the CEO. The Board comprises one Executive Director who is the CEO, two Non-Executive Directors, and four Independent Directors, chaired by Justice (R) Agha Rafiq Ahmed Khan. The Board maintains three sub-committees: the Board Audit Committee (BAC), the Board Executive Committee (BEC), and the Board Human Resource & Remuneration Committee (BHRRC).

The Board comprises experienced professionals with diverse backgrounds across law, public service, financial services, media, and corporate governance. The Board is chaired by Justice (R) Agha Rafiq Ahmed Khan (Chairman, Independent), who brings more than 40 years of judicial experience, having served as the 12th Chief Justice of the Federal Shariat Court of Pakistan from 2009 to 2014, and is a Senior Advocate in the Supreme Court of Pakistan. The Company is led by Asad Nasir (CEO, Executive), a Fellow Chartered Accountant of the ICAEW with a BSc. (Hons.) in Accounting from the University of Hull and over 21 years of experience spanning private equity, corporate finance, capital markets advisory, and audit, including early career roles at Deloitte UK.

The Board's three sub-committees enhance governance, accountability, and oversight. The Board Audit Committee oversees internal controls, financial reporting, audit, and compliance. The Board Executive Committee reviews strategic initiatives, portfolio changes, investments, and financial performance. The Board HR & Remuneration Committee oversees HR policies, CEO evaluation, remuneration, succession planning, and the Company's DE&I policy. Collectively, the committees support effective risk management and alignment with the Company's long-term objectives.

KPMG Taseer Hadi & Co., Chartered Accountants, issued an unqualified audit opinion on the financial statements for the year ended December 31, 2025. The firm holds a QCR rating and is classified in Category A on the State Bank of Pakistan's Panel of Auditors.

The Company has optimized its organizational structure around four key departments — Investments, Finance, Human Resources and Administration, and Corporate Affairs — all of which report directly to the CEO. An Investment Committee (IC), comprising the CEO, CFO, and Manager of Investments, convenes on a regular basis to undertake a comprehensive evaluation of the investment portfolio, assess key performance parameters, and systematically review critical factors influencing each investee company. The IC presents a quarterly investment dashboard to the Board.

Mr. Asad Nasir serves as Chief Executive Officer with over 21 years of diversified financial services experience including private equity, corporate finance advisory, capital market advisory, and audit, having commenced his career at Deloitte UK. Mr. Muhammad Babar Din serves as Chief Financial Officer and is an Associate Member of ICMAP with over 16 years of experience in financial institutions, with core strengths in financial and managerial reporting. Mr. Waleed Bhatti serves as Company Secretary and is a Member of ACCA (UK), with over 10 years of experience in consultancy, financial services, and corporate finance, having previously worked with PwC (A.F. Ferguson & Co.) and JS Global Capital Limited. Mr. Amin Suchwani serves as Head of Human Resources and Administration with over 15 years of experience, holding a Diploma in Employment Laws and Industrial Relations from IBA and a Certified Human Resources Professional qualification from NED University. Together, the senior management team brings deep institutional knowledge and long-standing associations with the Company.

At the management level, an Investment Committee (IC) has been constituted, consisting of the CEO, CFO. and Manager of Investments, and convenes on a regular basis. The Committee undertakes a comprehensive evaluation of the Investment portfolio, emphasizing key performance parameters and systematlically assessing the critical factors influencing each investee company.

The internal audit function is outsourced to M/s Grant Thornton Anjum Rahman, Chartered Accountants, enabling an independent and objective assessment of internal controls, risk management processes, and compliance frameworks. This arrangement strengthens governance and operational efficiency while maintaining independence from management.

JSCL adopts a long-term, diversified investment strategy focused on financial services, innovation, and sustainable growth. The investments oversight framework ensures board-level representation on the boards of investee companies, providing active governance oversight. Investments are guided by risk-averse capital allocation and value creation across high-potential sectors.

The Company pursues a prudent investment strategy with a primary focus on the financial services sector. Liquidity is preserved through ample dividend income, short-term listed securities, and mutual funds. The portfolio categorization into Core, Strategic, and Trading investments allows for a structured approach to capital allocation, with Core investments anchoring long-term value and Trading investments providing tactical flexibility.

The IC presents a quarterly investment dashboard highlighting the performance of investee companies. Management has outlined new initiatives aimed at further enhancing the oversight framework. Board member representation on the boards of investee companies ensures active oversight and alignment of strategic direction, particularly for the dominant banking and insurance holdings.

The portfolio remains fundamentally weighted toward financial and insurance-related assets given the dominant positions in JS Bank Limited and the EFU entities. Industrial and chemical exposures, logistics, and media provide additional sectoral diversification but carry relatively smaller weightings that do not materially shift the concentration profile. Asset concentration (market value of the largest single investment as a proportion of total market value of equity investments) stood at ~48.2% at 3MCY26, rising from ~37.5% at 3MCY25 and moderating from ~52.4% at CY25, reflecting movements in JS Bank's market capitalisation. The largest income stream as a proportion of Total Investment Income improved substantially to ~40.3% in 3MCY26 from ~70.5% in 3MCY25, driven by more balanced income sourcing in the current period compared to the prior year when dividends were more concentrated in a single tranche.

Total investments at market value increased to ~PKR 35.5 billion at 3MCY26 from ~PKR 32.0 billion at 3MCY25, partially recovering from the CY25 year-end peak of ~PKR 47.4 billion, which was supported by a strong equity market rally before moderating in 3MCY26 due to a ~15% decline in the KSE-100 index amid geopolitical and energy price volatility. The investment portfolio continues to be anchored by core investments, comprising holdings in subsidiaries, which increased to ~PKR 21.8 billion primarily due to the improved valuation of JS Bank. Meanwhile, strategic investments remained stable at ~PKR 11.3 billion, representing the Company's long-term investments in associates as well as other strategically significant equity holdings.

Dividend income remains the Company's primary and most stable earnings source, contributing ~81% of total investment income, with the EFU Group accounting for the majority of dividend receipts. Additional income is generated from held-for-trading securities, JS Group-managed mutual funds, and other strategic investments, reflecting the Company's diversified investment portfolio and resilient return-generating capacity.

Total Cash Flow (TCF) during 3MCY26 reflected the impact of a one-off financing outflow associated with the redemption of preference shares, while dividends receivable outstanding at the period-end temporarily delayed operating cash inflows. On a full-year basis, CY25 TCF remained at ~PKR 502 million, compared to ~PKR 609 million in CY24. The TCF-to-finance cost coverage improved to ~85.8x from ~79.7x, while the Loan-to-Value (LTV) ratio declined significantly to ~1.4% as of 3MCY26, reflecting substantial deleveraging and a strengthened financial risk profile.

The Company's capital structure is characterized by low leverage, with the leverage ratio improving to ~1.5% at 3MCY26 from ~5.4% in the corresponding period last year, due to the redemption of preference shares. Shareholders' equity stood at ~PKR 31.77 billion as of 3MCY26. The Company's strong equity base, coupled with limited dependence on borrowings continue to support financial flexibility and strengthen its overall credit profile.

At the consolidated level, total assets rose to ~PKR 1.46 trillion at 3MCY26 from ~PKR 1.42 trillion at 3MCY25, reflecting continued balance sheet expansion across the group. However, profitability declined to ~PKR 1.46 billion from ~PKR 3.32 billion, mainly due to margin compression in the banking subsidiaries amid a lower interest rate environment. For CY25, net profit also fell versus CY24 for the same reason. Despite earnings pressure, cash flow coverage remained adequate at ~1.1x, while asset backing stayed strong. Consolidated leverage increased to ~89.7% due to deposit and funding growth in the banking segment, though the group’s overall fundamentals remain supported by its diversified financial services portfolio.