The Hub Power Company Limited (HUBCO), Pakistan’s first and largest Independent Power Producer, began commercial operations in 1996 with its original thermal plant in Mouza Kund, Gaddani, Balochistan. In October 2024, HUBCO and the government agreed to retire its legacy power contracts early, under this settlement, HUBCO received PKR 36.5 billion (excluding delayed-payment interest) from CPPA-G, while its dues to PSO were settled by the Government. Over the years, HUBCO has grown into a diversified group with a power generation portfolio totaling 2,289 MW and strategic investments spanning mining, oil & gas exploration, automotive ventures (NEVs), and EV charging infrastructure. The company's shares are listed on the Pakistan Stock Exchange (PSX: HUBC).

HUBCO operates through a diversified and vertically integrated structure, combining ownership, joint ventures, and subsidiaries across the energy value chain. Its core operations revolve around strategic investments in large-scale power generation and resource projects, including a significant stake in the 1,320 MW China Power Hub Generation Company (CPHGC) in Hub, Balochistan, managed by its subsidiary China Power Hub Operating Company (Pvt.) Limited (CPHO). The company also holds equity in ThalNova Power and Thar Energy Limited, each operating 330 MW lignite-fired plants in Thar Block II, Sindh, ensuring energy security through indigenous coal utilization. Beyond power generation, HUBCO has diversified into upstream oil and gas by acquiring a 50% stake in Prime International Oil & Gas, partnered with EBO Group (formerly ENI Pakistan), and maintains a mining presence through Sindh Engro Coal Mining Company (SECMC). Its generation portfolio spans across RFO-based, imported coal, lignite, and hydropower assets which operate through entities like Narowal Energy Limited and Laraib Energy Limited. To optimize operations, HUBCO manages maintenance and efficiency via its wholly owned subsidiary Hub Power Services Limited (HPSL). Expanding beyond conventional energy, the company has entered the sustainable mobility sector through Mega Motor Company (in collaboration with BYD Auto) and HUBCO Green Limited (HGL) to develop EV charging infrastructure across Pakistan.

As of June 30, 2025, annual report, The Hub Power Company Limited (HUBCO) had a total of 1,297,154,387 issued shares held by 34,418 shareholders. The Company’s shareholding base is widely diversified across institutional, corporate, and individual investors. The largest individual shareholder is Mega Conglomerate (Private) Limited, holding approximately 19.48% of HUBCO’s total shares. The associated companies and related parties collectively own 20.36% of the share capital, representing a group of entities including Mega Conglomerate (Pvt.) Ltd., Forbes Shipping Company (Pvt.) Ltd., Imperial Developers and Builders (Pvt.) Ltd., Inshipping (Pvt.) Ltd., and Insurvey Pakistan (Pvt.) Ltd. The next major institutional investors include joint stock companies (2.66%), financial institutions (6.40%), insurance companies (9.62%), and mutual funds and modarabas (9.76%). Individual investors (local and foreign combined) constitute the largest collective ownership category, representing about 33.83% of HUBCO’s shares, reflecting strong retail investor participation. The remaining ownership is distributed among joint stock and investment companies (5.91%), directors and executives (0.08%), provident and pension funds (3.98%), and other small institutional holders, including the Government of Balochistan, charitable trusts, and cooperative societies.

HUBCO’s ownership structure has remained notably stable over time, with major shareholders maintaining their holdings, reflecting sustained confidence in the company’s vision, governance, and long-term performance. This enduring commitment underscores investor trust and provides a foundation of stability that minimizes volatility while supporting consistent growth. The company’s listing on the Pakistan Stock Exchange (PSX) further reinforces transparency, regulatory compliance, and corporate accountability. Overall, this stability highlights the strength and reliability of HUBCO’s shareholder base, ensuring continuity in both strategic direction and operational execution.

HUBCO stands as one of Pakistan’s largest and most diversified conglomerates, rooted in the power sector and guided by the visionary leadership of Mr. M. Habibullah Khan, Founder and Chairman of the Mega & Forbes Group. Leveraging decades of experience in energy infrastructure, the Group has strategically expanded its footprint across mining, oil and gas exploration, electric mobility, renewables, and mineral development, positioning itself at the forefront of Pakistan’s energy transition. With a proven record of delivering multi-billion-dollar projects, including large-scale coal, hydropower, and oil & gas ventures, HUBCO exemplifies operational excellence, f inancial strength, and executional capability. Its strong partnerships with leading local and international entities, combined with deep regulatory insight and technical expertise, continue to give HUBCO a distinct competitive advantage in shaping Pakistan’s sustainable and integrated energy future.

Backed by Mega Conglomerate (Private) Limited, Hub Power Company continues to demonstrate strong financial resilience, supported by a diversified investment portfolio and prudent financial management. Mega Conglomerate is affiliated with the broader Mega & Forbes Group, a prominent business conglomerate led by sponsor M. Habibullah Khan, with strategic interests across energy, logistics, shipping, real estate, food, and the emerging electric vehicle (EV) sector. The Group’s diversified portfolio includes investments in the country’s largest container terminal, one of the leading dairy producers, an integrated shipping business, and sustainable real estate developments, including LEED-certified commercial projects. Additionally, the Group has recently expanded into the EV segment through BYD in Pakistan, further strengthening its exposure to high-growth sectors of the economy.

As of 1HFY26, HUBCO’s Board of Directors comprises nine members, representing a diverse mix of strategic investors, institutional stakeholders, and independent professionals. The Board includes three nominees from Mega Conglomerate (Pvt.) Limited, HUBCO’s principal shareholder, one nominee from the National Investment Trust (NIT), and one representative from the Government of Balochistan. The remaining four members are independent directors, ensuring strong governance, balanced oversight, and compliance with regulatory standards.

This composition underscores HUBCO’s commitment to effective corporate governance by maintaining an optimal balance between shareholder representation and independent judgment. The presence of directors from both the public and private sectors, along with experienced independent professionals, enables the Board to provide strategic direction, ensure transparency, and support sustainable long-term growth

The Board of Directors of The Hub Power Company Limited (HUBCO) comprises nine distinguished professionals who collectively bring extensive expertise in industry, policy, finance, and governance. Mr. M. Habib Ullah Khan, Founder and Chairman of Mega Conglomerate, serves as Chairman of the Board and is a renowned industrialist and philanthropist with diversified business interests across energy, logistics, FMCG, shipping, oil and gas, fintech, and real estate. Mr. Kamran Kamal, the Chief Executive Officer, is a Harvard- and Georgia Tech-educated energy policy and infrastructure expert with wide-ranging experience in power generation and commodity trading. Mr. Aly Khan, an entrepreneur with global exposure, leads major ventures in dairy, logistics, and electric mobility, serving as Chairman of  Haleeb Foods. Ms. Aleeya Khan, a Columbia University trained architect, contributes expertise in real estate development as Executive Director at Imperial Builders & Developers. Mr. Manzoor Ahmed, Chief Operating Officer of National Investment Trust (NIT), brings more than three decades of capital market and financial management experience. Mr. Saad Iqbal, an accomplished corporate leader, serves on the boards of leading listed companies including KAPCO and Millat Tractors. Mr. Shafiuddin Ghani Khan, a seasoned businessman, adds valuable insight from his background in construction, logistics, and corporate management. Senator Samina Mumtaz Zehri, representing the Government of Balochistan, provides deep knowledge in governance, public policy, and social development. Mr. Syed Bakhtiyar Kazmi, a fellow chartered accountant and former KPMG partner, contributes over 35 years of experience in audit, advisory, fiscal policy, and macroeconomic strategy. Collectively, the Board’s diverse experience ensures robust governance, strategic foresight, and sustainable growth for HUBCO

During FY 2025, the Board of Directors of HUBCO demonstrated strong governance, strategic focus, and accountability. It held six meetings, with consistent attendance from the Chairman and Chief Executive Officer, ensuring active oversight of the company’s strategic plans, financial performance, and investment decisions. The Board also reconstituted two key committees; the Board Audit & Risk Committee (BA&RC) and the Board Nomination, Compensation & Sustainability Committee (BNC&SC), to enhance decision-making and strengthen internal controls. The BA&RC met five times, focusing on financial integrity, risk management, and audit oversight, while the BNC&SC reviewed executive compensation, leadership development, and sustainability initiatives. The Board maintained transparent engagement through shareholder meetings and analyst briefings, underscoring its commitment to effective governance, stakeholder confidence, and long-term sustainable growth.

In FY 2025, HUBCO continued to uphold its commitment to transparency, accountability, and sound financial reporting. The Company’s Unconsolidated and Consolidated Financial Statements were audited by A.F. Ferguson & Co., Chartered Accountants, who expressed an unqualified opinion, confirming that the statements present a true and fair view of HUBCO’s financial position, performance, and cash flows in compliance with applicable financial reporting standards. The auditors also reviewed the Statement of Compliance with the Listed Companies (Code of Corporate Governance) Regulations, 2019, and reported no material non-compliance, affirming HUBCO’s adherence to regulatory and governance requirements. The retiring auditors, A.F. Ferguson & Co., being eligible, have offered themselves for reappointment. These outcomes reflect HUBCO’s unwavering focus on maintaining integrity, transparency, and stakeholder confidence through rigorous financial oversight and best-in-class governance practices.

HUBCO operates through a comprehensive and integrated organizational structure designed to ensure operational excellence, strategic alignment, and accountability across its diversified portfolio. As a holding company, HUBCO provides centralized leadership and oversight to its subsidiaries and associates engaged in power generation, mining, oil and gas, renewable energy, and electric mobility. The structure is anchored around eight core functions; Finance, Commercial, Human Resources, Corporate Communications & Digitalization, Internal Audit, Operations, Legal, and Strategy & Regulatory Affairs, each led by experienced professionals who drive efficiency and innovation within their domains. This multidimensional framework enables seamless coordination between corporate and project-level operations, ensuring timely decision-making and effective resource utilization. By combining functional specialization with strategic integration, HUBCO’s organizational model promotes agility, strengthens governance, and positions the Company to capitalize on emerging opportunities in Pakistan’s evolving energy and infrastructure landscape.

HUBCO’s leadership team comprises seasoned professionals with extensive experience across energy, finance, legal, and human capital management. Mr. Kamran Kamal, CEO, is a Harvard- and Georgia Tech-educated energy specialist with expertise in power generation, market reform, and infrastructure development. Mr. Muhammad Saqib, CFO and CFA charter holder, brings over 21 years of financial and strategic experience from senior roles at Engro Group. Mr. Amjad Raja, CEO of Thar Energy and ThalNova Power, has over two decades of technical and operational expertise in the power sector. Mr. Fayyaz Ahmad Bhatti, CFO of the Thar subsidiaries, contributes strong financial and regulatory insight from his work in energy and petroleum industries. Ms. Faiza Kapadia Raffay, Company Secretary and Head of Legal, has 26 years of corporate legal experience with leading institutions including Philip Morris, SSGC, and Citibank. Mr. Aiman Hussaini, General Manager HR, is a strategic HR leader with a proven record in organizational development at Engro, ThalNova, and Prime Global Energies. Together, they drive HUBCO’s operational excellence, governance, and sustainable growth.

The management team maintains a performance-driven culture, ensuring continuous monitoring and evaluation across all operational and strategic fronts. Key decisions are made in consultation with the Board of Directors and its functional committees, promoting institutional governance and risk-aware execution. This collaborative structure enables swift decision-making while upholding regulatory compliance, operational excellence, and long term sustainability.

HUBCO’s internal control framework and risk governance are managed under the supervision of the Board Audit Committee, guided by a well-established Enterprise Risk Management (ERM) framework and a formal Statement of Internal Control System. The Company follows a proactive approach to identifying and assessing potential risks, implementing preventive measures, and conducting regular internal audits to ensure full compliance with applicable laws and regulations. HUBCO’s control environment reacts international best practices, with continuous enhancements made to align with evolving business dynamics and strategic objectives

HUBCO follows a strategic and value-focused investment philosophy, emphasizing long-term sustainability, diversification, and alignment with Pakistan’s evolving energy priorities. Investment decisions are guided by rigorous financial, technical, and regulatory assessments to ensure optimal returns and national impact. Through Hub Power Holdings Limited (HPHL), the Company exercises centralized oversight of its investments across power generation, mining, oil and gas, renewables, and electric mobility, ensuring strategic consistency and governance across all subsidiaries and joint ventures. Recent expansions into renewable energy projects, EV infrastructure, and upstream oil and gas reflect HUBCO’s commitment to energy transition, import substitution, and sustainable growth. The Group’s disciplined approach, supported by robust risk evaluation, stakeholder engagement, and long term value creation, positions HUBCO as a leading force in advancing Pakistan’s integrated and cleaner energy future.

HUBCO’s investment policy is centered on diversification, sustainability, and long-term value creation, ensuring alignment with both shareholder interests and national development goals. The Company prioritizes strategic investments in indigenous energy production, mineral mining, renewables, and electric mobility, strengthening Pakistan’s energy independence and economic resilience. Its forward-looking approach focuses on expanding renewable energy capacity, alongside local fuel-based power generation and EV infrastructure development. Through ventures such as HUBCO Green, Mega Motor Company (in collaboration with BYD Auto), and Prime Oil & Gas, the Company continues to broaden its portfolio while promoting clean and efficient technologies. The investment framework emphasizes prudent risk management, strict adherence to financial, environmental, and governance standards, and a commitment to driving sustainable growth across Pakistan’s evolving energy landscape.

HUBCO ensures disciplined and strategic capital allocation through a collaborative investment process led by senior management and overseen by the Board. All major investment proposals, such as the SECMC share acquisition, PPA restructuring, and EV infrastructure rollout, undergo rigorous assessment for feasibility, risk, returns, and strategic fit. Guided by the Enterprise Risk Management (ERM) and Internal Control frameworks, the Board Audit & Risk Committee regularly reviews investment performance, compliance, and risk mitigation. This structured oversight promotes transparency, financial prudence, and alignment with long-term goals. Close coordination between management and shareholders ensures effective governance, due diligence, and sustainable value creation across HUBCO’s diversified portfolio.

HUBCO has successfully transitioned into a diversified energy and infrastructure conglomerate, mitigating concentration risk through expansion across multiple high-impact sectors. Its portfolio now spans power generation (2,289 MW operational capacity), coal mining (7.6 MTPA through SECMC), oil and gas (602 MMscfd via Prime International Oil & Gas), and electric mobility, including Mega Motor Company’s BYD EV assembly plant (25,000 units per annum on a double shift) where BYD plans to roll out its first car assembled in Pakistan by July or August 2026 and Hubco Green’s national EV charging network. The Company has also ventured into mineral exploration through Ark Metals, expanding its footprint in Pakistan’s resource sector. Following the termination of the Hub Plant PPA in October 2024, HUBCO strategically repositioned towards cleaner and more efficient energy ventures, renewable power, and sustainable transport solutions. These initiatives not only reduce dependence on thermal generation but also align HUBCO with Pakistan’s long-term energy transition and sustainability agenda.

HUBCO’s portfolio encompasses six major power generation assets; TEL (330 MW), TNPTL (330 MW), CPHGC (1,320 MW), NEL (225 MW) and LEL (84 MW). The Thar-based plants, TEL and TNPTL, continue to rank among the top performers on the national merit order, collectively contributing foreign exchange savings of around USD 116 million in 1HFY26 through import substitution. HUBCO’s 47.5% shareholding in CPHGC and its equity in SECMC underpin stable fuel supply chains and enhanced cost efficiency. The company’s diversification into Mega Motor Company (EV manufacturing) and HUBCO Green (EV charging infrastructure) marks a strategic pivot toward sustainable mobility. With operational indicators such as plant availability reaching around 100% and load factors up to 60%; for TNPTL and TEL, HUBCO’s diversified and performance-driven portfolio reinforces its position as a key player in Pakistan’s evolving energy landscape.

For the year ended June 30, 2025, HUBCO reported an unconsolidated net profit of PKR 19.08 billion, compared to PKR 33.88 billion in the corresponding period last year, reflecting a notable decline. This decrease is primarily attributable to the early termination of the Hub Plant’s Power Purchase Agreement (PPA) under the Negotiated Settlement Agreement with the Government of Pakistan and CPPA-G. Despite a contraction in revenue to PKR 13.2 billion in FY25, the Company maintained a strong operating performance, with operating profit recorded at PKR 23.15 billion. This was supported by improved operational efficiency and effective cost optimization following the conclusion of the PPA. In 1HFY26, HUBCO’s unconsolidated net profit stood at PKR 14.64 billion, compared to PKR 13.60 billion in the same period last year, indicating a recovery in earnings. Operating profit during this period was reported at PKR 15.74 billion. Additionally, finance costs declined significantly to PKR 3.2 billion in FY25 from PKR 10.69 billion in the previous year, and further reduced to PKR 380 million in 1HFY26, providing further support to overall profitability. HUBCO’s diversified investment portfolio, along with stable dividend inflows from its subsidiaries, continued to enhance financial resilience during this transition phase.

HUBCO’s financial coverage metrics showed overall resilience during FY2025, supported by improved cash generation and a significant reduction in debt servicing obligations. The Total Cash Flow (TCF) to Finance Cost ratio was recorded at 2.8x (FY2024: 3.0x), while the TCF to Finance Cost plus Current Maturities of Long-Term Borrowings ratio improved to 2.7x (FY2024: 2.0x), reflecting stable liquidity and operational efficiency despite the early termination of the Hub Plant PPA. However, in 1HFY26, the TCF to Finance Cost ratio declined to negative 3.7x, primarily due to a reduction in operating cash flows. This was largely attributable to the absence of dividend income from Narowal Energy Limited, which impacted overall cash generation and profitability during the period. On the cost side, finance expenses decreased substantially to PKR 3.2 billion in FY2025 from PKR 10.6 billion in the previous year, driven by significant debt repayments and an optimized capital structure. This declining trend continued into 1HFY26, with finance costs further reducing to PKR 380 million, providing continued support to the Company’s financial profile.

As of December 30, 2025, HUBCO maintained a strong and largely deleveraged capital structure, reflecting prudent financial management following the early termination of the Hub Plant’s PPA. The Company’s issued and paid-up capital stood at PKR 12.97 billion (1.297 billion ordinary shares), with total equity of PKR 71.31 billion, supported by substantial retained earnings. During FY25, HUBCO fully redeemed its PKR 6 billion Sukuk and settled all long-term loans, achieving a near-zero gearing position. Consequently, total borrowings declined significantly to PKR 4.20 billion in June 2025 from PKR 41.53 billion in FY24 and further reduced to PKR 2.40 billion as of December 2025. This led to a sharp improvement in the leverage ratio, which decreased to 3.3% in December 2025 from 5.2% in FY25 and 36.0% in FY24. To retain financial flexibility, HUBCO maintained short-term funding lines as of FY25, including an Islamic facility of PKR 9 billion (KIBOR +0.20%) and inter-company loans totalling PKR 32.5 billion. Furthermore, as of  December 2025, long-term investments stood at PKR 65.2 billion in subsidiaries and associates, along with operating assets of PKR 4.42 billion, providing a strong equity-backed foundation and supporting sustainable growth across the Company’s power, mining, and clean energy ventures.

HUBCO’s consolidated financial position remains robust, underpinned by diversified operations and strong asset performance. As of June 2025, total consolidated assets stood at PKR 414,722 million, with shareholders’ equity of PKR 243,921 million, reflecting sustained value creation. As of 1HFY26, total consolidated assets marginally increased to PKR 414,832 million, while shareholders’ equity strengthened further to PKR 248,185 million. The Company reported a consolidated profit of PKR 51,775 million in FY2025 and PKR 25,625 million in 1HFY26, demonstrating earnings resilience despite the cessation of the Hub Plant operations. Key earnings drivers included contributions from Narowal Energy Limited (NEL), Laraib Energy Limited (LEL), and Hub Power Services Limited (HPSL), which collectively generated dividend income of PKR 14,913 million for HUBCO in FY2025. In 1HFY26, dividend inflows amounted to PKR 15,918 million, primarily received from Hub Power Holding Limited (HPHL), HPSL, LEL, and Thar Energy Limited (TEL). Operating cash flows remained strong at PKR 78,760 million in FY2025, enabling HUBCO to support ongoing investments while maintaining its position as a leading cash-generative infrastructure company. The Company continues to strategically expand into mining, electric vehicles, and renewable energy, further strengthening its resilient and future-focused financial base.