External broker reports(aggregated public sources), Topline Securities

Topline Securities

External broker reports(aggregated public sources)

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Equity Bottom-Up

Air Link Communication / Equity Bottom-Up

<ul><li>Air Link Communication (AIRLINK) held its Corporate Briefing Session today, following the announcement of 1QFY26 results.</li><li>In 1QFY26, the company reported consolidated earnings of Rs1,583mn (EPS of Rs4.01), up 88% YoY and down 16% QoQ.</li><li>Net sales clocked in at Rs24bn, up 11% YoY and 30% QoQ. The QoQ growth in sales is primarily due to higher sales volumes during the quarter, following subdued sales in 4QFY25 due to supply chain disruptions amid regional conflicts.</li></ul>

Air Link Communication (AIRLINK) held its Corporate Briefing Session today, following the announcement of 1QFY26 results.In 1QFY26, the company reported consolidated earnings of Rs1,583mn (EPS of Rs4.01), up 88% YoY and down 16% QoQ.Net sales clocked in at Rs24bn, up 11% YoY and 30% QoQ. The QoQ growth in sales is primarily due to higher sales volumes during the quarter, following subdued sales in 4QFY25 due to supply chain disruptions amid regional conflicts.

Topline Flash Note: Airlink Communication - AIRLINK - Corporate Briefing Key Takeaways

<ul><li>Air Link Communication (AIRLINK) reported a 22% YoY growth in consolidated earnings to Rs4.79/share in 4QFY25. This takes FY25 earnings to Rs12.01/share, up 3% YoY.</li><li>This higher-than-expected result was mainly led by reversals in administrative and other expenses, as certain items previously recorded under this head were reclassified as cost of sales, as per our channel checks.</li><li>The company posted net sales of Rs18.8bn in 4QFY25, down 49% YoY and 33% QoQ. This decline stemmed from supply chain disruptions amid regional conflicts, which adversely impacted sales volumes.</li></ul>

Air Link Communication (AIRLINK) reported a 22% YoY growth in consolidated earnings to Rs4.79/share in 4QFY25. This takes FY25 earnings to Rs12.01/share, up 3% YoY.This higher-than-expected result was mainly led by reversals in administrative and other expenses, as certain items previously recorded under this head were reclassified as cost of sales, as per our channel checks.The company posted net sales of Rs18.8bn in 4QFY25, down 49% YoY and 33% QoQ. This decline stemmed from supply chain disruptions amid regional conflicts, which adversely impacted sales volumes.

Air Link Communication (AIRLINK): 4QFY25 EPS at Rs4.79, Up 22% YoY and 3.5x QoQ - Higher Than Expectations

<ul><li>As per the latest data released by the Pakistan Telecommunication Authority (PTA), local mobile companies manufactured/assembled 1.94mn units during Aug 2025, up 30% YoY and down 46% MoM.</li><li>The YoY growth stems from a low base in Aug 2024, when sales declined due to excessive pre-buying in Jun 2024, ahead of the additional 18% GST imposed on mobile phones in the FY25 budget.</li><li>On the other hand, the MoM decline is primarily attributable to consumers postponing purchases during this period in anticipation of new phone model launches in the coming months (Sep/Oct).</li></ul>

As per the latest data released by the Pakistan Telecommunication Authority (PTA), local mobile companies manufactured/assembled 1.94mn units during Aug 2025, up 30% YoY and down 46% MoM.The YoY growth stems from a low base in Aug 2024, when sales declined due to excessive pre-buying in Jun 2024, ahead of the additional 18% GST imposed on mobile phones in the FY25 budget.On the other hand, the MoM decline is primarily attributable to consumers postponing purchases during this period in anticipation of new phone model launches in the coming months (Sep/Oct).

Topline Flash Note: Pakistan Local Mobile Manufacturing/Assembly Down 46% MoM In Aug-25

<ul><li>We have revised our earnings estimates for Airlink Communication (AIRLINK) downward by 41% for FY25 and 36% for FY26 to Rs8.7/share and Rs13.7/share, respectively, due to a decline in mobile sales and higher borrowings.</li><li>Decline in mobile sales attributed to high base effect from last year, extended mobile replacement cycle, and reduced consumer spending amid high inflation.</li><li>AIRLINK's working capital under pressure due to weaker sales, leading to extended credit periods and increased borrowings.</li></ul>

We have revised our earnings estimates for Airlink Communication (AIRLINK) downward by 41% for FY25 and 36% for FY26 to Rs8.7/share and Rs13.7/share, respectively, due to a decline in mobile sales and higher borrowings.Decline in mobile sales attributed to high base effect from last year, extended mobile replacement cycle, and reduced consumer spending amid high inflation.AIRLINK's working capital under pressure due to weaker sales, leading to extended credit periods and increased borrowings.

Airlink Communication (AIRLINK) - Earnings Revised Down; "Buy Maintained"

<ul>
<li>Air Link Communication (AIRLINK) announced its 3QFY25 result with consolidated earnings of Rs535mn (EPS of Rs1.35), down 48% YoY and 64% QoQ, below industry expectations due to lower sales and higher finance costs.</li>
<li>The company's net sales were Rs28bn, down 12% YoY and 20% QoQ, primarily due to a slowdown in mobile phone sales.</li>
<li>Finance cost increased by 65% YoY and 38% QoQ to Rs1.4bn in 3QFY25, driven by a rise in short-term borrowings for working capital needs.</li>
</ul>


Air Link Communication (AIRLINK) announced its 3QFY25 result with consolidated earnings of Rs535mn (EPS of Rs1.35), down 48% YoY and 64% QoQ, below industry expectations due to lower sales and higher finance costs.
The company's net sales were Rs28bn, down 12% YoY and 20% QoQ, primarily due to a slowdown in mobile phone sales.
Finance cost increased by 65% YoY and 38% QoQ to Rs1.4bn in 3QFY25, driven by a rise in short-term borrowings for working capital needs.


Air Link Communication (AIRLINK): 3QFY25 EPS at Rs1.35 Down 48% YoY (Result Below Expectations)

Pakistan

Airlink Communication Ltd. is one of the largest manufacturers, distributors, and retailers of smartphones in Pakistan.

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Air Link Communication (AIRLINK PK)

Topline Flash Note: Airlink Communication - AIRLINK - Corporate Briefing Key Takeaways

Air Link Communication (AIRLINK) held its Corporate Briefing Session today, following the announcement of 1QFY26 results. In 1QFY26, the company...

Topline Securities

Air Link Communication (AIRLINK): 4QFY25 EPS at Rs4.79, Up 22% YoY and 3.5x QoQ - Higher Than Expectations

Air Link Communication (AIRLINK) reported a 22% YoY growth in consolidated earnings to Rs4.79/share in 4QFY25. This takes FY25 earnings to...

Topline Securities

Topline Flash Note: Pakistan Local Mobile Manufacturing/Assembly Down 46% MoM In Aug-25

As per the latest data released by the Pakistan Telecommunication Authority (PTA), local mobile companies manufactured/assembled 1.94mn units...

Topline Securities

Airlink Communication (AIRLINK) - Earnings Revised Down; "Buy Maintained"

We have revised our earnings estimates for Airlink Communication (AIRLINK) downward by 41% for FY25 and 36% for FY26 to Rs8.7/share and...

Topline Securities

Air Link Communication (AIRLINK): 3QFY25 EPS at Rs1.35 Down 48% YoY (Result Below Expectations)

Air Link Communication (AIRLINK) announced its 3QFY25 result with consolidated earnings of Rs535mn (EPS of Rs1.35), down 48% YoY and 64% QoQ,...

Topline Securities

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