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) announced its 2QFY25 result today, where the company recorded consolidated earnings of Rs1,476mn (EPS of Rs3.75), up 18% YoY and 46% QoQ. This takes 1HFY25 earnings to Rs2,319mn (EPS of Rs5.87), up 14% YoY. The result came in line with industry expectations.</li><li>Along with the result, AIRLINK announced cash dividend of Rs2.5/share - which is also in line with industry expectations.</li><li>Gross margins improved to 9.2% in 2QFY25 from 7.7% in 2QFY24 amid absorption of fixed costs.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Air Link Communication (AIRLINK) announced its 2QFY25 result today, where the company recorded consolidated earnings of Rs1,476mn (EPS of Rs3.75), up 18% YoY and 46% QoQ. This takes 1HFY25 earnings to Rs2,319mn (EPS of Rs5.87), up 14% YoY. The result came in line with industry expectations.Along with the result, AIRLINK announced cash dividend of Rs2.5/share - which is also in line with industry expectations.Gross margins improved to 9.2% in 2QFY25 from 7.7% in 2QFY24 amid absorption of fixed costs.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Air Link Communication (AIRLINK): 2QFY25 EPS at Rs3.7 up 75% QoQ

Thematic (Sector/Industry)

<ul><li>As per the latest data released by the Pakistan Telecommunication Authority (PTA), local mobile phone companies manufactured/assembled 2.33mn units during Oct 2025, down 34% YoY compared to 3.53mn units in Oct 2024, due to a production slowdown amid inventory build-up in the industry.</li><li>According to our channel checks, the decline in mobile phone production is primarily driven by elevated inventory levels across the market. With distributors and retailers sitting on excess inventory, manufacturers have reduced production volumes to avoid further stock accumulation.</li><li>Cumulatively, local manufacturing/assembly reached 25.11mn units in 10M2025, down 4% YoY.</li></ul>

As per the latest data released by the Pakistan Telecommunication Authority (PTA), local mobile phone companies manufactured/assembled 2.33mn units during Oct 2025, down 34% YoY compared to 3.53mn units in Oct 2024, due to a production slowdown amid inventory build-up in the industry.According to our channel checks, the decline in mobile phone production is primarily driven by elevated inventory levels across the market. With distributors and retailers sitting on excess inventory, manufacturers have reduced production volumes to avoid further stock accumulation.Cumulatively, local manufacturing/assembly reached 25.11mn units in 10M2025, down 4% YoY.

Topline Flash Note: Local Manufacturing/Assembly Of Mobile Phones Down 23% MoM In Oct-25

<ul><li>KSE-100 index companies posted earnings of Rs458bn in 1QFY26, up 13% YoY from Rs407bn in 1QFY25. In US dollar terms, profitability stood at US$1.6bn.</li><li>Despite a decline in interest rates, the banking sector’s earnings increased by 7% YoY to Rs164bn in 1QFY26.</li><li>The E&P sector posted a 7% YoY and 4% QoQ decline in profitability during 1QFY26 to Rs79.8bn.</li></ul>

KSE-100 index companies posted earnings of Rs458bn in 1QFY26, up 13% YoY from Rs407bn in 1QFY25. In US dollar terms, profitability stood at US$1.6bn.Despite a decline in interest rates, the banking sector’s earnings increased by 7% YoY to Rs164bn in 1QFY26.The E&P sector posted a 7% YoY and 4% QoQ decline in profitability during 1QFY26 to Rs79.8bn.

Pakistan Strategy – Corporate Profitability in 1QFY26; Earnings Rose 13% YoY, With Dividends Up 22%

<ul><li>As per the latest data released by the Pakistan Telecommunication Authority (PTA), local mobile companies manufactured/assembled 3.01mn units during Sep 2025, up 40% YoY and 55% MoM.</li><li>The YoY growth largely reflects a low base from Sep 2024, when sales remained subdued due to excessive pre-buying in Jun 2024 ahead of expected changes in the budget.</li><li>The MoM increase, on the other hand, was primarily driven by pent up demand, as consumers delayed purchases in anticipation of new model launches.</li></ul>

As per the latest data released by the Pakistan Telecommunication Authority (PTA), local mobile companies manufactured/assembled 3.01mn units during Sep 2025, up 40% YoY and 55% MoM.The YoY growth largely reflects a low base from Sep 2024, when sales remained subdued due to excessive pre-buying in Jun 2024 ahead of expected changes in the budget.The MoM increase, on the other hand, was primarily driven by pent up demand, as consumers delayed purchases in anticipation of new model launches.

Topline Flash Note: Pakistan Local Mobile Manufacturing/Assembly Up 55% MoM In Sep-25

<ul><li>As per the latest data released by the Pakistan Telecommunication Authority (PTA), local mobile companies manufactured/assembled 3.59mn units during Jul 2025, up 123% YoY and 64% MoM. This growth is attributable to low base effects.</li><li>The YoY growth stems from a low base in Jul 2024, when sales declined due to excessive pre-buying in Jun 2024 ahead of expected changes in the budget.</li><li>Similarly, the MoM growth is driven by a low base in Jun 2025, when supply chain disruptions amid regional conflicts reduced volumes to 2.19mn units.</li></ul>

As per the latest data released by the Pakistan Telecommunication Authority (PTA), local mobile companies manufactured/assembled 3.59mn units during Jul 2025, up 123% YoY and 64% MoM. This growth is attributable to low base effects.The YoY growth stems from a low base in Jul 2024, when sales declined due to excessive pre-buying in Jun 2024 ahead of expected changes in the budget.Similarly, the MoM growth is driven by a low base in Jun 2025, when supply chain disruptions amid regional conflicts reduced volumes to 2.19mn units.

Topline Flash Note: Pakistan Local Mobile Manufacturing/Assembly Up 2.2x YoY In Jul-25

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)

Air Link Communication (AIRLINK): 2QFY25 EPS at Rs3.7 up 75% QoQ

Air Link Communication (AIRLINK) announced its 2QFY25 result today, where the company recorded consolidated earnings of Rs1,476mn (EPS of...

Topline Securities

Topline Flash Note: Local Manufacturing/Assembly Of Mobile Phones Down 23% MoM In Oct-25

As per the latest data released by the Pakistan Telecommunication Authority (PTA), local mobile phone companies manufactured/assembled 2.33mn...

Topline Securities

Pakistan Strategy – Corporate Profitability in 1QFY26; Earnings Rose 13% YoY, With Dividends Up 22%

KSE-100 index companies posted earnings of Rs458bn in 1QFY26, up 13% YoY from Rs407bn in 1QFY25. In US dollar terms, profitability stood at...

Topline Securities

Topline Flash Note: Pakistan Local Mobile Manufacturing/Assembly Up 55% MoM In Sep-25

As per the latest data released by the Pakistan Telecommunication Authority (PTA), local mobile companies manufactured/assembled 3.01mn units...

Topline Securities

Topline Flash Note: Pakistan Local Mobile Manufacturing/Assembly Up 2.2x YoY In Jul-25

As per the latest data released by the Pakistan Telecommunication Authority (PTA), local mobile companies manufactured/assembled 3.59mn units...

Topline Securities

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