External broker reports(aggregated public sources), Topline Securities

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<ul><li>Engro Fertilizers (EFERT) held its 3Q2025 Corporate Briefing Session today where management discussed financial performance and outlook.</li><li>Management stated that there has been some reclassification in Selling and Distribution expenses, which resulted in higher YoY increase. While in 9M2025, Selling and Distribution expenses increased by 48% YoY due to higher inventory holding costs.</li><li>Management said farmer economics have relatively improved for wheat, rice and cotton. To note, wheat prices increased from Rs2,600-2,800/maund in Q2 to Rs3,500-Rs3,800/maund in 3Q2025.</li></ul>

Engro Fertilizers (EFERT) held its 3Q2025 Corporate Briefing Session today where management discussed financial performance and outlook.Management stated that there has been some reclassification in Selling and Distribution expenses, which resulted in higher YoY increase. While in 9M2025, Selling and Distribution expenses increased by 48% YoY due to higher inventory holding costs.Management said farmer economics have relatively improved for wheat, rice and cotton. To note, wheat prices increased from Rs2,600-2,800/maund in Q2 to Rs3,500-Rs3,800/maund in 3Q2025.

Topline Flash Note: Engro Fertilizers (EFERT) – Corporate Briefing Key Takeaways

<ul><li>Engro Fertilizers (EFERT) announced its 3Q2025 financial result today, wherein the company recorded a consolidated quarterly profits of Rs5.8bn (EPS: Rs4.35), down 32% YoY and up 4% QoQ.</li><li>This takes 9M2025 earnings to Rs14.3bn (EPS: Rs10.68), down 21% YoY.</li><li>Along with the results, the company also declared cash dividend of Rs4.50/share, lower than industry expectations. This takes total 9M2025 cash dividend to Rs11.0/share (payout 103%).</li></ul>

Engro Fertilizers (EFERT) announced its 3Q2025 financial result today, wherein the company recorded a consolidated quarterly profits of Rs5.8bn (EPS: Rs4.35), down 32% YoY and up 4% QoQ.This takes 9M2025 earnings to Rs14.3bn (EPS: Rs10.68), down 21% YoY.Along with the results, the company also declared cash dividend of Rs4.50/share, lower than industry expectations. This takes total 9M2025 cash dividend to Rs11.0/share (payout 103%).

Engro Fertilizers (EFERT): 3Q2025 EPS at Rs4.35, Down 32% YoY (Earnings Lower Than Expectations)

<ul><li>Engro Fertilizers (EFERT) held its 2Q2025 Corporate Briefing Session today where management discussed financial performance and outlook.</li><li>Management is expecting inventory for the industry to remain over 1mn tons by Dec 2025 if no exports are allowed. While currently urea inventory is around 1.3mn tons.</li><li>During 2Q2025, net sales decreased by 29% YoY mainly due to lower Urea and DAP offtakes amid depressed farmer economics.</li></ul>

Engro Fertilizers (EFERT) held its 2Q2025 Corporate Briefing Session today where management discussed financial performance and outlook.Management is expecting inventory for the industry to remain over 1mn tons by Dec 2025 if no exports are allowed. While currently urea inventory is around 1.3mn tons.During 2Q2025, net sales decreased by 29% YoY mainly due to lower Urea and DAP offtakes amid depressed farmer economics.

Topline Flash Note: Engro Fertilizers (EFERT) - Corporate Briefing Key Takeaways

<ul><li>Engro Fertilizers (EFERT) announced its 2Q2025 financial result today, wherein the company recorded consolidated quarterly profit of Rs5.6bn (EPS: Rs4.17), up 234% YoY and 92% QoQ.</li><li>This takes 1H2025 earnings to Rs8.5bn (EPS: Rs6.34), down 10% YoY.</li><li>Net sales of the company increased by 28% YoY and 66% QoQ at Rs50bn in 2Q2025 due to increase in Urea and DAP offtakes and higher prices.</li></ul>

Engro Fertilizers (EFERT) announced its 2Q2025 financial result today, wherein the company recorded consolidated quarterly profit of Rs5.6bn (EPS: Rs4.17), up 234% YoY and 92% QoQ.This takes 1H2025 earnings to Rs8.5bn (EPS: Rs6.34), down 10% YoY.Net sales of the company increased by 28% YoY and 66% QoQ at Rs50bn in 2Q2025 due to increase in Urea and DAP offtakes and higher prices.

Engro Fertilizers (EFERT): 2Q2025 EPS At Rs4.17, Up 3.3x YoY (Earnings In Line With Industry Expectations)

<ul><li>Pakistan Urea sales in May-2025 is expected to clock in at 418k tons, up 5% YoY and expected to recover by 67% MoM due to the onset of Kharif season.</li><li>5M2025 offtake is down 31% YoY mainly due to weak farm economics and water shortage, with closing inventory of Urea at 1.36mn tons, the highest in 96 months.</li><li>Engro Fertilizers (EFERT) has the highest inventory of 619k tons, followed by Fauji Fertilizer Company (FFC) at 359k tons, and FATIMA at 319k tons.</li></ul>

Pakistan Urea sales in May-2025 is expected to clock in at 418k tons, up 5% YoY and expected to recover by 67% MoM due to the onset of Kharif season.5M2025 offtake is down 31% YoY mainly due to weak farm economics and water shortage, with closing inventory of Urea at 1.36mn tons, the highest in 96 months.Engro Fertilizers (EFERT) has the highest inventory of 619k tons, followed by Fauji Fertilizer Company (FFC) at 359k tons, and FATIMA at 319k tons.

Pakistan Fertilizers: Urea sales for May-2025 at 418K tons, up 5% YoY; Inventory at 96 months high

Pakistan

Engro Fertilizers Limited is a fertilizer manufacturing and marketing company with products that focus on balanced crop nutrition and increased yield.

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Engro Fertilizer (EFERT PA)

Topline Flash Note: Engro Fertilizers (EFERT) – Corporate Briefing Key Takeaways

Engro Fertilizers (EFERT) held its 3Q2025 Corporate Briefing Session today where management discussed financial performance and...

Topline Securities

Engro Fertilizers (EFERT): 3Q2025 EPS at Rs4.35, Down 32% YoY (Earnings Lower Than Expectations)

Engro Fertilizers (EFERT) announced its 3Q2025 financial result today, wherein the company recorded a consolidated quarterly profits of Rs5.8bn...

Topline Securities

Topline Flash Note: Engro Fertilizers (EFERT) - Corporate Briefing Key Takeaways

Engro Fertilizers (EFERT) held its 2Q2025 Corporate Briefing Session today where management discussed financial performance and...

Topline Securities

Engro Fertilizers (EFERT): 2Q2025 EPS At Rs4.17, Up 3.3x YoY (Earnings In Line With Industry Expectations)

Engro Fertilizers (EFERT) announced its 2Q2025 financial result today, wherein the company recorded consolidated quarterly profit of Rs5.6bn (EPS:...

Topline Securities

Pakistan Fertilizers: Urea sales for May-2025 at 418K tons, up 5% YoY; Inventory at 96 months high

Pakistan Urea sales in May-2025 is expected to clock in at 418k tons, up 5% YoY and expected to recover by 67% MoM due to the onset of Kharif...

Topline Securities

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