External broker reports(aggregated public sources), Topline Securities

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Equity Bottom-Up

<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>The company stated that it has reassessed its strategic decision regarding the divestment of thermal assets but remains open to explore opportunities for the divestment of EPQL.</li><li>Engro Connect reported 75% revenue growth, driven by an increase in site count to 14,975, placing it among the top 20 independent tower companies globally.</li><li>EFERT sales declined by 29% YoY to Rs80.6bn in 1H2025, due to lower offtakes. To highlight, urea volumes decreased by 22.5% YoY to 2,351K tons.</li></ul>

The company stated that it has reassessed its strategic decision regarding the divestment of thermal assets but remains open to explore opportunities for the divestment of EPQL.Engro Connect reported 75% revenue growth, driven by an increase in site count to 14,975, placing it among the top 20 independent tower companies globally.EFERT sales declined by 29% YoY to Rs80.6bn in 1H2025, due to lower offtakes. To highlight, urea volumes decreased by 22.5% YoY to 2,351K tons.

Topline Flash Note: Engro Holdings (ENGROH): Corporate Briefing Key Takeaways

<ul><li>The company stated that it has reassessed its strategic decision regarding the divestment of thermal assets but remains open to explore opportunities for the divestment of EPQL.</li><li>Engro Connect reported 75% revenue growth, driven by an increase in site count to 14,975, placing it among the top 20 independent tower companies globally.</li><li>EPCL reported a challenging period as the business remains under pressure due to lower core delta (at decade-low levels) led by decline in China demand, and rising energy costs.</li></ul>

The company stated that it has reassessed its strategic decision regarding the divestment of thermal assets but remains open to explore opportunities for the divestment of EPQL.Engro Connect reported 75% revenue growth, driven by an increase in site count to 14,975, placing it among the top 20 independent tower companies globally.EPCL reported a challenging period as the business remains under pressure due to lower core delta (at decade-low levels) led by decline in China demand, and rising energy costs.

Topline Flash Note: Meezan Bank (MEBL): Corporate Briefing Key Takeaways

<ul><li>Engro Holdings (ENGROH) announced its 2Q2025 results today, reporting a profit attributable to equity owners of Rs33.7bn (EPS of Rs28.0), up 17.4x YoY. This includes one-off thermal asset and other related. Adjusted for these one offs, the recurring EPS in 2Q2025 has clocked in at Rs6.0.</li><li>This takes 1HFY25 earning to Rs.35.6bn (EPS of PKR29.5) up by 9.1x YoY. Excluding above one-off adjustment, earnings clocked in at Rs9.0bn (EPS of PKR7.5).</li><li>The company was in the process of divesting its thermal energy business; however, the share purchase agreement (SPA) was terminated as disclosed on April 7, 2025. Consequently, the company has reversed the earlier accounting adjustment of PKR 53.7bn (Attributable to owner: Rs26.5bn) and starting recording this business as continuing operations from Jun 2025.</li></ul>

Engro Holdings (ENGROH) announced its 2Q2025 results today, reporting a profit attributable to equity owners of Rs33.7bn (EPS of Rs28.0), up 17.4x YoY. This includes one-off thermal asset and other related. Adjusted for these one offs, the recurring EPS in 2Q2025 has clocked in at Rs6.0.This takes 1HFY25 earning to Rs.35.6bn (EPS of PKR29.5) up by 9.1x YoY. Excluding above one-off adjustment, earnings clocked in at Rs9.0bn (EPS of PKR7.5).The company was in the process of divesting its thermal energy business; however, the share purchase agreement (SPA) was terminated as disclosed on April 7, 2025. Consequently, the company has reversed the earlier accounting adjustment of PKR 53.7bn (Attributable to owner: Rs26.5bn) and starting recording this business as continuing operations from Jun 2025.

Engro Holdings (ENGROH): 2Q2025 EPS at Rs28.0, up 17.4x YoY - Earnings Higher Than Industry 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

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)

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 Holdings (ENGROH): Corporate Briefing Key Takeaways

The company stated that it has reassessed its strategic decision regarding the divestment of thermal assets but remains open to explore...

Topline Securities

Topline Flash Note: Meezan Bank (MEBL): Corporate Briefing Key Takeaways

The company stated that it has reassessed its strategic decision regarding the divestment of thermal assets but remains open to explore...

Topline Securities

Engro Holdings (ENGROH): 2Q2025 EPS at Rs28.0, up 17.4x YoY - Earnings Higher Than Industry Expectations

Engro Holdings (ENGROH) announced its 2Q2025 results today, reporting a profit attributable to equity owners of Rs33.7bn (EPS of Rs28.0), up 17.4x...

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

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