External broker reports(aggregated public sources), Topline Securities

Topline Securities

External broker reports(aggregated public sources)

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Equity Bottom-Up

<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)

Thematic (Sector/Industry)

<ul><li>Pakistan’s listed fertilizer sector recorded the profitability of Rs141.1bn up by 10% YoY. The YoY increase is primarily led by 1) higher urea offtakes, 2) higher other income, and 3) lower other charges. In 4Q2025, the profits reached Rs38.1bn down by 2% YoY and up 3% QoQ.</li><li>The net sales of the sector clocked in at Rs981.6bn in 2025 up by 7% YoY amid higher Urea and DAP offtakes. In 4Q2025, the revenue surged by 8% YoY and 41% QoQ to Rs361.0bn. </li><li>During 2025, Urea offtakes soared by 2% YoY with 6.7mn tons, whereas, DAP offtakes decreased by 18% YoY with 1.34mn tons during the period. Similarly, in 4Q2025, Urea offtakes soared by 26% YoY and 36% QoQ with 2.5mn tons.</li></ul>

Pakistan’s listed fertilizer sector recorded the profitability of Rs141.1bn up by 10% YoY. The YoY increase is primarily led by 1) higher urea offtakes, 2) higher other income, and 3) lower other charges. In 4Q2025, the profits reached Rs38.1bn down by 2% YoY and up 3% QoQ.The net sales of the sector clocked in at Rs981.6bn in 2025 up by 7% YoY amid higher Urea and DAP offtakes. In 4Q2025, the revenue surged by 8% YoY and 41% QoQ to Rs361.0bn. During 2025, Urea offtakes soared by 2% YoY with 6.7mn tons, whereas, DAP offtakes decreased by 18% YoY with 1.34mn tons during the period. Similarly, in 4Q2025, Urea offtakes soared by 26% YoY and 36% QoQ with 2.5mn tons.

Pakistan Fertilizers: Sector Profitability Surged By 10% YoY In 2025; Led By Higher Offtakes And Lower Other Charges

<ul><li>Pakistan Urea sales in Dec 2025 is anticipated to clock in at all time high of 1,356k tons, up by 65% MoM and 37% YoY amid push sales from company/dealers through higher discounts offerings.</li><li>As per our checks, EFERT has maintained discount around Rs400/bag during the month of Dec 2025.</li><li>The closing inventory of urea is expected to be around 0.315mn tons in Dec 2025, down from 1.13mn tons in Nov 2025.</li></ul>

Pakistan Urea sales in Dec 2025 is anticipated to clock in at all time high of 1,356k tons, up by 65% MoM and 37% YoY amid push sales from company/dealers through higher discounts offerings.As per our checks, EFERT has maintained discount around Rs400/bag during the month of Dec 2025.The closing inventory of urea is expected to be around 0.315mn tons in Dec 2025, down from 1.13mn tons in Nov 2025.

Pakistan Fertilizers: Urea Sales For Dec 2025 At All Time High Of 1,356k Tons; Inventory At 0.31mn Tons

<ul><li>Pakistan Urea sales in Nov 2025 is anticipated to clock in at 817k tons, up by 133% MoM and 25% YoY driven by improved agriculture activity coupled with discounts offered by select manufacturers.</li><li>The closing inventory of urea is expected to be around 1.05mn tons in Nov 2025, down from 1.42mn tons in Oct 2025.</li><li>Going forward, we expect urea sales to remain robust in Dec 2025 as well amidst seasonality.</li></ul>

Pakistan Urea sales in Nov 2025 is anticipated to clock in at 817k tons, up by 133% MoM and 25% YoY driven by improved agriculture activity coupled with discounts offered by select manufacturers.The closing inventory of urea is expected to be around 1.05mn tons in Nov 2025, down from 1.42mn tons in Oct 2025.Going forward, we expect urea sales to remain robust in Dec 2025 as well amidst seasonality.

Pakistan Fertilizers: Urea Sales For Nov 2025 Surged 133% MoM And 25% YoY; Inventory At 1.05mn Tons

<ul><li>Pakistan Urea sales in Oct 2025 is expected to clock in at 351k tons, down by 2% YoY and 18% MoM.</li><li>This will take 10M2025 Urea offtake to 4.55mn tons, down 8% YoY compared to 4.93mn tons in 10M2024, mainly due to weak farm economics.</li><li>The closing inventory of urea is expected to be around 1.42mn tons in Oct-2025, up from 1.15mn tons in Sep-2025.</li></ul>

Pakistan Urea sales in Oct 2025 is expected to clock in at 351k tons, down by 2% YoY and 18% MoM.This will take 10M2025 Urea offtake to 4.55mn tons, down 8% YoY compared to 4.93mn tons in 10M2024, mainly due to weak farm economics.The closing inventory of urea is expected to be around 1.42mn tons in Oct-2025, up from 1.15mn tons in Sep-2025.

Pakistan Fertilizers: Urea Sales For Oct-2025, Down 18% MoM; Inventory At 1.42mn Tons

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): 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: Sector Profitability Surged By 10% YoY In 2025; Led By Higher Offtakes And Lower Other Charges

Pakistan’s listed fertilizer sector recorded the profitability of Rs141.1bn up by 10% YoY. The YoY increase is primarily led by 1) higher urea...

Topline Securities

Pakistan Fertilizers: Urea Sales For Dec 2025 At All Time High Of 1,356k Tons; Inventory At 0.31mn Tons

Pakistan Urea sales in Dec 2025 is anticipated to clock in at all time high of 1,356k tons, up by 65% MoM and 37% YoY amid push sales from...

Topline Securities

Pakistan Fertilizers: Urea Sales For Nov 2025 Surged 133% MoM And 25% YoY; Inventory At 1.05mn Tons

Pakistan Urea sales in Nov 2025 is anticipated to clock in at 817k tons, up by 133% MoM and 25% YoY driven by improved agriculture activity...

Topline Securities

Pakistan Fertilizers: Urea Sales For Oct-2025, Down 18% MoM; Inventory At 1.42mn Tons

Pakistan Urea sales in Oct 2025 is expected to clock in at 351k tons, down by 2% YoY and 18% MoM. This will take 10M2025 Urea offtake to 4.55mn...

Topline Securities

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