External broker reports(aggregated public sources), Topline Securities

Topline Securities

External broker reports(aggregated public sources)

Topline Securities is one of the fastest growing brokerage houses in Pakistan. It has strong equity brokerage, economic / equity research, mutual fund distribution, commodity trading and corporate finance & advisory functions. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Event-Driven

<ul><li>As per company notice, Fauji Fertilizer Company Limited (FFC) board has approved acquisition of 214,687,500 ordinary shares of FFBL Power Company (FPCL) (25% of the paid capital) from the Parent Company Fauji Foundation. Post this acquisition, total ownership of FFC in FPCL will increase to 100%.</li><li>For this purpose, swap ratio has been calculated as per valuation report which translates 1 share of FFC against a consideration of 13.49 shares of FPCL.</li><li>FFC will issue 15,914,566 ordinary shares at a par value of Rs10 per share, representing approximately 1.1% of the company’s paid-up share capital before the issue. The issuance will result in minimal dilution for existing shareholders.</li></ul>

As per company notice, Fauji Fertilizer Company Limited (FFC) board has approved acquisition of 214,687,500 ordinary shares of FFBL Power Company (FPCL) (25% of the paid capital) from the Parent Company Fauji Foundation. Post this acquisition, total ownership of FFC in FPCL will increase to 100%.For this purpose, swap ratio has been calculated as per valuation report which translates 1 share of FFC against a consideration of 13.49 shares of FPCL.FFC will issue 15,914,566 ordinary shares at a par value of Rs10 per share, representing approximately 1.1% of the company’s paid-up share capital before the issue. The issuance will result in minimal dilution for existing shareholders.

Topline Flash Note: Fauji Fertilizer Company Limited (FFC) - Acquiring Of 25% In FFBL Power Company Limited (FPCL), Taking Total Ownership To 100%

Equity Bottom-Up

Fauji Fertilizer Company / Equity Bottom-Up

<ul><li>Fauji Fertilizer Company (FFC) announced its 3Q2025 financial result today, wherein the company recorded unconsolidated quarterly profit of Rs19.2bn (EPS: Rs13.5), down 22% YoY and 24% QoQ mainly led by lower dividend income.</li><li>On consolidated basis, profits declined by 3% YoY in 3Q2025 while it is up by 25% QoQ to Rs24.5bn (EPS: Rs17.2) due to higher contribution from core business.</li><li>Net sales of the company improved by 18% YoY and 39% QoQ due to higher offtakes coupled with elevated DAP prices.</li></ul>

Fauji Fertilizer Company (FFC) announced its 3Q2025 financial result today, wherein the company recorded unconsolidated quarterly profit of Rs19.2bn (EPS: Rs13.5), down 22% YoY and 24% QoQ mainly led by lower dividend income.On consolidated basis, profits declined by 3% YoY in 3Q2025 while it is up by 25% QoQ to Rs24.5bn (EPS: Rs17.2) due to higher contribution from core business.Net sales of the company improved by 18% YoY and 39% QoQ due to higher offtakes coupled with elevated DAP prices.

Fauji Fertilizer Company (FFC): 3Q2025 EPS at Rs13.5, Down 22% YoY (Earnings In Line With Our Expectations)

Thematic (Sector/Industry)

<ul><li>Topline Fertilizer universe earnings are expected to increase by 17% YoY and 67% QoQ in 2Q2025 due to recovery in Urea and DAP offtakes despite weak farm economics and water shortage.</li><li>Urea offtake is anticipated to increase by 3% YoY and 14% QoQ to 1.25mn tons, while DAP offtakes are expected to rise by 16% YoY and 99% QoQ to 298k tons in 2Q2025.</li><li>Engro Fertilizers is forecasted to post consolidated earnings of Rs4.25/share, up 4.3x YoY in 2Q2025, driven by higher urea and DAP offtake.</li></ul>

Topline Fertilizer universe earnings are expected to increase by 17% YoY and 67% QoQ in 2Q2025 due to recovery in Urea and DAP offtakes despite weak farm economics and water shortage.Urea offtake is anticipated to increase by 3% YoY and 14% QoQ to 1.25mn tons, while DAP offtakes are expected to rise by 16% YoY and 99% QoQ to 298k tons in 2Q2025.Engro Fertilizers is forecasted to post consolidated earnings of Rs4.25/share, up 4.3x YoY in 2Q2025, driven by higher urea and DAP offtake.

Pakistan Fertilizers: Profits likely to up 17% YoY in 2Q2025; Market Weight Maintained

<ul><li>Urea sales in June 2025 increased by 39% MoM and 21% YoY, reaching 582K tons.</li><li>First half of 2025 showed a decrease in Urea offtake by 23% YoY, driven by weak farm economics and water shortages.</li><li>The closing Urea inventory in June 2025 is expected to reach the highest level in 97 months, with significant inventories held by Engro Fertilizers, Fauji Fertilizer Company, and FATIMA.</li></ul>

Urea sales in June 2025 increased by 39% MoM and 21% YoY, reaching 582K tons.First half of 2025 showed a decrease in Urea offtake by 23% YoY, driven by weak farm economics and water shortages.The closing Urea inventory in June 2025 is expected to reach the highest level in 97 months, with significant inventories held by Engro Fertilizers, Fauji Fertilizer Company, and FATIMA.

Pakistan Fertilizers: Urea Sales for Jun-2025 at 582K Tons, up 39% MoM and 21% YoY

<ul><li>Pakistan Urea sales in Mar-2025 is expected to clock in at 308k tons, down 54% YoY compared to 671k tons in Mar-2024.</li><li>Similarly, Urea sales is expected to decline by 11% MoM. This will take 1Q2025 offtake to 1.1mn tons, down 40% YoY compared to 1.8mn tons in 1Q2024.</li><li>This is likely to take closing inventory of Urea to be around 837k tons in Mar-2025, up from 536k tons in Feb-2025.</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>

Pakistan Urea sales in Mar-2025 is expected to clock in at 308k tons, down 54% YoY compared to 671k tons in Mar-2024.Similarly, Urea sales is expected to decline by 11% MoM. This will take 1Q2025 offtake to 1.1mn tons, down 40% YoY compared to 1.8mn tons in 1Q2024.This is likely to take closing inventory of Urea to be around 837k tons in Mar-2025, up from 536k tons in Feb-2025.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.

Pakistan Fertilizers: Urea sales for Mar-2025 is expected to clock in at 308K tons, down 54% YoY

Pakistan

Fauji Fertilizer Bin Qasim Limited manufactures, purchases, and markets fertilizers. The Company produces Granular Urea and DAP.  Fauji Fertilizer provides its products to farmers in Pakistan.

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Fauji Fertilizer Bin Qasim (FFBL PA)

Topline Flash Note: Fauji Fertilizer Company Limited (FFC) - Acquiring Of 25% In FFBL Power Company Limited (FPCL), Taking Total Ownership To 100%

As per company notice, Fauji Fertilizer Company Limited (FFC) board has approved acquisition of 214,687,500 ordinary shares of FFBL Power Company...

Topline Securities

Fauji Fertilizer Company (FFC): 3Q2025 EPS at Rs13.5, Down 22% YoY (Earnings In Line With Our Expectations)

Fauji Fertilizer Company (FFC) announced its 3Q2025 financial result today, wherein the company recorded unconsolidated quarterly profit of...

Topline Securities

Pakistan Fertilizers: Profits likely to up 17% YoY in 2Q2025; Market Weight Maintained

Topline Fertilizer universe earnings are expected to increase by 17% YoY and 67% QoQ in 2Q2025 due to recovery in Urea and DAP offtakes despite...

Topline Securities

Pakistan Fertilizers: Urea Sales for Jun-2025 at 582K Tons, up 39% MoM and 21% YoY

Urea sales in June 2025 increased by 39% MoM and 21% YoY, reaching 582K tons. First half of 2025 showed a decrease in Urea offtake by 23% YoY,...

Topline Securities

Pakistan Fertilizers: Urea sales for Mar-2025 is expected to clock in at 308K tons, down 54% YoY

Pakistan Urea sales in Mar-2025 is expected to clock in at 308k tons, down 54% YoY compared to 671k tons in Mar-2024. Similarly, Urea sales is...

Topline Securities

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