External broker reports(aggregated public sources), Topline Securities

Topline Securities

External broker reports(aggregated public sources)

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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 (FFC) conducted its Corporate Briefing Session today where management discussed financial performance and future outlook.</li><li>Management stated that they have made tangible progress toward conversion to a Shariah-compliant, which will be reflected in their quarterly statement, expected to release tomorrow. Their focus remains clear on achieving full Shariah compliance, and it is only a matter of time before completion.</li><li>Management also mentioned that they are working on a coal gasification project as a substitute for natural gas and aims to utilize the country’s substantial coal reserves. However, the project is still in its early stages; no estimates have been made yet, and updates will be shared once any material progress is achieved.</li></ul>

Fauji Fertilizer (FFC) conducted its Corporate Briefing Session today where management discussed financial performance and future outlook.Management stated that they have made tangible progress toward conversion to a Shariah-compliant, which will be reflected in their quarterly statement, expected to release tomorrow. Their focus remains clear on achieving full Shariah compliance, and it is only a matter of time before completion.Management also mentioned that they are working on a coal gasification project as a substitute for natural gas and aims to utilize the country’s substantial coal reserves. However, the project is still in its early stages; no estimates have been made yet, and updates will be shared once any material progress is achieved.

Topline Flash Note: Fauji Fertilizer (FFC) - Corporate Briefing Key Takeaways

<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)

<ul><li>Fauji Fertilizer (FFC) conducted its Corporate Briefing Session today where management discussed financial performance and future outlook.</li><li>The management expects FFC to become Shariah-compliant by the end of 2025. As of Jun-2025, most of the funds have been converted from conventional to Islamic funds. The management also highlighted that Askari Bank remains a hurdle, and they target to convert 30% of its branches to Islamic banking by year-end and achieve full conversion by 2027.</li><li>Management expects the industry’s urea inventory to remain around 1.3mn tons by December 2025.</li></ul>

Fauji Fertilizer (FFC) conducted its Corporate Briefing Session today where management discussed financial performance and future outlook.The management expects FFC to become Shariah-compliant by the end of 2025. As of Jun-2025, most of the funds have been converted from conventional to Islamic funds. The management also highlighted that Askari Bank remains a hurdle, and they target to convert 30% of its branches to Islamic banking by year-end and achieve full conversion by 2027.Management expects the industry’s urea inventory to remain around 1.3mn tons by December 2025.

Topline Flash Note: Fauji Fertilizer Company (FFC) - Corporate Briefing Key Takeaways

<ul><li>Fauji Fertilizer Company (FFC) announced its 2Q2025 financial result today, wherein the company recorded highest ever unconsolidated quarterly profit of Rs25.2bn (EPS: Rs17.7), up 62% YoY and 90% QoQ.</li><li>The 2Q2025 result came higher than industry expectations primarily due to higher-than-expected Other Income.</li><li>Along with the results, the company also declared its second interim cash dividend of Rs12/share, which was higher than our and industry expectations.</li></ul>

Fauji Fertilizer Company (FFC) announced its 2Q2025 financial result today, wherein the company recorded highest ever unconsolidated quarterly profit of Rs25.2bn (EPS: Rs17.7), up 62% YoY and 90% QoQ.The 2Q2025 result came higher than industry expectations primarily due to higher-than-expected Other Income.Along with the results, the company also declared its second interim cash dividend of Rs12/share, which was higher than our and industry expectations.

Fauji Fertilizer Company (FFC): 2Q2025 EPS at Rs17.7, Up 62% YoY (Earnings Higher Than Industry Expectations)

Pakistan

Fauji Fertilizer Company Limited manufactures, purchases and markets fertilizers.

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Fauji Fertilizer Company (FFC 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

Topline Flash Note: Fauji Fertilizer (FFC) - Corporate Briefing Key Takeaways

Fauji Fertilizer (FFC) conducted its Corporate Briefing Session today where management discussed financial performance and future...

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

Topline Flash Note: Fauji Fertilizer Company (FFC) - Corporate Briefing Key Takeaways

Fauji Fertilizer (FFC) conducted its Corporate Briefing Session today where management discussed financial performance and future outlook. The...

Topline Securities

Fauji Fertilizer Company (FFC): 2Q2025 EPS at Rs17.7, Up 62% YoY (Earnings Higher Than Industry Expectations)

Fauji Fertilizer Company (FFC) announced its 2Q2025 financial result today, wherein the company recorded highest ever unconsolidated quarterly...

Topline Securities

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