External broker reports(aggregated public sources), Topline Securities

Topline Securities

External broker reports(aggregated public sources)

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<ul><li>The management of Mari Energies (MARI) held its corporate briefing session today to discuss the financial results for FY26 and share the company's future outlook.</li><li>The company’s 2P+2C reserves have grown to 1,029 mmboe from 642 mmboe over the last five years.</li><li>The company's finding cost dropped to US$1.3/boe in FY26, from US$12.8/boe in FY20.</li></ul>

The management of Mari Energies (MARI) held its corporate briefing session today to discuss the financial results for FY26 and share the company's future outlook.The company’s 2P+2C reserves have grown to 1,029 mmboe from 642 mmboe over the last five years.The company's finding cost dropped to US$1.3/boe in FY26, from US$12.8/boe in FY20.

Topline Flash Note: Mari Energies Limited (MARI) - Corporate Briefing Key Takeaways

<ul><li>Mari Energies (MARI) held its 42nd Annual General Meeting following the release of its FY26 results.</li><li>The company achieved its highest-ever production level of 41.28 MMBOE in FY26, compared to 39.13 MMBOE in FY25.</li><li>Management expects production from Ghazij/Shawal to reach 120mmcfd by the end of FY27, and 222mmcfd by FY28.</li></ul>

Mari Energies (MARI) held its 42nd Annual General Meeting following the release of its FY26 results.The company achieved its highest-ever production level of 41.28 MMBOE in FY26, compared to 39.13 MMBOE in FY25.Management expects production from Ghazij/Shawal to reach 120mmcfd by the end of FY27, and 222mmcfd by FY28.

Topline Flash Note: Mari Energies Limited (MARI) - AGM Key Takeaways

<ul><li>The company has reversed prior years' super tax amounting to Rs 17.2bn, in line with the Federal Constitutional Court judgment.</li><li>Next steps for the Waziristan Block include the testing and tie-in of Shewa-3 ST1, drilling Spinwam-2, submitting the Shewa-Spinwam Field Development Plans, and expanding facility capacity to 200 MMSCFD by FY29-FY30.</li><li>Against the Ghazij Shawal allocation of 222 MMSCFD, 25 wells have been drilled in Ghazij so far, with a cumulative production potential of ~120 MMSCFD.</li></ul>

The company has reversed prior years' super tax amounting to Rs 17.2bn, in line with the Federal Constitutional Court judgment.Next steps for the Waziristan Block include the testing and tie-in of Shewa-3 ST1, drilling Spinwam-2, submitting the Shewa-Spinwam Field Development Plans, and expanding facility capacity to 200 MMSCFD by FY29-FY30.Against the Ghazij Shawal allocation of 222 MMSCFD, 25 wells have been drilled in Ghazij so far, with a cumulative production potential of ~120 MMSCFD.

Mari Energies Limited (MARI) - Annual Report Key Takeaways

<ul>
<li>MARI reported earnings of Rs31.2/share in 4QFY26, up 99% YoY, taking FY26 EPS to Rs72.5/share, reflecting a 34% YoY increase.</li>
<li>The quarterly earnings came in above industry expectations, primarily driven by a tax reversal following the Super Tax-related verdict.</li>
<li>In absolute terms, the reversal clocked at Rs18.3bn during 4QFY26, resulting in a tax reversal of Rs3.8bn for FY26, compared to a tax expense of Rs23.0bn during FY25.</li>
</ul>


MARI reported earnings of Rs31.2/share in 4QFY26, up 99% YoY, taking FY26 EPS to Rs72.5/share, reflecting a 34% YoY increase.
The quarterly earnings came in above industry expectations, primarily driven by a tax reversal following the Super Tax-related verdict.
In absolute terms, the reversal clocked at Rs18.3bn during 4QFY26, resulting in a tax reversal of Rs3.8bn for FY26, compared to a tax expense of Rs23.0bn during FY25.


Mari Energies (MARI) – MARI Earnings Up by 99% YoY to Rs31.2/Share in 4QFY26

<ul><li>Mari Energies (MARI) held its corporate briefing session today to discuss 9MFY26 performance and future outlook.</li><li>Regarding Ghazij/Shawal, management stated that production from the fields is currently around 75 mmcfd and is expected to reach the targeted level of 222 mmcfd after regulatory approvals.</li><li>Management noted that the drilling costs in the KPK region are significantly higher, with a well costing approximately US$35-45mn compared to a US$ 5mn at Mari field.</li></ul>

Mari Energies (MARI) held its corporate briefing session today to discuss 9MFY26 performance and future outlook.Regarding Ghazij/Shawal, management stated that production from the fields is currently around 75 mmcfd and is expected to reach the targeted level of 222 mmcfd after regulatory approvals.Management noted that the drilling costs in the KPK region are significantly higher, with a well costing approximately US$35-45mn compared to a US$ 5mn at Mari field.

Topline Flash Note: Mari Energies Limited (MARI) – Corporate Briefing Key Takeaways

Pakistan

Mari Energies Limited specializes in the drilling, production and selling of natural gas.

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Mari Energies (MARI PA)

Topline Flash Note: Mari Energies Limited (MARI) - Corporate Briefing Key Takeaways

The management of Mari Energies (MARI) held its corporate briefing session today to discuss the financial results for FY26 and share the company's...

Topline Securities

Topline Flash Note: Mari Energies Limited (MARI) - AGM Key Takeaways

Mari Energies (MARI) held its 42nd Annual General Meeting following the release of its FY26 results. The company achieved its highest-ever...

Topline Securities

Mari Energies Limited (MARI) - Annual Report Key Takeaways

The company has reversed prior years' super tax amounting to Rs 17.2bn, in line with the Federal Constitutional Court judgment. Next steps for the...

Topline Securities

Topline Flash Note: Mari Energies Limited (MARI) – Corporate Briefing Key Takeaways

Mari Energies (MARI) held its corporate briefing session today to discuss 9MFY26 performance and future outlook. Regarding Ghazij/Shawal,...

Topline Securities

Price Gauge

52-week Range

Market Cap (USDm)

P/E

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Topline Flash Note: Mari Energies Limited (MARI) - Corporate Briefing Key Takeaways

The management of Mari Energies (MARI) held its corporate briefing session today to discuss the financial results for FY26 and share the company's...

Topline Securities

Topline Flash Note: Mari Energies Limited (MARI) - AGM Key Takeaways

Mari Energies (MARI) held its 42nd Annual General Meeting following the release of its FY26 results. The company achieved its highest-ever...

Topline Securities

Mari Energies Limited (MARI) - Annual Report Key Takeaways

The company has reversed prior years' super tax amounting to Rs 17.2bn, in line with the Federal Constitutional Court judgment. Next steps for the...

Topline Securities

Mari Energies (MARI) – MARI Earnings Up by 99% YoY to Rs31.2/Share in 4QFY26

MARI reported earnings of Rs31.2/share in 4QFY26, up 99% YoY, taking FY26 EPS to Rs72.5/share, reflecting a 34% YoY increase. The quarterly...

Topline Securities

Topline Flash Note: Mari Energies Limited (MARI) – Corporate Briefing Key Takeaways

Mari Energies (MARI) held its corporate briefing session today to discuss 9MFY26 performance and future outlook. Regarding Ghazij/Shawal,...

Topline Securities