External broker reports(aggregated public sources), Topline Securities

Topline Securities

External broker reports(aggregated public sources)

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Equity Bottom-Up

Pioneer Cement Limited / Equity Bottom-Up

<ul><li>Pioneer Cement (PIOC) conducted FY26 analyst briefing today to discuss business performance and outlook.</li><li>Management expects local cement industry sales to grow by 7-7.5% in FY27, in line with recent trends. Subsidized housing finance schemes at both federal and provincial levels could provide further upside to demand.</li><li>PIOC’s solar power plant expansion to 28.3MW is in the final installation stage, with commissioning underway in phases. Overall project is expected to be completed by Dec-2026.</li></ul>

Pioneer Cement (PIOC) conducted FY26 analyst briefing today to discuss business performance and outlook.Management expects local cement industry sales to grow by 7-7.5% in FY27, in line with recent trends. Subsidized housing finance schemes at both federal and provincial levels could provide further upside to demand.PIOC’s solar power plant expansion to 28.3MW is in the final installation stage, with commissioning underway in phases. Overall project is expected to be completed by Dec-2026.

Topline Flash Note: Pioneer Cement (PIOC): Corporate Briefing Key Takeaways

Thematic (Sector/Industry)

<ul><li>Topline Cement Universe is expected to post profitability of Rs32.4bn in 1QFY27 against profit of Rs27.8bn in 1QFY26, up by 16% YoY and 16% QoQ.</li><li>The YoY increase in earnings is primarily driven by increase in net sales amid higher retention prices.</li><li>Net sales are expected to reach Rs143bn in 1QFY27, reflecting growth of 25% YoY and 14% QoQ.</li></ul>

Topline Cement Universe is expected to post profitability of Rs32.4bn in 1QFY27 against profit of Rs27.8bn in 1QFY26, up by 16% YoY and 16% QoQ.The YoY increase in earnings is primarily driven by increase in net sales amid higher retention prices.Net sales are expected to reach Rs143bn in 1QFY27, reflecting growth of 25% YoY and 14% QoQ.

Pakistan Cements - Profitability Likely to Be Up by 16% YoY in 1QFY27; Led by Higher Local Volumetric Sales and Retention Prices

<ul><li>Pakistan's local cement dispatches are expected to increase by 2% YoY to 3.62mn tons in Sep-2026.</li><li>On a MoM basis, local cement dispatches are expected to increase by 10%, primarily driven by an 11% MoM increase in the North, while South dispatches are expected to rise by 8%.</li><li>However, local cement dispatches are expected to increase by 6% YoY to 10.67mn tons.</li></ul>

Pakistan's local cement dispatches are expected to increase by 2% YoY to 3.62mn tons in Sep-2026.On a MoM basis, local cement dispatches are expected to increase by 10%, primarily driven by an 11% MoM increase in the North, while South dispatches are expected to rise by 8%.However, local cement dispatches are expected to increase by 6% YoY to 10.67mn tons.

Pakistan Cements - Pakistan Cement - Local Cement Dispatches Likely to Be Up by 2% YoY in Sep 2026; 1QFY27 Local Dispatches Expected to Be Up by 6% YoY

<ul><li>Pakistan's listed cement sector reported earnings of Rs38.41bn in 4QFY26, up by 23% YoY and 12% QoQ.</li><li>In FY26, sector profitability increased 13% YoY to Rs143bn, driven by improved retention prices, stable gross margins, and lower finance costs.</li><li>Net sales for the cement sector increased 9% YoY and 3% QoQ to Rs179.3bn in 4QFY26.</li></ul>

Pakistan's listed cement sector reported earnings of Rs38.41bn in 4QFY26, up by 23% YoY and 12% QoQ.In FY26, sector profitability increased 13% YoY to Rs143bn, driven by improved retention prices, stable gross margins, and lower finance costs.Net sales for the cement sector increased 9% YoY and 3% QoQ to Rs179.3bn in 4QFY26.

Pakistan Cements - Cement Sector Profits Rise 23% YoY in 4QFY26; Led by Improved Retention Prices and a Lower Effective Tax Rate

<ul><li>Pakistan's local cement dispatches are expected to increase by 11% YoY to 3.59mn tons in Jul-2026.</li><li>The YoY growth is primarily attributable to sustained momentum in domestic cement demand, driven by a gradual pickup in housing and construction activity.</li><li>This brings Pakistan's total cement dispatches to approximately 4.29mn tons in Jul-2026, up 2% YoY but down 1% MoM.</li></ul>

Pakistan's local cement dispatches are expected to increase by 11% YoY to 3.59mn tons in Jul-2026.The YoY growth is primarily attributable to sustained momentum in domestic cement demand, driven by a gradual pickup in housing and construction activity.This brings Pakistan's total cement dispatches to approximately 4.29mn tons in Jul-2026, up 2% YoY but down 1% MoM.

Pakistan Cements - Local Cement Dispatches Likely to Be Up by 11% YoY in Jul 2026; FY27 Begins With Sustained Momentum in Domestic Cement Demand

Pakistan

Pioneer Cement Limited produces ordinary portland cement and sulphate resistant cement.

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Pioneer Cement Limited (PIOC PA)

Topline Flash Note: Pioneer Cement (PIOC): Corporate Briefing Key Takeaways

Pioneer Cement (PIOC) conducted FY26 analyst briefing today to discuss business performance and outlook. Management expects local cement industry...

Topline Securities

Pakistan Cements - Profitability Likely to Be Up by 16% YoY in 1QFY27; Led by Higher Local Volumetric Sales and Retention Prices

Topline Cement Universe is expected to post profitability of Rs32.4bn in 1QFY27 against profit of Rs27.8bn in 1QFY26, up by 16% YoY and 16%...

Topline Securities

Pakistan Cements - Pakistan Cement - Local Cement Dispatches Likely to Be Up by 2% YoY in Sep 2026; 1QFY27 Local Dispatches Expected to Be Up by 6% YoY

Pakistan's local cement dispatches are expected to increase by 2% YoY to 3.62mn tons in Sep-2026. On a MoM basis, local cement dispatches are...

Topline Securities

Pakistan Cements - Cement Sector Profits Rise 23% YoY in 4QFY26; Led by Improved Retention Prices and a Lower Effective Tax Rate

Pakistan's listed cement sector reported earnings of Rs38.41bn in 4QFY26, up by 23% YoY and 12% QoQ. In FY26, sector profitability increased 13%...

Topline Securities

Pakistan Cements - Local Cement Dispatches Likely to Be Up by 11% YoY in Jul 2026; FY27 Begins With Sustained Momentum in Domestic Cement Demand

Pakistan's local cement dispatches are expected to increase by 11% YoY to 3.59mn tons in Jul-2026. The YoY growth is primarily attributable to...

Topline Securities

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