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>Systems Limited (SYS) held its corporate briefing session today to discuss 1H2026 financial results and future outlook.</li><li>The company is currently working on cross-selling opportunities in 2H2026, and is looking to improve margins and realize operational efficiencies from the acquisition of Confiz.</li><li>We maintain our BUY stance on Systems Limited (SYS).</li></ul>

Systems Limited (SYS) held its corporate briefing session today to discuss 1H2026 financial results and future outlook.The company is currently working on cross-selling opportunities in 2H2026, and is looking to improve margins and realize operational efficiencies from the acquisition of Confiz.We maintain our BUY stance on Systems Limited (SYS).

Topline Flash Note: Systems Limited (SYS) - Corporate Briefing Key Takeaways

<ul><li>Systems Limited (SYS) announced its 2Q2026 results, posting a consolidated PAT of Rs3bn (EPS: Rs1.98), up 14% YoY and flattish QoQ.</li><li>Net sales for 2Q2026 clocked in at Rs25.7bn, up 38% YoY, supported by the Middle East and Pakistan segments.</li><li>We maintain our BUY stance on Systems Limited (SYS).</li></ul>

Systems Limited (SYS) announced its 2Q2026 results, posting a consolidated PAT of Rs3bn (EPS: Rs1.98), up 14% YoY and flattish QoQ.Net sales for 2Q2026 clocked in at Rs25.7bn, up 38% YoY, supported by the Middle East and Pakistan segments.We maintain our BUY stance on Systems Limited (SYS).

Systems Limited (SYS): 2Q2026 EPS at Rs2.05, Up 14% YoY – Earnings in Line With Expectations

<ul><li>Systems Limited (SYS) held its corporate briefing session today to discuss 1Q2026 financial results and future outlook.</li><li>The company posted a consolidated PAT of Rs3.03bn (EPS: Rs2.05) in 1Q2026, up 21% YoY.</li><li>Gross margins declined to 25% during the quarter. Management noted that this decline was attributable to various factors including wage inflation, fuel price hike, PKR appreciation and less working days.</li></ul>

Systems Limited (SYS) held its corporate briefing session today to discuss 1Q2026 financial results and future outlook.The company posted a consolidated PAT of Rs3.03bn (EPS: Rs2.05) in 1Q2026, up 21% YoY.Gross margins declined to 25% during the quarter. Management noted that this decline was attributable to various factors including wage inflation, fuel price hike, PKR appreciation and less working days.

<ul><li>Systems Limited (SYS) announced its 1Q2026 results, posting a consolidated PAT of Rs3bn (EPS of Rs2.05) up 21% YoY but down by 2% QoQ. The result came in below our expectations primarily due to lower-than-expected gross margins.</li><li>Net sales for the quarter clocked in at Rs24bn, up 33% YoY, supported by the Middle East segment, which grew from Rs10.2bn in 1Q2025 to Rs14.0 in 1Q2026.</li><li>The North American region also witnessed a revenue growth of 33% YoY and 39% QoQ, most likely due to the consolidation of Confiz accounts following the acquisition. The company expects the full impact of this acquisition to materialize in the second half of 2026.</li></ul>

Systems Limited (SYS) announced its 1Q2026 results, posting a consolidated PAT of Rs3bn (EPS of Rs2.05) up 21% YoY but down by 2% QoQ. The result came in below our expectations primarily due to lower-than-expected gross margins.Net sales for the quarter clocked in at Rs24bn, up 33% YoY, supported by the Middle East segment, which grew from Rs10.2bn in 1Q2025 to Rs14.0 in 1Q2026.The North American region also witnessed a revenue growth of 33% YoY and 39% QoQ, most likely due to the consolidation of Confiz accounts following the acquisition. The company expects the full impact of this acquisition to materialize in the second half of 2026.

Systems Limited (SYS): 1Q2026 EPS At Rs2.05, Up 21% YoY

<ul><li>Systems Limited (SYS) held its corporate briefing session today, following the announcement of 2025 financial results.</li><li>The company posted a consolidated PAT of Rs11.0bn (EPS: Rs7.52) in 2025, up 48% YoY.</li><li>Net sales clocked in at Rs80.4bn during the year, marking a 19% YoY increase. This is driven by growth across all geographical regions including 19% in Middle East, 6% in North America, 32% in Pakistan and 40% and 20% in Europe and APAC, respectively.</li></ul>

Systems Limited (SYS) held its corporate briefing session today, following the announcement of 2025 financial results.The company posted a consolidated PAT of Rs11.0bn (EPS: Rs7.52) in 2025, up 48% YoY.Net sales clocked in at Rs80.4bn during the year, marking a 19% YoY increase. This is driven by growth across all geographical regions including 19% in Middle East, 6% in North America, 32% in Pakistan and 40% and 20% in Europe and APAC, respectively.

Pakistan

Systems Ltd is a software and technology service company. The Company focuses on the finance and apparel industry in the United States. Systems operates in Pakistan and worldwide.

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Systems Limited (SYS PK)

Topline Flash Note: Systems Limited (SYS) - Corporate Briefing Key Takeaways

Systems Limited (SYS) held its corporate briefing session today to discuss 1H2026 financial results and future outlook. The company is currently...

Topline Securities

Systems Limited (SYS): 2Q2026 EPS at Rs2.05, Up 14% YoY – Earnings in Line With Expectations

Systems Limited (SYS) announced its 2Q2026 results, posting a consolidated PAT of Rs3bn (EPS: Rs1.98), up 14% YoY and flattish QoQ. Net sales for...

Topline Securities

Topline Flash Note: Systems Limited (SYS) - Corporate Briefing Key Takeaways

Systems Limited (SYS) held its corporate briefing session today to discuss 1Q2026 financial results and future outlook. The company posted a...

Topline Securities

Systems Limited (SYS): 1Q2026 EPS At Rs2.05, Up 21% YoY

Systems Limited (SYS) announced its 1Q2026 results, posting a consolidated PAT of Rs3bn (EPS of Rs2.05) up 21% YoY but down by 2% QoQ. The result...

Topline Securities

Topline Flash Note: Systems Limited (SYS) - Corporate Briefing Key Takeaways

Systems Limited (SYS) held its corporate briefing session today, following the announcement of 2025 financial results. The company posted a...

Topline Securities

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