External broker reports(aggregated public sources), Topline Securities

Topline Securities

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.

External broker reports(aggregated public sources)

Thematic (Sector/Industry)

Pakistan Materials / Thematic (Sector/Industry)

<ul><li>We expect Topline Fertilizer universe earnings to decrease by 20% YoY due to lower other income coupled with higher selling cost.</li><li>Urea offtake is expected to increase by 21% YoY and 48% QoQ to 1.9mn tons in 3Q2025.</li><li>Average Urea prices during 3Q2025 declined by 7% YoY and 2% QoQ to Rs4,404 per bag led by discounts offered by select manufacturers.</li></ul>

We expect Topline Fertilizer universe earnings to decrease by 20% YoY due to lower other income coupled with higher selling cost.Urea offtake is expected to increase by 21% YoY and 48% QoQ to 1.9mn tons in 3Q2025.Average Urea prices during 3Q2025 declined by 7% YoY and 2% QoQ to Rs4,404 per bag led by discounts offered by select manufacturers.

Pakistan Fertilizer: Profits Likely To Decline 20% YoY In 3Q2025; Market Weight Maintained