External broker reports(aggregated public sources), Topline Securities

Topline Securities

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External broker reports(aggregated public sources)

Equity Bottom-Up

<ul><li>The company stated that it has reassessed its strategic decision regarding the divestment of thermal assets but remains open to explore opportunities for the divestment of EPQL.</li><li>Engro Connect reported 75% revenue growth, driven by an increase in site count to 14,975, placing it among the top 20 independent tower companies globally.</li><li>EFERT sales declined by 29% YoY to Rs80.6bn in 1H2025, due to lower offtakes. To highlight, urea volumes decreased by 22.5% YoY to 2,351K tons.</li></ul>

The company stated that it has reassessed its strategic decision regarding the divestment of thermal assets but remains open to explore opportunities for the divestment of EPQL.Engro Connect reported 75% revenue growth, driven by an increase in site count to 14,975, placing it among the top 20 independent tower companies globally.EFERT sales declined by 29% YoY to Rs80.6bn in 1H2025, due to lower offtakes. To highlight, urea volumes decreased by 22.5% YoY to 2,351K tons.

Topline Flash Note: Engro Holdings (ENGROH): Corporate Briefing Key Takeaways

Engro Corporation

Topline Flash Note: Engro Holdings (ENGROH): Corporate Briefing Key Takeaways