External broker reports(aggregated public sources), Topline Securities

Topline Securities

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External broker reports(aggregated public sources)

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