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HUBC - The Hub Power Company Ltd. Consolidated4/22/2026 12:00:00 AMHub Power Company Limited – Gradual earning shift | Result Review (9MFY26)

HUBC reflecting ‘earning shift’ from JV business We see HUBC may have recouped revenues in 9MFY26 from ‘newer’ ventures, viz., joint ventures, after agreeing to end CPP payment on the base plant last year. HUBC reported a YoY decline in revenue, with 3QFY26 sales at Rs16.5 bn, down 3.5%, and 9MFY26 revenue at Rs50.6 bn, down from Rs64.6 bn. Gross profit remained relatively stable in the quarter at Rs6.6 bn vs Rs7.0 bn last year, which actually supports our analysis. Earnings Support from JV is a positive sign We see decreasing finance costs provided some relief during the period, while income from associates and joint ventures increased to Rs11.0 bn (quarterly) and Rs32.3 bn (9MFY26). This continued reliance on non-core income highlights a gradual shift in the earnings mix. Profitability reflecting SOME's earning shift.’ Net profit slightly decreased on a YoY basis. HUBC posted Rs12.1 bn in 3QFY26 (vs Rs12.7 bn) and Rs37.7 bn for 9MFY26 (vs Rs39.0 bn). The EPS is PKR 8.33 in 3QFY26 and PKR 25.49 in 9MFY26 on the consolidated basis. Balance Sheet: Long-term liabilities decreasing is a positive sign The balance sheet remained stable with total assets around Rs. 413.6 bn. Equity saw a modest increase, while long-term liabilities declined, indicating deleveraging. However, higher current liabilities point toward increased working capital requirements. Dividend & Valuation The company announced a PKR 5/sh dividend in 3QFY26, taking the cumulative payout to PKR 15/sh for 9MFY26, implying a payout ratio of ~59% and a P/BV of ~1.31x, with a dividend yield of ~8.7%. HUBC yield FY26 PE of 6.5x below the KSE 100 PE range of 8x - 9x. POSITIVE

UBL - United Bank Ltd.4/15/2026 12:00:00 AMUBL 1QCY26 Result Overview

? UBL reported robust performance, with PAT up 38% YoY to PKR 48.98bn and EPS up 35% to 19.56/sh. ? The bank’s core income remained stable, as net interest income grew 18% YoY, reflecting consistent performance in its primary banking operations. ? NII increased significantly (+170% YoY), driven by higher gains on securities, which supported overall profitability during the period. On the expense side, costs rose ~53% YoY due to business expansion. ? UBL also announced a PKR 8/share dividend, representing a ~41% payout ratio.

SAZEW - Sazgar Engineering Works Ltd.4/7/2026 12:00:00 AMSazgar Engineering Works Limited (SAZEW) – Production & Sales increasing | Leading P/E 6.0x | PBV 2.26x | Exp Book value PKR 722/sh

SAZEW is currently trading at an estimated P/E of 6.0x, with an expected price-to-sales ratio of 0.73x and price-to-book value of 2.26x, based on an expected book value of PKR 722/sh. SAZEW reported a record performance in March 2026, with four-wheeler production reaching an all-time high of 1,808 units. This represents a 2.1x increase compared to the previous year and a 10% rise from the month before. The data indicates a continued upward trend in production volumes, consistent with the gradual expansion seen since 2023, as also shown in the accompanying chart. On a cumulative basis, the company’s production for the 9MFY26 totaled 12,871 units, a 55% increase over the SPLY. This growth suggests sustained expansion in manufacturing activity over the past year, likely supported by improved operational capacity and steady demand conditions. Sales performance also demonstrated notable growth during the period. In March 2026, SAZEW reported sales of 1,734 units, reflecting an 84% increase YoY and a 3% rise from the last month. The sales figures remain broadly aligned with production levels, indicating that most of the output is being absorbed by the market without a significant buildup of inventory. Cumulatively, sales for 9MFY26 reached 12,630 units, up 57% YoY. The close proximity between production and sales volumes suggests a relatively balanced demand-supply situation during the period. Overall, the data indicates continued growth in both production and sales, although the pace of month-on-month increases appears more moderate compared to the year-on-year gains. On a cumulative basis, the company’s production for the first nine months of FY2026 (9MFY26) stood at 12,871 units, a 55% increase over the SPLY. This growth suggests sustained scaling of manufacturing activity over the past year, potentially supported by improved operational capacity and steady demand. Sales performance also showed notable growth during the period. In March 2026, SAZEW reported sales of 1,734 units, reflecting an 84% increase YoY and a 3% rise MoM. The sales figures remain broadly aligned with production levels, indicating that most of the output is being absorbed in the market without a significant buildup of inventory. Cumulatively, sales for 9MFY26 reached 12,630 units, up 57% YoY. The close proximity between production and sales volumes suggests a relatively balanced demand-supply position during the period. Overall, the data points to continued expansion in both production and sales, though the pace of month-on-month growth appears more moderate compared to year-on-year gains. The Board has approved an estimated capital expenditure of PKR 22.0 bn (excluding land cost), to be financed through a mix of internal cash generation and bank borrowings. Upon completion, the total installed production/assembly capacity of the four-wheeler plant is expected to increase to 54,000 units per annum on a single-shift basis, indicating a planned scale-up in operations over the medium term.

FFC - Fauji Fertilizer Company Ltd. Consolidated4/3/2026 12:00:00 AMFertilizer Offtake & Inventory Position for Mar 2026

Urea offtake rebounded sharply in March 2026, rising 85% YoY to 568k tons, driven by improved demand after a slow start to the year. This increase reverses the trend seen in January and February, which was weighed down by Rabi demand in December 2025, leading to elevated dealer inventories and suppressed sales. For 1QCY26, cumulative urea sales declined 6% YoY to 1,037k tons. However, key players saw growth: - FFC's offtake improved 12% YoY to 602k tons - EFERT's offtake posted a 7% YoY increase to 279k tons, reversing earlier declines

BAFL - Bank Alfalah Ltd.4/1/2026 12:00:00 AMBAFL - Analyst Briefing Takeaways

~The bank profitability declined by 26% YoY to PKR 28.3 bn (EPS: PKR 18.0) in CY25, mainly due to increase in administrative and marketing expense. ~The bank also announced final cash dividend of PKR 3/sh, bringing the total cash dividend to PKR 10.5/sh in CY25. ~Net interest margins improved to 4.6%, while non-interest income rose 7% to PKR 47.5 bn, driven by higher dividends and FX income. ~The capital adequacy ratio (CAR) at 15.9% ~BAFL handled US$5.9 bn in remittances, holding a 14.7% market share. Deposits grew 17% YoY to PKR 2.5tr, with a similar increase in current accounts. The investment portfolio rose 9% to PKR 2.2tr, with various yield rates. ~Management anticipates a rise in the policy rate this fiscal year, impacted by Middle Eastern developments. ~Trade volume increased by 20% to US$8.5 bn, with import and export market shares at 11.4% and 5.8%, respectively.

MARI - Mari Energies Limited.4/1/2026 12:00:00 AMMari discovery EWT continues at Spinwarm Waziristan

Spinwarm 1 Production 40 mmcfd The impact on Mari incremental EPS is ~PKR 5.70/sh Mari has 55% stakes as operator Alongside JV partner OGDC, which has 35% stakes Spinwarm Waziristan is one of the most promising fields in Pakistan

HUBC - The Hub Power Company Ltd. Consolidated3/25/2026 12:00:00 AMHub Power Value Investment

Hub Power: Re Visited | leading PE range 5.7x | PBV 0.94x | D/Y 10% The Hub Power Company Limited (HUBC) is Pakistan’s premier independent power producer, with a focus on thermal power under long-term PPAs. It has since broadened its scope beyond traditional generation into coal mining, electric vehicles, oil and gas exploration, and energy logistics. • During 1HFY26, the company’s finance cost has decreased from PKR 9.56bn to PKR 4.59bn, which is 50% decreased due to lower interest rates, debt repayments, or improved financing terms. • Our thrust of coverage in HUBC is mainly due to the reduction of financial debt in the balance sheet. • The total chunk of debt is reduced to PKR 74.69bn, which is a major development in HUBC’s books. • The HUBC is Pakistan’s largest Independent Power Producer (IPP) company, and is exploring some game-changing projects at its Hub-based plant. • The company’s core assets include the Hub Plant (1,292 MW), Narowal Plant (225 MW), and investments in subsidiaries and associates such as CPHGC and LEL (hydropower). Electric Vehicle Segment (BYD via Mega Motor Company) • HUBC has entered the electric vehicle (EV) market through a joint venture with BYD Company, which owns 50% stakes in Mega Motor Company. The imported EV units are already present in the local market, indicating initial operational activity. The company plans to establish a local assembly facility as per various analyst briefings (CBS), with expectations of producing between 25,000 and 50,000 units annually once the plant becomes operational. In parallel, HUBC is developing EV charging infrastructure across major transport corridors. • This segment represents a move into a growth-oriented and competitive market. While it aligns with global trends toward electrification, its success will depend on factors such as consumer adoption, pricing, regulatory incentives, and infrastructure development within Pakistan, as per our thinking. Single Point Mooring (SPM) – Fuel Logistics • As per media reports, HUBC was evaluating the feasibility of developing a Single Point Mooring (SPM) facility to handle petroleum imports for Pakistan State Oil (PSO). The proposed project would allow offshore handling of fuel shipments and their transfer into inland pipeline networks. This initiative was intended to utilize HUBC’s existing coastal location and storage capabilities on the Hub coast to import petroleum products for PSO, using existing storage tanks and the Asia Petroleum Pipeline (in which PSO holds 49%). • If implemented, the SPM project would position HUBC within the midstream segment of the energy value chain, generating fee-based revenues. However, the project is currently at a conceptual or feasibility stage, and its execution will depend on regulatory approvals, capital allocation, and coordination with existing infrastructure operators. • This should move the product up to Zulfiqarabad Terminal (ZOT) and then into the White Oil Pipeline (WOP). We see this as a major game-changer in HUBC. Soon, we will come up with a detailed outlook on this. Upstream Segment – Prime International Oil & Gas • HUBC has also entered the upstream oil and gas sector through its involvement in Prime International Oil & Gas Company (POGCL). This segment focuses on exploration and production activities, with the company holding interests in multiple onshore exploration blocks. The upstream operations typically involve higher risk due to geological uncertainty and capital intensity, but they also offer potential for significant returns in the event of successful discoveries. • At present, this segment is in the early stages of development, and its financial contribution remains limited. Its long-term impact will depend on exploration outcomes and the broader regulatory and pricing environment for hydrocarbons in Pakistan. Valuation…Leading PE range 5.7x | Maintains dividend-paying status HUBC yields FY26 leading PE range of 5.7x. ‘POSITIVE’ as per our methodology. We are encouraged by HUBC’s annual dividend payout of PKR 20/sh. This signals a dividend payout ratio of 55% - 60%. This also translates into a probable expected dividend yield status of 10%, which is better than the bank deposit rate.

3/10/2026 12:00:00 AMCement sector update....

Cement price hike: North-based manufacturers raise prices by PKR 60/bag to ~PKR 1,480 due to rising fuel and energy costs ??. It's favorable to Northern Zone players Viz. MLCF, FCCL etc SCS update

ENGROH - Engro Holding Ltd. Consolidated3/10/2026 12:00:00 AMENGROH in proper perspective: Trailing PE 10.6x | forward PE 6.5x

ENGROH in proper perspective: Trailing PE 10.6x | forward PE 6.5x ENGROH posted a net profit of PKR 107.03bn (EPS: PKR 46.2/sh) in CY25, up from PKR 43.24bn (EPS: PKR 26.78/sh) in CY24. The reported EPS of PKR 46.2/sh vs PKR 22.07/sh restricted from accounting adjustments, resulted in an adjusted underlying EPS of around PKR 24.13/sh in CY25. ENGROH events In the analyst briefing held a couple of days ago, ENGROH management highlighted that, when comparing current results with previous periods, three major factors should be considered. These include: - the inclusion of the Deodar acquisition involving Jazz's tower subsidiary at ~$563mn – $600mn, stated to be in the company’s financial position. - the restructuring of the Engro Group, which resulted in changes in shareholding structure, - the termination of the share purchase agreement, leading to one-off accounting adjustments and reclassification of discontinued operations. The termination of SPA refers to Engro Energy (EE) cancellation of deals to sell its thermal energy assets (including Engro Powergen Qadirpur, Engro Powergen Thar, and Sindh Engro Coal Mining) to Liberty Power Holdings and its consortium. Connectivity (Telecom Tower) Segment The platform currently operates 15,012 telecom towers with an average tenancy ratio of 1.27x, and they want to target an increase in tenancy to ~2.0x in the medium term. This will strengthen recurring cash flows. Tower Expansion Plans On a preliminary basis, ENGROH expected to add approx 400–450 new towers. The estimated cost per tower is around PKR 10 mn, excluding solarization, while installing solar solutions would require an additional investment of approximately PKR 2.5 mn per tower site. Fertilizer Segment The Engro Fertilizers (EFERT) recorded its highest quarterly fertilizer offtakes, mainly driven by discounting strategies. As a result, inventory levels have now largely normalized. However, dividend payouts were reduced to conserve cash due to the impact of the super tax. Just to remind that EFERT paid CY25 cash dividend of PKR 15/sh only. We expect ENGROH CY26 PE @6.5x alongside a renewed dividend stream.

OGDC - Oil & Gas Development Company Ltd.3/4/2026 12:00:00 AM OGDC Exploratory Well at Nashpa KPK.

OGDC ongoing Baghzai Nashpa KPK..... 5th DST results OGDC discovered 3765 bopd & 1.1mn gas We expect an incremental impact of PKR 1.64/sh in OGDC Also PPL can see an incremental impact on EPS i.e. PKR 1.16/sh This field is considered a significant find OGDC as an operator holds 65% stakes PPL as a JV partner holds 30% stakes The total oil production from the field is 14165 bopd which is considered significant from Pakistan's perspective

Symbol	Price	Volume
BOP	34.85	126,624,089
YOUW	8.93	53,100,339
FNEL	1.48	38,850,242
TPLP	8.16	28,135,713
UNITY	13.00	27,892,006
CNERGY	8.06	26,627,242
HASCOL	20.10	25,154,266
NCPL	75.10	21,705,497
KEL	7.66	21,052,340
CLOV	8.35	20,093,607

Symbol	Price	Change %
UCAPM	6.07	14.83
YOUW	8.93	11.20
KCL	148.27	10.00
GEMMEL	24.68	9.98
DEL	19.64	9.11
UDLI	21.18	9.11
MSCL	28.88	9.11
AMBL	34.38	9.10
SPL	59.90	9.10
BPL	30.78	9.10

Symbol	Price	Change %
ASTM	20.76	-11.13
KPUS	740.06	-11.11
LSEFSL	18.46	-11.11
TCORPCPS	12.50	-11.06
MFL	55.65	-10.49
FSWL	82.00	-10.09
ZAL	50.60	-9.93
PIM	22.87	-9.68
PSYL	71.12	-9.06
PIL	5.05	-8.09

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Spinwarm 1 Production 40 mmcfd The impact on Mari incremental EPS is ~PKR 5.70/sh Mari has 55% stakes as operator Alongside JV partner OGDC, which has 35% stakes Spinwarm Waziristan is one of the most promising fields in Pakistan

Cement price hike: North-based manufacturers raise prices by PKR 60/bag to ~PKR 1,480 due to rising fuel and energy costs ??. It's favorable to Northern Zone players Viz. MLCF, FCCL etc SCS update

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