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POL - Pakistan Oilfields Ltd.9/28/2026 11:57:37 AMStrategic Investments Extend POL’s Exposure Beyond Core Exploration & Production

Established Presence in Pakistan’s E&P Sector Pakistan Oilfields Limited (POL) is an established exploration and production (E&P) company headquartered in Rawalpindi, Punjab. The company operates as a subsidiary of the UK-domiciled Attock Oil Company (AOC) and forms part of the Attock Group’s energy operations in Pakistan. POL has a long-standing presence in the country’s upstream sector, with operating interests in several fields across the Potohar region, including Khaur, Balkassar, Dhulian, Joya Mair, Meyal, Pariwali, and Pindori. The company also holds non-operating interests in joint ventures such as Tal, Nashpa, and Adhi, providing exposure to a broader portfolio of producing assets. Diversified Exposure Across the Energy Value Chain POL's operations extend beyond exploration and production. The company holds a 25% stake in National Refinery Limited (NRL) and operates crude-oil pipeline infrastructure supplying Attock Refinery Limited (ARL). It also has a presence in the LPG business through its POLGAS brand and subsidiary, CAPGAS (Pvt.) Limited. This gives POL exposure to different stages of the domestic energy value chain, with upstream operations remaining the core component of its business. Strong Profitability and Cash Position POL reported revenue of PKR 68.764 billion in FY26, with a gross margin of 67% and a net profit margin of 50.6%. The company's financial performance is influenced by production volumes, realized oil and gas prices, operating costs, and developments in the regulatory environment. The company reported cash and bank balances of PKR 86.26 billion, while long-term investments stood at PKR 9.615 billion. The sizeable cash position represents an important component of the company's balance sheet and provides flexibility for investment and capital allocation. Established Dividend Distribution POL has a history of distributing cash dividends to shareholders. The dividend for FY26 stood at PKR 72.50/sh Key Investment Considerations The investment profile of POL is shaped by its established producing asset base, participation in multiple oil and gas fields, diversified energy interests, substantial liquidity, and dividend distribution history. At the same time, the company's financial performance remains exposed to changes in international oil and gas prices, production levels, reserve additions, development activity, taxation, and Pakistan's broader energy-sector policies. These factors remain important when assessing the company's future earnings and cash flows.

APL - Attock Petroleum Ltd.9/28/2026 11:47:38 AMAPL: Integrated Downstream Network with Expanding Infrastructure and Diversified Energy Operations

Attock Petroleum Limited (APL) operates within an integrated downstream-upstream network through the Attock Group. The group’s value chain extends from exploration and production through Pakistan Oilfields Limited (POL), which holds a 7.02% stake in APL, to refining through Attock Refinery Limited (ARL), which holds a 21.88% stake in APL, and National Refinery Limited (NRL). Distribution Network APL ranks fourth among oil marketing companies (OMCs) in terms of market share and has continued to expand its retail and storage infrastructure. During FY26, the company added 33 new retail outlets, taking its nationwide network to 811 stations, including 44 company-operated sites. The company operates nine bulk oil terminals with a combined storage capacity of 210,885 MT as of FY25. Major facilities include Machike with a capacity of 60,998 MT, Port Qasim at 39,442 MT, Rawalpindi at 19,420 MT, and Dera Ismail Khan at 18,908 MT. Infrastructure Expansion APL continues to expand its logistics and storage footprint. Land acquisition has been completed for a new bulk oil terminal at Port Qasim, while capacity expansion is underway at the Rawalpindi and Machike facilities. Civil works have also commenced at Pashtoon Garhi (Taru Jabba). Liquidity Position APL’s short-term investments increased from PKR 38.46bn to PKR 47.87bn during the year. The portfolio comprised PKR 12.78bn in Treasury Bills, compared with PKR 11.37bn previously, while mutual fund investments increased from PKR 5.00bn to PKR 11.76bn. PIBs, including their short-term/current portion, stood at PKR 23.33bn. The company’s sizeable short-term investment base contributes to its non-operating income and provides liquidity alongside its core operating activities. Diversification Beyond Conventional Fuels APL has expanded into areas beyond its traditional petroleum retailing operations. The company currently operates three 180kW ultra-fast EV charging stations and is expanding its DC fast-charging infrastructure in collaboration with HUBCO Green and Huawei. Solar net-metering systems have also been deployed across multiple company outlets. In the LPG segment, APL has established a dedicated storage and filling facility in Rawalpindi. The facility was commissioned and commenced operations during FY26 following approvals from the Oil and Gas Regulatory Authority (OGRA) and the Explosives Department. Business Profile APL’s operations combine a nationwide petroleum retail network with bulk storage infrastructure and an integrated relationship with upstream and refining companies within the Attock Group. The company is also expanding into EV charging, LPG, renewable-energy applications, and non-fuel retailing, broadening its operating footprint beyond conventional fuel marketing.

ICL - Ittehad Chemicals Ltd.9/28/2026 10:53:05 AMPowering future growth through biomass & caustic soda Flacker plant expansion

Biomass Power Plant Ittehad Chemicals Limited (ICL) is set to install a biomass-based power plant and has incorporated Bio Stacks (Private) Limited to monitor the raw material requirements associated with the project. The initiatives are expected to have an impact from FY26-27. Caustic Soda Flaker Plant The company is also set to install a caustic soda flaker plant as part of its capacity and product development initiatives. Financial Outlook Revenue is projected at PKR 34bn, while EPS is estimated at PKR 14. On the balance sheet, total assets are projected to increase to PKR 21bn from PKR 20bn, while equity is estimated at PKR 11bn. Balance Sheet The company’s overall debt has been on a declining trend, alongside the reported changes in its asset and equity base.

PPL - Pakistan Petroleum Ltd.9/28/2026 10:25:07 AMPPL Large-Scale Presence in Pakistan’s E&P Sector

Pakistan Petroleum Limited (PPL) is a Pakistani state-owned oil and gas exploration and production (E&P) company headquartered in Karachi. It is one of the country's major E&P companies and contributes more than 20% of Pakistan's natural gas supplies. The company has interests in several major producing oil and gas fields, including the Sui gas field, alongside exploration and development activities across its domestic portfolio. Established Producing Assets with Expanding Exploration Activity PPL operates and holds a 100% working interest in the Kandhkot and Sui gas fields. Alongside its established domestic producing assets, the company has expanded its exploration activities beyond Pakistan through international interests, including Offshore Block 5 in Abu Dhabi, UAE, and historical operations in Yemen. During 9MFY26, PPL reported two discoveries in PPL-operated blocks and nine discoveries in partner-operated blocks, reflecting continued exploration activity across its portfolio. Diversification Beyond Hydrocarbons PPL also has exposure to non-hydrocarbon assets through its 50% joint venture interest in Bolan Mining Enterprises (BME), established with the Government of Balochistan. BME is involved in the mining of minerals including baryte, lead, and zinc. The company also holds an effective 8.33% interest in the Reko Diq Copper-Gold Project. The project represents a potential source of diversification beyond PPL's traditional oil and gas operations, with commercial production currently expected around FY28–29. Strong Earnings and Revenue Base In FY26, PPL generated annual revenue of PKR 264.014 billion and reported a gross margin of over 60% and a net profit margin of 37.32%. The company's earnings remain influenced by production volumes, realized oil and gas prices, field performance, development activity, and changes in the regulatory and fiscal environment. Growing Long-Term Investment Base PPL's long-term investments increased by 34.5% year-on-year to PKR 120.6 billion. The company's cash and bank balances stood at PKR 7.166 billion. The increase in long-term investments reflects the company's broader investment base and its participation in projects beyond its core producing assets. Dividend Distribution PPL is a dividend-paying company, with a FY26 dividend of PKR 6/sh Key Investment Considerations PPL's investment profile is primarily shaped by its large domestic producing asset base, continued exploration activity, international exposure, and investments in mining and other strategic projects. The Reko Diq project adds a potential long-term source of diversification beyond the company's traditional E&P operations. PPL's future financial performance will remain dependent on production levels, commodity prices, exploration outcomes, project execution, regulatory developments, and the timing and economics of its international and non-hydrocarbon investments.

9/25/2026 12:00:00 AMNPL NCPL estimations in the wake of JAECOO sales....

We expect NPL & NCPL to report PKR 4-5/sh 4Q EPS & PKR 1.5/sh final dividend This is by virtue of 5000 JAECOO SUV sales till June 30 2026

GCWL - Ghani Chemworld Limited9/25/2026 12:00:00 AMGCWL may get a full impact of commercial operations that will be visible in the June quarter of 2026.

The project has a 10-year tax holiday and its product is an import substitute - The Calcium Carbide plant in Hattar Special Economic Zone is a first-of-its-kind project in Pakistan and will help increase market share from 40% to 90-100% by import substitution - It enjoys a 10-year income tax holiday in the SEZ and management plans to fully capitalize on the 10-year tax holiday benefits - Commercial production actually started in 1st week of March 2026 - so Q3 March had only ~ 3 weeks of sales (Rs.105mn net sales) - June Qtr 2026 will be the first FULL quarter If June qtr results show proper utilization + export orders, the import-substitute + zero tax story kicks in

PSO - Pakistan State Oil Company Ltd. Consolidated9/25/2026 12:00:00 AMPSO receivables update

The YoY receivables decreased to PKR 414.81 bn in FY26 from PKR 437.45 bn in FY25 This is a recovery of PKR 22.65 bn in a year as per the balance sheet

ATRL - Attock Refinery Ltd.9/24/2026 9:12:12 AMATRL Finds Support — Bullish Momentum Resumes

ATRL has successfully taken support from its key support zone, signaling a positive shift in technical momentum and presenting a favourable buying opportunity. We recommend investors accumulate the stock within the PKR 1,168.97–1,170.51 range, with a stop-loss placed below PKR 1,099.15. On the upside, the stock is expected to target PKR 1,194.35, PKR 1,221.47, and PKR 1,252.25, subject to sustained bullish momentum and the breakout remaining intact.

NRL - National Refinery Ltd.9/24/2026 9:12:00 AMNRL Breakout Delivers — Eyes on Higher Targets

NRL has successfully broken out of its key resistance zone, signaling strengthening technical momentum and reinforcing the stock’s bullish outlook. The stock has achieved its first three upside targets, and investors are advised to continue holding positions for the remaining targets of PKR 585.65, 601.25, and 625.35. In line with the improving price structure, the stop-loss has been revised upward to PKR 522.35 to secure accumulated gains while maintaining disciplined risk management.

9/24/2026 12:00:00 AM3 of Pakistan's 5 major refineries

Refinery update... 3 of Pakistan's 5 major refineries - Cnergyico (Pakistan's largest), Attock Refinery (ATRL), and National Refinery (NRL) - have now formally signed the Upgrade Agreements to start their modernization. They signed with Inter State Gas Systems (ISGS) - the government company appointed to manage the escrow account where the upgrade money is kept. Under which policy: Amended 2023 Brownfield Refinery Policy. "Brownfield" means upgrading existing refineries, not building new ones. Under this policy: - Refineries get to keep extra money from fuel sales (2.5% - 10% incremental incentive on petrol/diesel) in an escrow account. - That money can only be used for the upgrade project. - If they don't upgrade, they have to return the money. Importance for refineries 1. Modernize plants: Current Pakistani refineries are old (1960s-70s tech), they waste a lot of crude. 2. Efficiency: New tech will produce more petrol/diesel from same crude. 3. Euro-V fuels: Currently Pakistan produces Euro-II / III. Euro-V is much cleaner, low-sulphur - less pollution, better for new cars. 4. Energy security: Pakistan imports 60%+ of its petrol/diesel as finished product because local refineries can't make enough. After upgrade, import bill will drop and local production will rise. Government and refineries have moved from just talking about the policy for 2 years to actually signing and starting execution.

Symbol	Price	Volume
CNERGY	13.32	61,590,823
TISL	4.95	60,321,552
PRL	94.33	24,140,805
WTL	1.05	20,432,459
GCIL	32.22	17,668,027
NCPL	56.15	12,962,661
DSIL	11.83	11,947,182
TSBL	2.33	10,384,340
MDTL	8.01	9,214,645
TRG	57.72	9,097,853

Symbol	Price	Change %
DSIL	11.83	9.13
POWERPS	27.59	9.10
TRG	57.72	9.10
ARCTM	53.90	9.09
DNCC	20.35	9.09
DADX	124.23	9.09
ASTM	94.18	8.92
CLCPS	3.58	8.66
ASHT	54.07	8.17
BELA	72.02	8.03

Symbol	Price	Change %
FPJM	24.00	-11.13
PKGI	32.19	-11.12
SGPL	23.14	-11.11
PIM	49.46	-8.71
GATM	20.59	-8.55
ANLNV	7.84	-8.04
SIBL	6.39	-7.67
PMRS	367.70	-7.44
STML	45.10	-7.05
IDEAL	41.01	-6.90

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We expect NPL & NCPL to report PKR 4-5/sh 4Q EPS & PKR 1.5/sh final dividend This is by virtue of 5000 JAECOO SUV sales till June 30 2026

The YoY receivables decreased to PKR 414.81 bn in FY26 from PKR 437.45 bn in FY25 This is a recovery of PKR 22.65 bn in a year as per the balance sheet

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