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Topline Weekly Review (Sep 25, 2026): The KSE-100 Index closed the week largely flat as volatility in crude oil prices and heightened US-Iran tensions kept investors cautious and indecisive. The major event of the week was the government’s signing of long-awaited upgrade agreements with four of Pakistan’s five oil refineries—ATRL PA, PRL PA, NRL PA and CNERGY PA. The agreements envisage approximately $5bn in investment over the next five years, aimed at modernizing refining capacity, increasing production of cleaner Euro-V fuels, and reducing furnace-oil output. Average daily traded volume and value during the week stood at 670mn share and PKR.22bn respectively. Regards Topline Sales Desk

Topline Oil & Gas Exploration Alert Sep 25, 2026 PPIS Weekly Update: Oil production declined by 1% WoW to 68.1k bpd amid lower volumes from Bolan East and Shewa field. However, Gas production increased by 1% WoW to 2,949 mmcfd due to the higher sales from Mari field. Regards, Topline Research

Topline Market Review (Sep 25, 2026): The market remained range-bound during the session, with the index trading between an intraday high of 0.39% and a low of 0.36%, before settling at 170,766 points, up 0.16%. The lacklustre activity was attributed to investors’ preference to remain on the sidelines amid elevated crude oil prices and a lack of meaningful progress in negotiations between the US and Iran. Top positive contribution to the index came from HBL, UBL, BAFL, BAHL and PSO, as they cumulatively contributed 206 points to the index; on the other hand, MEBL, FFC, HUBC, PTC and CNERGY lost value to weigh down on the index by 152 points. Traded value wise PSO (PKR.1.63bn), CNERGY (PKR.1.41bn) PPL (PKR.540mn), SEARL (PKR.530mn) and ATRL (PKR.523mn) dominated the trading activity. Traded volume and value for the day stood at 482mn shares and PKR.19bn respectively. Regards Topline Sales Desk

Pakistan Stock Exchange - Key Statistics

The Searle Company Limited (SEARL) : 4QFY26 LPS at Rs3.14, up 71% YoY; FY26 EPS at Rs0.75 (Sep 25, 2026) #SEARL #Result #Pakistan #Topline

OGDC Annual Accounts Takeaways – Super Tax Provisioning Sep 25, 2026 Out of Rs87.6bn super tax provisioning until Dec 2025, company has reversed Rs50.7bn in 4QFY26. The super tax provisioning for FY26 is 3.6% of PBT. As per our channel checks and based on this indication, going forward super tax for OGDC is likely to remain below 5.0%. The saving of 5% of super tax will have incremental impact of ~Rs3.5/share or 8% of earnings of the company on recurring basis. Regards, Topline Research

OGDC Annual Accounts Takeaways – Super Tax Provisioning Sep 25, 2026 Out of Rs87.6bn super tax provisioning until Dec 2025, company has reversed Rs50.7bn in 4QFY26. The super tax provisioning for FY26 is 3.6% of PBT. As per our channel checks and based on this indication, going forward super tax for OGDC is likely to remain below 5.0%. The saving of 5% of super tax will have incremental impact of ~Rs3.5/share or 8% of earnings of the company on recurring basis. Regards, Topline Research

Lucky Cement (LUCK) – AGM Key Takeaways (Sep 25, 2026)

SEARL (Consolidated): 4QFY26 LPS at Rs3.14; FY26 EPS at Rs0.75 - Earnings lower than expectations due to lower than expected sales and gross margins. DPS: 4QFY26 DPS at Rs1.0; FY26 DPS at Rs1.0 - Higher than our expectations.

Pakistan State Oil (PSO) : 4QFY26 LPS at Rs49.1 – Loss higher than industry expectations (Sep 25, 2026) #PSO #Pakistan #Oil #Topline #Result

Pakistan Weekly SPI Alert Sep 25, 2026 Pakistan’s Weekly SPI for the period ending Sep 25, 2026 increased by 0.99% WoW and 11.92% YoY, highest in 10 weeks. The WoW increase was primarily driven by prices of Electricity (18.76%), Eggs (2.02%), Garlic(1.57%) and LPG (1.55%). Regards Topline Research

PSO: 4QFY26 LPS at Rs49.1; FY26 EPS at 32.1 down 28% YoY - Loss higher than expectations due to higher than expected inventory losses and higher than expected finance costs DPS: 4QFY26 DPS at Rs10; FY26 DPS at Rs 10 - in line with our expectations

Mari Energies Limited (MARI) – AGM Key Takeaways (Sep 25, 2026)

Board Meetings & Corporate Briefing

Pakistan Economy - Inflation expected to clock in at 10.25%-10.75% in Sep 2026; Led by fuel and electricity prices (Sep 25, 2026) #Inflation #Economy #Pakistan #Topline

PSX - Total Leverage (MTS, MFS and Future Open Interest)

Pakistan Important News and Pakistan Key Statistics

FX reserves held by SBP up by US$3.06bn to US$21.39bn for the week ending Sep 11, 2026. #FXReserves #SBP #Economy #Pakistan #Topline

Today's FIPI Net: +0.06(US$mn) Today's Foreign Corporate Net: -0.94(US$mn)