Bestway Cement Limited · PSX:BWCL
Bestway Cement — FY2026 Earnings Presentation
23 slides from Bestway Cement's earnings presentation, September 2026
Slide 1: Corporate Briefing Session: Results for the year ended 30 June 2026
C O R P O R AT E B R I E F I N G S E S S I O N Bestway Cement Limited Results for the year ended 30 June 2026 Muhammad Danish Khan Muhammad Humayun Chief Financial Officer Head of Finance Click Here To Join
Slide 2: Disclaimer
IMPORTANT NOTICE Disclaimer This presentation has been prepared by Bestway Cement Limited ("the Company") solely for information purposes at its corporate briefing session. It does not constitute an offer, invitation or recommendation to buy, sell or subscribe for any securities. Financial informati
Slide 3: Today's briefing
AGENDA Today’s briefing 01 FY26 at a glance 02 Bestway Group and Bestway Cement 03 Market and operations 04 Financial performance 05 Corporate social responsibility 06 Outlook 07 Questions and answers Appendix: seven-year summary, sales volumes and detailed financial statements Bestway Cement Limite
Slide 4: Higher profit and payout in a year of margin pressure
FY26 AT A GLANCE Higher profit and payout in a year of margin pressure WHAT DROVE THE YEAR DISPATCHES NET REVENUE GROSS MARGIN Pricing and costs. Net retention fell 2.3% while raw material and packaging costs rose, cutting gross margin to 7.04 Mt PKR 108.3 Bn 30.0% 30.0%. Lower financing costs. Lowe
Slide 5: Part of a diversified international group
BESTWAY GROUP Part of a diversified international group BESTWAY GROUP, 2026 UNITED KINGDOM UNITED KINGDOM UNITED KINGDOM Bestway Wholesale Well Pharmacy Real estate $7.9 Bn Revenue $3.6 Bn revenue $1.7 Bn revenue $1.34 Bn portfolio $1.4 Bn EBITDA • No. 1 independent food wholesaler • 2nd largest UK
Slide 6: UBL and Bestway Cement anchor the Group in Pakistan
BESTWAY IN PAKISTAN UBL and Bestway Cement anchor the Group in Pakistan BESTWAY GROUP IN PAKISTAN UNITED BANK LIMITED BESTWAY CEMENT LIMITED Bank in Pakistan by market Cement producer in No. 1 No. 1 capitalisation No. 1 Pakistan Business group by equity value $54.5 Bn Total assets 15.3 Mt Annual cem
Slide 7: Pakistan's largest cement producer: 15.3 Mt across five sites
BESTWAY CEMENT Pakistan’s largest cement producer: 15.3 Mt across five sites 15.3 Mt 8 46.0% 115.4 MW Annual cement capacity Production lines Utilisation (FY25: 44.7%) Captive solar capacity Production sites Site Production lines Hattar Lines 1 and 2 Farooqia Lines 1 and 2 Chakwal Lines 1 and 2 Kall
Slide 8: A broad product portfolio, now including white cement
BESTWAY CEMENT A broad product portfolio, now including white cement NEW IN FY26 Launch of white cement For local and export markets, alongside premium tile adhesives and grouts under the Xtreme brand. QUALITY AND SUSTAINABILITY CREDENTIALS ISO 9001 Quality management ISO 14001 Environmental managem
Slide 9: Local demand rebounded 9.5%; BCL local volumes grew 4.1%
MARKET AND OPERATIONS Local demand rebounded 9.5%; BCL local volumes grew 4.1% Growth in local cement dispatches % INDUSTRY DISPATCHES, FY26 Bestway Cement Industry Mt YoY 9.5% Local – North 34.7 10.9% Local – South 6.8 3.0% Total local 41.5 9.5% Exports 9.0 (2.2%) 4.1% Total 50.5 7.2% • Recovery wa
Slide 10: Local market share eased to 16.8% as industry growth outpaced BCL volumes
MARKET AND OPERATIONS Local market share eased to 16.8% as industry growth outpaced BCL volumes BCL share of local cement dispatches % WHY SHARE MOVED FY25 FY26 4.1% Growth in BCL local dispatches 21.4% 20.1% 17.7% 16.8% 9.5% Growth in industry local dispatches Growth in North local dispatches, 10.9
Slide 11: Dispatches up 2.9% to 7.04 Mt; utilisation rose to 46%
MARKET AND OPERATIONS Dispatches up 2.9% to 7.04 Mt; utilisation rose to 46% Total dispatches Mt FY26 vs FY25 FY26 FY25 Change 8.66 Local dispatches (Mt) 6.99 6.71 4.1% 7.84 7.31 Export dispatches (Mt) 0.05 0.13 (59.3%) 6.96 6.85 7.04 6.57 Total dispatches (Mt) 7.04 6.84 2.9% Clinker production (Mt)
Slide 12: Revenue held at PKR 108 Bn as lower retention offset volume gains
FINANCIAL PERFORMANCE Revenue held at PKR 108 Bn as lower retention offset volume gains Net revenue PKR Bn Net retention PKR per tonne 107.8 108.3 103.9 15,743 15,377 14,927 87.7 13,349 72.4 9,232 56.9 6,563 37.1 5,079 FY20 FY21 FY22 FY23 FY24 FY25 FY26 FY20 FY21 FY22 FY23 FY24 FY25 FY26 Net retenti
Slide 13: Profit after tax up 7.9% to PKR 25.8 Bn
FINANCIAL PERFORMANCE Profit after tax up 7.9% to PKR 25.8 Bn Profit after tax bridge, FY25 to FY26 PKR Bn +3.1 (2.6) +2.0 25.8 23.9 (1.9) +3.0 (1.5) (2.0) +2.3 (0.5) PAT FY25 Sales volume Sales price CGS volume CGS price Depreciation Finance cost Other indirect Other income Taxation PAT FY26 costs
Slide 14: Income statement
FINANCIAL PERFORMANCE Income statement KEY POINTS PKR million FY26 FY25 Change Change % Net sales 108,282 107,759 524 0.5% Gross margin down 4.6 pp on lower retention and higher raw material and packaging costs. Cost of sales (75,821) (70,480) (5,341) (7.6%) Selling and admin up 19% on higher salari
Slide 15: Cash flow: PKR 31.7 Bn returned to lenders and shareholders
FINANCIAL PERFORMANCE Cash flow: PKR 31.7 Bn returned to lenders and shareholders PKR million FY26 FY25 Change KEY POINTS EBITDA 49,740 50,152 (412) Operating cash flow of PKR 24.2 Bn; tax paid rose 40% including Share of profit of associates (non-cash) (14,548) (10,746) (3,803) super tax. Working c
Slide 16: Balance sheet: equity up 4.4% to PKR 133.9 Bn
FINANCIAL PERFORMANCE Balance sheet: equity up 4.4% to PKR 133.9 Bn Assets FY26 FY25 Change Equity and liabilities FY26 FY25 Change Property, plant and equipment 185.9 190.4 (4.5) Shareholders’ equity 133.9 128.2 5.6 Long-term investments 53.7 44.7 9.1 Long-term financing (incl. current) 30.7 38.8 (
Slide 17: PKR 1.6 Bn invested in communities with Bestway Foundation
CORPORATE SOCIAL RESPONSIBILITY PKR 1.6 Bn invested in communities with Bestway Foundation EDUCATION HEALTH SKILLS AND JOBS 2,089 63,000+ 259 students (1,050 girls) at five schools patients treated at five medical trainees in FY26: 63 trainee and a girls’ college centres near Bestway plants engineer
Slide 18: Cautiously optimistic: demand is recovering, costs remain the key risk
OUTLOOK Cautiously optimistic: demand is recovering, costs remain the key risk +8% FY27 TO DATE Industry local cement dispatches are up 8% on the same period last year. OPPORTUNITIES CHALLENGES OUR PRIORITIES • Economy stabilising, with a cautiously optimistic • Prolonged regional conflict raising f
Slide 19: Questions and answers
T H A N K YO U Questions and answers
Slide 20: Seven-year financial summary
APPENDIX Seven-year financial summary Operating results FY20 FY21 FY22 FY23 FY24 FY25 FY26 Net turnover 37,129 56,864 72,370 87,742 103,922 107,759 108,282 Cost of sales (36,012) (40,261) (49,377) (60,426) (71,695) (70,480) (75,821) Gross profit 1,117 16,603 22,993 27,316 32,227 37,278 32,461 Operat
Slide 21: Seven-year key ratios and dispatches
APPENDIX Seven-year key ratios and dispatches Key ratios FY20 FY21 FY22 FY23 FY24 FY25 FY26 Gross profit margin (%) 3.01 29.20 31.77 31.13 31.01 34.59 29.98 Net profit margin (%) 0.13 20.36 14.15 13.55 13.25 22.15 23.79 Interest cover (times) 0.76 15.51 14.07 4.31 3.00 5.78 6.44 Return on equity (%)
Slide 22: Sales volumes: industry and Bestway Cement
APPENDIX Sales volumes: industry and Bestway Cement Industry Bestway Cement BCL share ’000 tonnes FY26 FY25 YoY FY26 FY25 YoY FY26 FY25 Local – North 34,749 31,329 10.9% 6,989 6,715 4.1% 20.1% 21.4% Local – South 6,775 6,577 3.0% – – – – – Total local 41,523 37,906 9.5% 6,989 6,715 4.1% 16.8% 17.7%
Slide 23: Balance sheet as at 30 June 2026
APPENDIX Balance sheet as at 30 June 2026 PKR million FY26 FY25 Change PKR million FY26 FY25 Change Non-current assets Equity Property, plant and equipment 185,903 190,365 (4,462) Share capital 5,963 5,963 – Intangible assets and goodwill 7,096 7,120 (24) Capital reserves 15,015 16,158 (1,144) Inves