Blue Ex LimitedPSX: BLUEX

Transmission of Quarterly Report for the Period Ended (Mar - 31 - 2026)

May 5, 2026 at 9:27 AM UTC · Issued by Blue EX Limited

March

2026

3rd Quarterly Accounts (Un-Audited)

CONTENTS Page No.

Vision, Mission and Values 2

Code of Conduct 3

Company Information 6

Group of Companies Information 7

Director Report - English 8

Director Report - Urdu 10

Unconsolidated Statement of Financial Position 13

Unconsolidated Statement of Profit or Loss 14

Unconsolidated Statement of Comprehensive Income 15

Unconsolidated Statement of Changes in Equity 16

Unconsolidated Statement of Cash Flows 17

Notes to the Unconsolidated Financial Statements 18

Consolidated Statement of Financial Position 25

Consolidated Statement of Profit or Loss 26

Consolidated Statement of Comprehensive Income 27

Consolidated Statement of Changes in Equity 28

Consolidated Statement of Cash Flows 29

Notes to the Consolidated Financial Statements 30

Geographical Locations 36

Vision

To become the service provider of choice in the express and logistics industry, delivering pioneering technological solutions by flexibly responding to evolving customer needs.

Mission

We are committed to providing exceptional customized solutions to meet our client's unique logistics challenges and customer care. We tackle each challenge in a multifaceted way using creativity, logic, technology and technical expertise to provide the most innovative, cost-effective logistical and specialized supply chain solutions. We aim to be the leading express services provider in Pakistan with a focus on expanding and strengthening our operational network.

Values

Committed to Customer

We are committed toward providing a delighted customer service experience to build long-lasting relationships with our customers.

Innovation

We focused toward architectural innovation to address the evolving customer needs

Integrity

We uphold the highest standards of integrity in all our actions

Team Work

We work together across different communities to meet the need of our customers and to help the company wins.

Transparency

We encourage a culture of open dialogue and sharing and embraces transparency among all our processes

Respect

We value our people; our community and customers are at the core of everything we do.

Code of Conduct

"Guiding you to make the right decisions."

Commitment to the code is a shared framework of professional responsibility that affirms our pledge to the core values of our organization and therefore its compliance is obligatory.

Compliance with the rules and regulations

All employees are bound to comply with the rules and regulation of the organization; all actions should be within the parameters of the rules and regulations. Any action against the guidelines should be reported to concern Manager/Head of HR or one can refer to the Whistleblowing Policy in our Employee Handbook.

Safe, Secure and Healthy Working Conditions

We are committed to providing safe and healthy working conditions at all our premises. Safety and health are paramount in all business decisions and must be an integral part of our culture. It is the duty of every employee to follow the safety & health guidelines.

Anti-bribery and Corruption

We are committed to implementing fair and ethical business practices, and avoiding corruption of all kinds, including bribery, commission, kickbacks or any malpractices from the vendors, suppliers or within the organization with any staff member. The company, its employees and anyone acting on our behalf, must abide and follow.

Business Gifts and Entertainment

Business gifts, entertainment and hospitality on a modest scale are commonly used to build goodwill. However, Blue EX forbids any unethical gifts, entertainment or hospitality. The limitation of gift acceptance is clearly mentioned in the business, gifts and entertainment policy in our Employee Handbook.

Equality and Fair Treatment

We commit to ensuring fair treatment for all employees based on merit in our process and procedures. We continuously strive to promote a work environment that is free of harassment, bullying and abusive conduct - whether physical, verbal or visual. Every employee is bound to follow the equality and fair treatment guidelines provided in HR manual.

Company Assets and Information

We act with integrity and responsible to prevent the misuse or loss of company resources and assets by being cautions and alert in our work. We treat company's information as one of the most valued assets and handle confidential and sensitive information with utmost care which includes software, logos, letterheads, laptops, visiting cards, uniforms or any other material that is company's property.

Conflict of Interest

Acting with integrity requires being free from conflicts of interest in all decision making. A conflict of interest occurs whenever the prospect of direct or indirect personal gain may influence our judgement or actions while conducting company business. We expect our employees to uphold the letter and spirit of our code of conduct in all their dealings and abide by the guidelines mentioned within. To this effect, willful violations of the code shall result in appropriate and just disciplinary action.

Social Media/Internet Community

At Blue EX, we understand that social media can be fun and rewarding way to share your opinions with co-workers. In particular, uploading, posting, forwarding or posting a link to any of the following types of material on a social media website such as our logos, a false defamatory statement about any person or organization or any material.

Attendance & Punctuality

All employees are bound to comply with the rules of attendance and punctuality. Employees should be at their work station by the start of each workday at the time designated by the department.

Uniform & Presentation

Employees should always be dressed neatly and appropriately for the type of work they perform. This includes wearing appropriate uniforms, footwear and the identification of badges/cards. Avoid using abusive language and smoking, chewing of pan, gutka or drugs inside the office.

Harassment

We do not tolerate harassment in the workplace. This applies whether the person being harassed or doing the harassing to employee or a non-employee. Harassment involves a pattern of abusive and degrading conduct (such as verbal abuse, sexually explicit or derogatory comments or images, mimicry, unwanted touching, or lewd or offensive gestures, bullying or jokes) Such harassment can occur in or outside the office, or through social media which should be reported on immediate basis.

CONCLUSION

We are committed to a supportive work environment, where employees have the opportunity to reach their fullest potential. Blue EX is expected to do their utmost to create a workplace culture that is free of harassment, intimidation, bias, and unlawful discrimination. In the case of non-compliance with this Code, BLUE EX shall have the right and/or obligation to take disciplinary action, including but not limited to one or more of the following actions:

Warnings (verbal and/or written).
Termination of employment/services.
Financial penalties.
Declaration to regulators.
Legal action and/or lawsuits.

The level and type of disciplinary action is driven by the non- compliance's nature, scope, intent and

materiality of potential consequences.

COMPANY INFORMATION BOARD OF DIRECTORS

Mr. Arif Elahi - Chairman / Non-Executive Director TAX ADVISOR

Mr. Danish Elahi - Non-Executive Director M/s. Crowe Hussain Choudhury & Co. Mrs. Safina Danish Elahi - Non-Executive Director Chartered Accountants

Mufti Muhammad Najeeb Khan - Non-Executive Director

Mrs. Nadine Malik Almani - Independent Director BANKERS

Mrs. Naveen Ahmed - Independent Director Dubai Islamic Bank

Mr. Ali Aamer Baxamoosa - Executive Director Meezan Bank Limited

Mr. Imran Baxamoosa - Chief Executive Officer Standard Chartered Bank (Pakistan) Limited

Habib Bank Limited

AUDIT COMMITTEE Bank Alfalah Limited

Al Baraka Bank (Pakistan) Limited

Mrs. Naveen Ahmed - Chairperson Silk Bank Limited

Mr. Danish Elahi Bank Makramah Limited

Mrs. Nadine Malik Almani Habib Metropolitan Bank Limited JS Bank Limited

HUMAN RESOURCE & REMUNERATION COMMITTEE

Mrs. Nadine Malik Almani - Chairperson

Mr. Danish Elahi SHARE REGISTRAR

Mrs. Safina Danish Elahi CDC Share Registrar Services Limited

Mr. Imran Baxamoosa CDC House, 99-B, Block B, S.M.C.H.S. Main Shahrah-e-Faisal, Karachi - 74400 Email: info@cdcrsl.com Website:

https://www.cdcrsl.com

CHIEF FINANCIAL OFFICER

Salman Hameed (Resigned w.e.f 21-Mar-2026)

Sharmeen Siddiqui (Acting CFO) REGISTERED OFFICE

Bungalow No. 5, Bangalore Town,

SYMBOL AT PAKISTAN STOCK EXCHANGE LIMITED Main Shahrah-e-Faisal, Karachi

BLUEX Tel: (92-21) 111-Blue Ex (258339)

Email: ask@blue-ex.com

AUDITORS website: https://www.blue-ex.com

Crowe Hussain Choudhury & Co. Chartered Accountants

LEGAL ADVISOR

Mohsin Tayebaly & Co

Group of Companies

Blue-Ex Limited has following subsidiaries:

Universal Freight System (Pvt.) Ltd. - 100% owned subsidiary
Shyp Guru (Pvt.) Ltd. - 100% owned subsidiary

DIRECTOR'S REVIEW REPORT

FOR THE PERIOD ENDED MARCH 31, 2026

The Board of Directors of your Company are pleased to present their review report on the financial and operational performance of the Company for the period ended March 31, 2026.

Financial Performance Summary

The standalone & consolidated results for period ended March 31, 2026 and 2025 are summarized below:

Blue-Ex Limited	Unconsolidated
	Mar 2026	Mar 2025
	....................Rupees..................
Profit before tax	37,449,737	68,750,472
Profit after tax	30,602,045	48,314,502
Earnings per share	0.11	0.18
Number of outstanding ordinary shares	284,284,300	274,284,300

Blue-Ex Limited (formerly Universal Network Systems Limited) Universal Freight Systems (Private) Limited Shyp Guru (Private) Limited	Consolidated
	Mar 2026	Mar 2025
	....................Rupees..................
Profit before tax	51,851,112	86,735,790
Profit after tax	40,910,889	58,859,347
Earnings per share	0.15	0.21
Number of outstanding ordinary shares	284,284,300	274,284,300

Our diversified business model continues to differentiate us within the industry. Through our core verticals-international freight, domestic cargo, and domestic courier-we consistently serve our customers while sustaining strong and stable revenue streams. These financial results are due to our diversified portfolio mitigating challenges like subdued economic growth, inflationary pressures, moderated e-commerce spending, ongoing economic hardships, fuel crisis, and increased per kg rates impacting shipment volumes.

Despite headwinds primarily due to regional conflicts and soring fuel cost, we have maintained disciplined cost control, improved operational efficiencies, and optimized capacity utilization across all segments. However, the Board acknowledges that overall financial performance needs improvement, particularly in terms of costing and revenue margins. To address this, we are focusing on strategic initiatives such as optimizing our network, shutting down loss-making stations, and prioritizing critical stations to enhance profitability.

EOGM held on 11th Feb 2026 at 4:30 PM for Stock Splits: Resolution passed with majority - Shareholders approved subdivision of company's share capital, splitting each Rs. 10 shares into 10 shares of Rs. 1 each, with 81.038% votes in favor (171 votes representing 23,037,706 shares). Authorized, issued, and paid-up capital amended accordingly.

Our continued investment in expanding both global and domestic networks further reinforces our position as a leading logistics and courier partner in the country. The Board remains cautious yet forward-looking in managing operations amid economic uncertainty. Strategic initiatives, including acquisitions, partnerships, and maintaining stable shipment volumes, continue to drive sustainable growth. Our diversified structure remains central to our resilience and competitive advantage, offering multiple revenue streams, operational synergies, and cost efficiencies.

Acknowledgement

We extend our sincere appreciation to all stakeholders-our valued clients, business partners, shareholders, financial institutions, regulators, and dedicated employees-for their continued trust and support. Their confidence empowers us to consistently deliver strong performance and pursue long-term growth objectives.

For & on behalf of the Board of Directors

Danish Elahi Imran Baxamoosa

Director Chief Executive Officer

May 4, 2026

Karachi

ٹروپر ہزئاج ک زرٹکیئاڈ 2026 چرام 31 ماتتخا ےئارب تدم

یلمع روا یلام ک ینپمک ےیل ک تدم یلاو نوہ متخ وک 2026 چرام 31 ہو ہک ہ شوخ وک زرٹکیئاڈ فآ ڈروب کینپمک ک پآ ۔ںیہ ہر رک شیپٹروپر ہزئاج ینپا رپ یگدرکراک

صالخ اک یگدرکراک یلام

ہلیذ جرد صالخ اک جئاتن یعومجم روا ہدحیلع ےیل ک تدم یلاو نوہ متخ وک 2025 روا 2026 چرام

یعومجم یغ - Blue-Ex Limited

2025 چرام	2026 چرام	لیصفت
68,750,472	37,449,737	کیٹ زا بق عفانم
48,314,502	30,602,045	کیٹ زا دعب عفانم
0.18	0.11	یندمآ صح یف
274,284,300	284,284,300	دادعت ک صح ماع ایاقب

یعومجم - Blue-Ex Limited

2025 چرام	2026 چرام	لیصفت
86,735,790	51,851,112	کیٹ زا بق عفانم
58,859,347	40,910,889	کیٹ زا دعب عفانم
0.21	0.15	یندمآ صح یف
274,284,300	284,284,300	دادعت ک صح ماع ایاقب

وگراک یماقم ،ٹیرف یماوقالا یب-تاج ہبعش یداینب ےنپا ۔ہ اتھکر ںایامن ںیمہ ںیمتعنص لڈام یرابوراک عونتم ارامہ، عئارذ کیندمآ مکحتسم روا طوبضم ےئوہ ےترک مہارف تامدخوک نیفراص ےنپا لسلسم مہ عیرذ ک-رئیروک یماقم روا ؤابد ک رز ط¸ ارفا ،ومن شاعم تسس ج ،ںیہ ےئوہ نکمم تلودب ک ویلوف ٹروپ عونتم ےرامہ جئاتن یلام ہی۔ںیہ ےتھکر رارقرب، ےسیج ےفاضا ںیم ںوخرن ولک یف روا ،نارحب کنھدنیا ،تالکشم شاعم یراج ،یمک ںیم تاجارخا سرماک یا ۔ںیہ ےتوہ زادنا رثا رپ مجح کٹنمپش ج ،ہ اترک ک وک تارثا کزجنلیچ

اھکر رارقرب لورٹنک تگال رثؤم ن مہ ،دجواب ک ئاسمےسیج تگال یئوہ یتھڑب ک نھدنیا روا تاعزانت یئاقالع، سا ڈروب ،مہات ۔ہایانب رتہب وک لامعتسا ک تیحالص ںیم تاج ہبعش مامت روا ،یئال یرتہب ںیمیگدرکراک لنشیرپآ جرام کیندمآ روا تگال رپ روط صاخ ،ہ ترورض کیرتہب یزمںیمیگدرکراک یلام یعومجم ہک ہ اترک میلست وک تاب

رتہب وک کرو ین ےنپا ہک ےسیج ،ںیہ ہر رک زوکرم ہجوت رپ تامادقا ک. ج ٹ یرٹسا مہ ےیل ک صقم سا ۔ےس ےلاوح ک ۔ےکس اجایک ہفاضا ںیم عفانم ہکات انید حیجرت وک ز. . نش¸ ی ٹسا مہا روا ،انرک نب وک ز. . نش¸ ی ٹسا ہد ناصقن ،انانب

کاٹسا ںیمسج یئوہ دقعنم ےجب 4:30 ماشتقوب 2026 یرورف 11 خروم نٹیم لرنج یلومعم یغ-یا یج وا یا کل ٹ یٹ یک رئیش کینپمک ن زرڈلوہ رئیش ۔یئگ یل رک روظنم ےستیرثکا دادرارق ۔یئگ ک شیپ دادرارق ےسےلاوح کٹ ل ٹسا

ایک میسقت ںیم زرئیش 10 ک یلام ےپور 1 وک رئیش کیا ک یلام ےپور 10 رہ تحتک سج ،ید یروظنم ک میسقت یراج ،زاجم ۔ےئگ ےلاڈ) ںیہ ےترک یگدنئامن کزرئیش 23,037,706 ج ٹوو 171 ٹوو% 81.038 ںیمقح ک سا ۔ایگ

۔یئگ ید رک میمرت قباطم ک یسا یھب ںیم ہیامرس ہدش ادا روا ہدش

رئیروک روا سک ٹس.جال ںایامن کیا ںیمکلم انرک یراک ہیامرسلسلسم ںیم عیسوت ک کرو ین یماقم روا یملاع ارامہ ماظتنا ک نشیرپآ رظنشیپک لاحتروص ینیقی یغ شاعم ڈروب ۔ہ اتانب طوبضم یزموک نشیزوپ یرامہ رپ روط کرنٹراپ

ںایلوصح ںیمج ،تامادقا ک. ج ٹ یرٹسا ۔ہ ےئوہ ےھکر رظنرپ بقتسم ےئوہ ےتہر طاتحم ںیم (acquisitions)،

ںایراد تکارش (partnerships) ارامہ ۔ںیہ ےتہر ےتید غورف وک یقرت رادیئاپ ،ہ لماشانھکر مکحتسم وک مجح ک ٹنمپش روا تگال روا گنہآ مہ لنشیرپآ ،عئارذ کیندمآ ددعتم ج ،ہ نوتس یداینب اک یرترب تقباسم روا طوبضم یرامہ ہچناھڈ عونتم ۔ہ اترک مہارف تچبںیم

کشت راہظا

تنحم ےرامہ روا زرٹیلوگیر ،ںورادا تایلام ،زرڈلوہ رئیش ،ںوراد تکارش یرابوراک ،سٹنئالک ززعم ےرامہ-زرڈلوہ کیٹسا مامت مہ روا نرک شیپ یگدرکراک طوبضم لسلسم ںیمہ دامتعا اک نا ۔ںیہ ےترک ادا ہیرکش یلد رپ نواعت روا دامتعا لسلسم ک نا اک-نیمزالم ۔ہ اتید بیغرت ک ےنہر ںاشوک ےیل ک لوصح ک فادہا کیقرت تدم لیوط

ےس ناج ک زرٹکیئاڈ فآ ڈروب

سوماسکاب نارمع

سیفآ وٹکیزگیا فیچ

ہٰلا ناد

رٹکیئاڈ

چارک , 2026 ،4 یئم

BLUE-EX LIMITED

UN-AUDITED FINANCIAL STATEMENTS

(UNCONSOLIDATED)

FOR THE NINE MONTHS ENDED MARCH 31, 2026

BLUE-EX LIMITED

CONDENSED UNCONSOLIDATED INTERIM STATEMENT OF FINANCIAL POSITION

AS AT MARCH 31, 2026

(Un-audited)

March 31, 2026

(Audited)

June 30, 2025

----------Rupees-----------

Non-current assets	Note
Property and equipment	5	145,268,349	157,632,215
Intangible assets	6	230,984,669	214,819,783
Right of use assets	7	37,141,463	55,314,268
Long term deposits	8	20,864,199	18,988,574
Long Term Investments	9	49,666,241	48,224,117
		483,924,921	494,978,957
Current assets
Trade debts		826,764,873	691,719,761
Packaging material		2,679,849	4,403,109
Short term loans and advances		33,202,678	37,383,300
Short term deposits, prepayments and advance income tax		58,913,139	60,761,543
Due from related party		3,704,528	3,528,092
Tax refund due from Government		20,483,731	20,483,731
Short term investments	10	859,330	674,396
Cash and bank balances	11	39,233,455	34,975,950
		985,841,583	853,929,882
TOTAL ASSETS		1,469,766,504	1,348,908,839

EQUITY AND LIABILITIES

SHARE CAPITAL AND RESERVES

Authorized Share Capital

500,000,000 ordinary shares of Rs.1/- each

(2025: 500,000,000 ordinary shares of Rs. 1/- each)

Issued, subscribed and paid-up share capital
284,284,300 ordinary shares of Rs. 1/- each (2025: 274,284,300 ordinary shares of Rs. 1/- each)
fully paid in cash	12	284,284,300
Share Premium		447,235,838
Revaluation surplus on property, plant & equipment		26,335,638
Unappropriated profit		396,873,337
		1,154,729,113
Non-current liabilities
Lease liabilities		23,351,639
Deferred tax liabilities - net	13	11,300,351
		34,651,990

274,284,300

402,328,868

31,221,482

361,385,448

1,069,220,098

500,000,000 500,000,000

Current liabilities

Trade and other payables

Current portion lease liabilities

Provision for taxation

38,431,762

19,080,234

57,511,996

243,662,712 165,106,425

22,095,114 25,002,864

14,627,576 32,067,456

280,385,402 222,176,745

1,469,766,504 1,348,908,839

Contingencies and Commitments 14

The annexed notes from 1 to 21 form an integral part of these financial statements.

CHIEF EXECUTIVE OFFICER CHIEF FINANCIAL OFFICER DIRECTOR

BLUE-EX LIMITED

CONDENSED UNCONSOLIDATED INTERIM STATEMENT OF PROFIT OR LOSS FOR THE NINE MONTHS ENDED MARCH 31, 2026

Nine Months Ended Quarter Ended

March 31, 2026 March 31, 2025 March 31, 2026 March 31, 2025

Note

----------Rupees-----------

Income - courier and allied services	713,975,604	754,180,721	218,538,044	240,202,313
International freight	199,579,328	151,130,117	87,526,887	63,792,806
Commission income 510,882 276,499 145,745 50,376
	914,065,814	905,587,337	306,210,676	304,045,495
Cost of revenue	(700,201,685)	(688,714,488)	(239,685,299)	(220,804,846)
	213,864,129	216,872,849	66,525,377	83,240,649
General and administrative expenses	(162,585,864)	(143,396,283)	(53,143,700)	(47,984,565)
Marketing and selling expenses	(5,423,003)	(6,234,753)	(2,131,381)	(2,552,137)
Impairment of financial asset	(5,213,450)	-	(2,500,000)	-
	(173,222,317)	(149,631,036)	(57,775,081)	(50,536,702)
Operating profit	40,641,812	67,241,813	8,750,296	32,703,947
Other income	4,769,973	10,243,017	1,551,627	2,673,655
Other expense	(155,146)	(1,336,146)	(45,581)	-
Finance costs	(7,806,902)	(7,398,212)	(2,406,021)	(2,216,652)
	(3,192,075)	1,508,659	(899,975)	457,003
Profit before income tax and final tax	37,449,737	68,750,472	7,850,322	33,160,950
Final taxes - levies	(11,425,823)	(4,956,892)	(3,827,633)	(474,716)
Profit before income tax	26,023,915	63,793,580	4,022,688	32,686,234
Taxation - net	4,578,130	(15,479,078)	2,429,901	(9,537,677)

Profit after tax

30,602,045 48,314,502 6,452,590 23,148,557

Earning per share - basic & diluted - restated

The annexed notes from 1 to 21 form an integral part of these financial statements.

15 0.11 0.18 0.02 0.08

CHIEF EXECUTIVE OFFICER CHIEF FINANCIAL OFFICER DIRECTOR

BLUE-EX LIMITED
CONDENSED UNCONSOLIDATED INTERIM STATEMENT OF COMPREHENSIVE INCOME
FOR THE NINE MONTHS ENDED MARCH 31, 2026
Nine Months Ended
March 31, 2026	March 31, 2025
Note ----------Rupees-----------

Quarter Ended
March 31, 2026	March 31, 2025
----------Rupees-----------

Profit after taxation 30,602,045 48,314,502 6,452,590 23,148,557 Items not to be reclassified to profit or loss in subsequent period:

Surplus on revaluation of property, plant equipment

Deferred tax on property and equipment

Accelerated depreciation on property and equipment

- - - -

Total comprehensive income for the period 30,602,045 48,314,502 6,452,590 23,148,557

The annexed notes from 1 to 21 form an integral part of these financial statements.

CHIEF EXECUTIVE OFFICER CHIEF FINANCIAL OFFICER DIRECTOR

BLUE-EX LIMITED

UNCONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE NINE MONTHS ENDED MARCH 31, 2026 (UN-AUDITED)

		Share Premium	Unappropriated profit	Surplus on revaluation of property, plant & equipment	Total
		'	Rupees
Balance as at July 01, 2024 (Restated)	274,284,300	402,328,868	264,533,851	38,181,292	979,328,311
	-	-	3,181,060	(3,181,060)	-
	-	-	5,928,319	(5,928,319)	-
	-	-	50,956,222	-	50,956,222

Note	Issued, subscribed and paid-up capital

Realized revaluation surplus on derecognition- net of deferred tax

Transfer of revaluation surplus on incremental depreciation - Net of

deferred tax

Total comprehensive income

274,284,300 402,328,868 324,599,452

29,071,913 1,030,284,533

- - 60,065,601 (9,109,379) 50,956,222

Balance as at March 31, 2025

Balance as at July 01, 2025 274,284,300 402,328,868 361,385,448 31,221,482 1,069,220,098

Realized revaluation surplus on derecognition- net of deferred tax

Issuance of shares

Transfer of revaluation surplus on incremental depreciation - net of deffered

tax

Total comprehensive income

- - -

10,000,000 44,906,970 54,906,970

- - 4,885,844 (4,885,844) -

- - 30,602,045 - 30,602,045

10,000,000 44,906,970 35,487,889 (4,885,844) 85,509,015

Balance as at March 31, 2026 284,284,300 447,235,838 396,873,337 26,335,638 1,154,729,113

The annexed notes from 1 to 21 form an integral part of these financial statements.

CHIEF EXECUTIVE OFFICER CHIEF FINANCIAL OFFICER DIRECTOR

CONDENSED UNCONSOLIDATED INTERIM STATEMENT OF CASH FLOW

FOR THE NINE MONTHS ENDED MARCH 31, 2026 (UN-AUDITED)

For the Nine Months Ended		For the Quarter Ended
	2026	2025
e ----------Rupees-----------
	37,449,737	68,750,472
	18,829,056	19,886,295
	18,172,804	18,339,576
	6,537,852	5,132,565
	5,213,450	-
	7,806,902	7,398,212
	(7,330)	964,321
	56,552,734	51,720,969
	94,002,471	120,471,441
	(140,258,562)	(52,228,433)
	1,723,260	(677,933)
	4,180,622	(14,439,104)
	6,667,989	1,395,065
	(176,436)	(227,669)
	(127,863,127)	(66,178,074)
	(33,860,656)	54,293,367
	78,697,752	11,680,136
	44,837,096	65,973,503
	(37,028,504)	(21,826,038)
	(184,734)	(58,251)
	(37,213,238)	(21,884,289)
	7,623,858	44,089,214

Not

CASH FLOW FROM OPERATING ACTIVITIES

Profit before tax

Adjustment for non cash changes and other items:

Depreciation - Property and equipment

Depreciation - Right of use assets

Amortization of Intangibles

Provision for ECL

Finance cost

Loss / (Gain) on sale of property and equipment

Cash flows from operating activities - Before working capital changes

(Increase)/ decrease in current assets - Working capital changes

Trade debts

Packaging Material

Short term loans and advances

Short term deposits and prepayments

Due from related party

Total working capital changes

Increase/(Decrease) in current liabilities

Trade and other payables

Taxes paid

Finance cost paid

Net cash (used)/generated in operating activities

CASH FLOW FROM INVESTING ACTIVITIES
Payments for acquisition of property, plant and equipment	5	(6,485,860)	(12,666,397)
Long term deposits	8	(1,875,625)	(416,000)
Long Term Investments	9	(1,442,124)	(3,529,020)
Payments for development costs of intangible assets	6	(22,702,738)	(20,816,145)
Sale proceeds from property and equipment		28,000	1,837,000
		(32,478,347)	(35,590,562)
Net cash flows used in investing activities		(32,478,347)	(35,590,562)

CASH FLOW FROM FINANCING ACTIVITIES

Proceeds from issuance of shares - net

Payments of lease liabilities

54,906,970

(25,610,042)

-(26,254,545)

Net cash flows generated from financing activities 29,296,928 (26,254,545)

Net (decrease) / increase in cash and cash equivalents

Cash and cash equivalents at the beginning of the period

Cash and cash equivalents at the end of the period


4,442,439		(17,755,893)
35,650,346		118,822,686
40,092,785		101,066,793

The annexed notes from 1 to 21 form an integral part of these financial statements.

CHIEF EXECUTIVE OFFICER CHIEF FINANCIAL OFFICER DIRECTOR

BLUE-EX LIMITED

NOTES TO THE CONDENSED UNCONSOLIDATED INTERIM FINANCIAL STATEMENTS

FOR THE NINE MONTHS ENDED MARCH 31, 2026 - (Un-Audited)

1.	The Company and its operations

Blue Ex Limited, formerly Universal Network Systems Limited, (the Company) was incorporated as a private limited company in Pakistan on December 12, 2005 under the repealed Companies Ordinance, 1984 (now Companies Act, 2017). On February,18, 2021 the Company was converted to "Public Limited" under Companies Act, 2017. On December 6, 2021, the Company was listed on the GEM Board of the Pakistan Stock Exchange Limited and later migrated to the Main Board with effect from December 29, 2025, under the ticker "BLUEX".
The geographical location and addresses of the companies office/other premises are as under:
Business Unit	Geographical location
Head Office	Bungalow No. 5, Banglore Town, Mian Shahrah-e-Faisal, Karachi, Pakistan,

2.	BASIS OF PREPARATION

2.1	Statement of compliance

These condensed unconsolidated interim financial statements have been prepared in accordance with the accounting and reporting standards as applicable in Pakistan for interim financial reporting. The accounting and reporting standards as applicable in Pakistan for interim financial reporting comprise of:

-	International Accounting Standard (IAS) 34, Interim Financial Reporting, issued by the International Accounting Standards Board (IASB) as notified under the Companies Act, 2017; and
-	Provisions of and directives issued under the Companies Act, 2017.
Where the provisions of and directives issued under the Companies Act, 2017 differ with the requirements of IAS 34, the provisions of and directives issued under the Companies Act, 2017 have been followed.
These condensed unconsolidated interim financial statements do not include all information and disclosures required in the financial statements and should be read in conjunction with the annual audited financial statements of the Company for the year ended June 30, 2025.
These condensed unconsolidated interim financial statements are un-audited and are being submitted to the members as required under section 237 of the Companies Act, 2017 and the listing regulations of the Pakistan Stock Exchange.

2.2	Standards, interpretations and amendments to published accounting and reporting standards that are effective in the current period

There are certain new and amended standards and interpretations that are mandatory for the Company's accounting period beginning on or after July 01, 2025 but are considered not to be relevant or to have any significant effect on the Company's operations and are, therefore, not disclosed in these condensed unconsolidated interim financial statements.

2.3	Financial risk management

The company oversees the management of risks. The Company's risk management objectives and policies are consistent with those disclosed in the financial statements for the year ended June 30, 2025.

2.3.1 Fair Value of financial assets and liabilities

The carrying value of all financial assets and liabilities reflected in these condensed interim financial statements (un-audited) approximate to their fair value.

2.4	Comparative Figures
	The comparative statement of financial position presented has been extracted from the annual financial statements (audited) for the year ended June 30, 2025; the comparative condensed interim statement of profit or loss, condensed interim statement of comprehensive income, condensed interim statement of changes in equity and condensed interim statement of cashflows of the company has been extracted from the condensed interim financial statements (un-audited) for the six months period ended March 31, 2025.
3.	MATERIAL ACCOUNTING POLICIES INFORMATION

The accounting polices adopted in the preparation of these condensed interim financial statements (un-audited) are

consistent with those applied in the preparation of the annual audited financial statements for the year ended June 30, 2025.

Certain standards, amendments and interpretations of approved accounting standards will be effective for accounting periods but are considered not to be relevant or to have any significant effect on the Company's operations and are, therefore, not detailed in these condensed financial statements (un-audited).

There are certain amendments in the accounting and reporting standards that will be mandatory for the Company's annual accounting periods beginning on or after July 01, 2026. However, these amendments will not have any significant impact on the financial reporting of the Company and, therefore, have not been detailed in these condensed interim financial statements (un-audited).

3.1

INVESTMENT IN SUBSIDIARIES:

These investments are measured at cost in the Company's unconsolidated financial statements. Cost in relation to investments made in foreign currency is determined by translating the consideration paid in foreign currency into rupees at exchange rates prevailing on the date of transactions.

The Company is required to issue consolidated financial statements along with its unconsolidated financial statements, in accordance with the requirements of IFRS 10 "Consolidated Financial Statements" and Companies Act, 2017.

ACCOUNTING ESTIMATES AND JUDGEMENTS AND FINANCIAL RISK MANAGEMENT

The preparation of these condensed unconsolidated interim financial statements in conformity with accounting and reporting standards requires the management to make estimates, judgments and assumptions that affect the reported amounts of assets and liabilities, income and expenses. It also requires the management to exercise judgment in application of its accounting policies. The estimates, judgments and associated assumptions are based on the management's experience and various other factors that are believed to be reasonable under the circumstances. These estimates and assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised if the revision affects only that period, or in the period of revision and future periods if the revision affects both current and future periods. The significant judgments made by the management in applying the Company's accounting policies and the key resources of estimation and uncertainty were the same as those applied to the annual audited financial statements for the year ended June 30, 2025.

(Un-audited) March 31, 2026

(Audited) June 30, 2025

Note ----------Rupees-----------

5. PROPERTY & EQUIPMENT

Operating fixed assets 145,268,349 157,632,215

Note

(Un-audited) (Audit

March 31, 2026 June 30,

----------Rupees-----------

ed) 2025

INTANGIBLE ASSETS

Software

Software under development

107,963,574		114,501,426
123,021,095		100,318,357
230,984,669		214,819,783

6.1

Note

(Un-audited) (Audit

March 31, 2026 June 30,

----------Rupees-----------

ed) 2025

Software under development

Opening

Additions

Transfer

6.1

100,318,357		98,374,022
22,702,738		30,036,000
-		(28,091,665)
123,021,095		100,318,357

(Un-audited) March 31, 2026

(Audited) June 30, 2025

RIGHT OF USE ASSETS
Right of use assets 37,141,463 55,314,268

LONG TERM DEPOSITS

Security deposit against

- Utilities

- Rent

- Others

LONG TERM INVESTMENTS

Investment in subsidiaries - at cost

Shyp Guru (Private) Limited - unquoted

1,000,000 June 30, 2025: 1,000,000)

Percentage of holding: 100% ordinary shares

of Rs. 10/- each

Universal Freight Systems (Private) Limited - unquoted

110,000 June 30, 2025: 110,000)

Percentage of holding: 100% ordinary shares

of Rs. 100/- each

ED) 2025

56,500		56,500
9,141,567		7,081,494
11,666,132		11,850,580
20,864,199		18,988,574

9.1	49,666,241 48,224,117
	49,666,241 48,224,117

Note

(UN-AUDITED) (AUDIT

March 31, 2026 June 30,

----------Rupees-----------

9.1.1

10,000,000

9.1.2

12,434,612

9.1.3	27,231,629 25,789,505
	49,666,241 48,224,117

Long term investments - in TDR 3 years

On September 14, 2022, the Company incorporated a wholly owned subsidiary, Shyp Guru (Private) Limited (SGPL) in Pakistan, for expanding its business operations in Europe, North America and other regions. It is the Technology First Concept Company in international logistics business which shall inter alia have contracts with multiple global logistics
/courier networks for international express & freight business.
On June 14, 2023, the Company fully acquired Universal Freight Systems (Private) Limited (UFS) by way of purchasing 100% its ordinary shares which comprises of 110,000 shares on value PKR 113.04 each, for expanding its presence in international freight business in Pakistan.
Investment with Term Deposit Receipt with markup rate of 9.50% (2025: 9.50%).

SHORT TERM INVESTMENT

(Un-audited) March 31, 2026

(Audited) June 30, 2025

859,330 31,336,980

Investment with mutual funds

Mutual Funds

Opening Balance

Add: additions to mutual funds

Add: unrealized gain on revaluation of investment

Less: disposal of investments

Closing Balance

674,396		31,336,980
-		1,512,782
184,934		666,965
-		(32,842,331)
859,330		674,396

10.1

These investments represent mutual funds of various banks. These carry profit at rate of 9.5% per annum (2025: 20.5%).

CASH AND BANK BALANCES

Cash in hand

Cash at bank

- in current account

- in saving account

These carry markup rates upto 9.50% (2025: 9.50%) per anum.

ISSUED, SUBSCRIBED AND PAID UP CAPITAL

11.1

1,526,967 3,071,484

31,433,306		24,917,928
6,273,182		6,986,538
39,233,455		34,975,950

March 2026	June 2025
(Number of shares)
284,284,300	274,284,300	Ordinary shares of Rs. 1 each fully paid in cash
284,284,300	274,284,300

Note	(UN-AUDITED) March 31, 2026

(AUDITED) June 30, 2025

284,284,300		274,284,300
284,284,300		274,284,300

During February 2026, the Company effected a 1-for-10 stock split of its ordinary shares, whereby each issued and outstanding ordinary share of Rs. 10 was subdivided into 10 ordinary shares of Rs. 1 each, as approved by the shareholders at an EOGM held on 11 February 2026. As a result of the Split, the total number of issued and paid-up ordinary shares increased from 28,428,430 to 284,284,300, while the par value per share decreased from Rs. 10 to Rs. 1. The total share capital balance remained unchanged, the comparative figures for earnings per share and the weighted average number of shares disclosed in these financial statements have been restated retrospectively in accordance with IAS 33.

Note

(UN-AUDITED)

March 31, 2026

(AUDITED)

June 30, 2025

DEFERRED TAX LIABILITIES - Net

Deferred Taxation 11,300,351 19,080,234

Deferred tax liabilities on taxable temporary differences:

- Property and equipment

- right of use assets

- surplus on revaluation of plant and equipment

- short term investment

10,446,147

10,771,024

7,637,335

28,854,506

11,154,818

16,041,138

13,142,178

839

40,338,973

Deferred tax assets on deductible temporary differences:

- lease liabilities

- Trade debts

- minimum tax

(13,179,558)

(4,374,597)

(17,554,155)

(18,396,042)

(2,862,697)

(21,258,739)

11,300,351 19,080,234

CONTINGENCIES AND COMMITMENTS

Contingencies

There are no contingencies during the year (2025: Nil)

14.1

Commitments

Corporate Guarantees given by the Company in favour of Fly Jinnah (Private) Limited aggregating to Rs. 18.93 million (2025: 18.93 million).

14.2

14.2.1

EARNING PER SHARE - basic and diluted
Profit after tax for the year 30,602,045 48,314,502 Weighted average number of shares outstanding during the year - restated 277,617,633 274,284,300 Earning per share - basic and diluted - restated 0.11 0.18

Shariah Compliant Companies Disclosure Of Information As Per Fourth Schedule Of Companies Act 2017 :

Unconsolidated statement of financial position

Shariah compliant

Long term investments

Short term loans

Short term investments

Bank balances

(Un-audited) (Audited)

31-Mar-26 30-Jun-25

----------Rupees-----------

27,231,629 25,789,505

5,762,082 6,843,204

438,568 576,223

6,273,182 5,223,491

Non shariah compliant

Short term investments

Bank balances

420,762

31,433,306

98,173

26,680,975

(Un-audited)	(Un-audited)
31-Mar-26	31-Mar-25
----------Rupees-----------

Unconsolidated statement of profit or loss

Shariah compliant income

Turnover earned from a Shariah-compliant

Gain on sale of fixed assets

Unrealized gain on foreign currency deposit

914,065,814

7,330

905,587,337

424,052

Non-compliant income

Profit on TDR and Savings account

Gain on short term investment- Mutual funds

2,159,980

184,934

6,936,828

71,908

TRANSACTIONS WITH RELATED PARTIES

Name of the related party	Relationship	Transactions during the period	March 31, 2026	March 31, 2025
			----------Rupees-----------
Universal Freight Systems (Pvt.) Ltd.	Wholly owned subsidiary	Sales of services	-	-
		Purchase of services	12,544,959	12,919,452


UNS Employee's Provident Fund Trust	Staff Benefits Plan	Net change in respect of staff benefit plan	58,779	152,567

Directors & key management personnel	Key management personnel	Remuneration	67,434,532	59,285,200

FINANCIAL RISK MANAGEMENT

The company's financial risk management objective and policies are consistent with that disclosed in the annual financial statements for the year ended June 30, 2025.

Adjusted Balance

March 31, 2025

----Rupees----

754,180,721

12,078,150

RECLASSIFICATION

Reclassified

Amount transferred

Reclassified from

CBC handling charges income - courier and

allied services

courier and

allied

28,717,761

General and administrative expenses

Cost of reven

8,338,712

AUTHORIZATION FOR ISSUE
These unconsolidated financial statements were authorized for issue on 04-05 ,2026 by the Board of Directors of the Company.
GENERAL

Figures have been rounded off to the nearest rupee.

ANCIAL OFFICE

CHIEF EXECUTIVE OFFICER CHIEF FIN R DIRECTOR

BLUE-EX LIMITED

UN-AUDITED CONDENSED FINANCIAL STATEMENTS

(CONSOLIDATED)

FOR THE NINE MONTHS ENDED MARCH 31, 2026 (Un-Audited)

BLUE-EX LIMITED

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

As at March 31, 2026 (Un-Audited)

March June

2 0 2 6

(Un-Audited)

2 0 2 5

(Audited)

----------Rupees-----------

Note

Non-current assets
Property and equipment	5	221,427,568	240,136,630
Intangible assets	6	230,984,669	214,819,783
Right of use assets		37,141,463	55,314,268
Long term deposits		22,189,748	20,311,427
Long Term Investments	7	27,231,629	25,789,505
		538,975,077	556,371,613
Current assets
Trade Debts		1,354,126,409	1,275,742,667
Packaging material		2,679,849	4,403,109
Short term loans and advances		33,202,678	50,677,437
Short term deposits, prepayments and advance income tax		71,595,418	78,139,094
Due from related party		-	-
Tax refund due from Government		20,483,731	28,520,907
Short term investments	8	2,578,856	2,297,636
Cash and bank balances	9	70,720,635	62,346,381
		1,555,387,577	1,502,127,231

Share capital and Reserves

Authorized

500,000,000 ordinary shares of Rs.1/- each

(2025: 500,000,000 ordinary shares of Rs. 1/- each)

2,094,362,654 2,058,498,844

500,000,000 500,000,000

Issued, subscribed and paid-up share capital

284,284,300 ordinary shares of Rs. 1/- each

(2025: 274,284,300 ordinary shares of Rs. 1/- each)

fully paid in cash

Share Premium

Revaluation surplus on property, plant & equipment

Unappropriated profit

284,284,300

447,235,838

26,335,638

582,471,829

1,340,327,605

274,284,300

402,328,868

31,221,482

536,675,096

1,244,509,746

Non-current liabilities
Lease liabilities		28,791,744
Deferred tax liabilities - net	10	11,300,351
		40,092,095

44,271,864

19,080,234

63,352,098

Current liabilities

Trade and other payables

Current portion lease liabilities

Due to related party

Short-term financing

Provision for taxation

653,234,992

26,145,374

19,935,013

14,627,576

713,942,955

606,406,597

40,597,805

64,620,809

39,011,789

750,637,000

Contingencies and Commitments

2,094,362,654 2,058,498,844

The annexed notes from 1 to 17 form an integral part of these financial statements.

CHIEF EXECUTIVE OFFICER CHIEF FINANCIAL OFFICER DIRECTOR

BLUE-EX LIMITED

CONSOLIDATED STATEMENT OF PROFIT OR LOSS

FOR THE NINE MONTHS ENDED MARCH 31, 2026 (Un-Audited)

Income - courier and allied services

International freight

Commission income

Quarter ended	Quarter ended
March 2 0 2 6	March 2 0 2 5
----------Rupees-----------
218,538,044	240,202,325
47,612,161	101,690,690
3,040,601	13,493,773
269,190,806	355,386,788

March 2 0 2 6	March 2 0 2 5
----------Rupees-----------
713,975,604	758,327,036
226,126,168	268,563,822
29,433,475	47,952,332
969,535,247	1,074,843,190

(687,656,726)	(684,316,090)	(234,712,539)	(220,804,846)
281,878,522	390,527,100	34,478,266	134,581,942

Cost of sales - courier and allied services

General and administrative expenses

Marketing and selling expenses

Impairment of financial asset

Operating profit

Other income

Other Expense

Finance costs

Profit before income tax and final tax

Final taxes - levies

Profit before income tax

Taxation - net

Profit after tax

Note

(169,452,852)

(44,672,573)

(5,213,450)

(219,338,875)

62,539,647

5,172,535
(155,146)
(15,705,924)
(10,688,535)
51,851,112
(11,425,823)
40,425,289
485,599
40,910,889

(267,956,663)

(15,143,688)

(283,100,351)

107,426,749

(21,445,229)

(255,040)

(2,500,000)

(24,200,269)

10,277,998

(88,172,666)

(4,768,495)

(92,941,161)

41,640,781

11,369,329
(1,707,971)
(30,352,317)
(20,690,959)
86,735,790
(13,435,540)
73,300,250
(14,440,903)
58,859,347

1,590,159
(45,581)
(802,100)
742,478
11,020,475
(3,827,633)
7,192,842
843,724
8,036,566

3,045,480
(371,825)
(9,174,011)
(6,500,356)
35,140,425
-
35,140,425
(10,012,393)
25,128,032

Earning per share - basic & diluted - restated

0.15

0.21

0.03 0.09

The annexed notes from 1 to 17 form an integral part of these financial statements.

CHIEF EXECUTIVE OFFICER CHIEF FINANCIAL OFFICER DIRECTOR

BLUE-EX LIMITED
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE NINE MONTHS ENDED MARCH 31, 2026 (Un-Audited)
	March 2 0 2 6	March 2 0 2 5
Note	----------Rupees-----------

Profit after taxation 40,910,889 58,859,347

Items not to be reclassified to profit or loss in subsequent period:

Loss attributable to holding company

Surplus on revaluation of property, plant equipment

Deferred tax on property and equipment

Total comprehensive income for the period 40,910,889 58,859,347

The annexed notes from 1 to 17 form an integral part of these financial statements.

CHIEF EXECUTIVE OFFICER CHIEF FINANCIAL OFFICER DIRECTOR

BLUE-EX LIMITED

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE NINE MONTHS ENDED MARCH 31, 2026 (Un-Audited)

Total

Surplus on

revaluation of property, plant & equipment

Unappropriated profit

Share Premium

Issued, subscribed and paid-up capital

Note

' Rupees
402,328,868	429,782,994	38,181,292

Balance as at July 01, 2024 - restated 274,284,300 1,144,577,454

Revaluation Surplus

Realized revaluation surplus on derecognition- net of deferred tax

Transfer of revaluation surplus on incremental depreciation - net of deffered

tax

Profit after tax

Balance as at March 31, 2025

3,155,420 (3,155,420) -

5,928,319 (5,928,319) -

61,501,067 61,501,067

274,284,300 402,328,868 500,367,800 29,097,553 1,206,078,521

Balance as at July 1, 2025 274,284,300 402,328,868 536,675,096 31,221,482 1,244,509,746

Revaluation Surplus

Issuance of shares

Realized revaluation surplus on derecognition- net of deferred tax

Transfer of revaluation surplus on incremental depreciation - net of deffered

tax

Profit after tax

Balance as at March 31, 2026

- - - - -

10,000,000 44,906,970 - 54,906,970

- - - - -

- - 4,885,844 (4,885,844) -

40,910,889 - 40,910,889

284,284,300 447,235,838 582,471,829 26,335,638 1,340,327,605

CHIEF EXECUTIVE OFFICER CHIEF FINANCIAL OFFICER DIRECTOR

BLUE-EX LIMITED

CONSOLIDATED STATEMENT OF CASH FLOW

FOR THE NINE MONTHS ENDED MARCH 31, 2026 (Un-Audited)

Mar 31, 2026

(Un-Audited)

Mar 31, 2025

(Un-audited)

CASH FLOW FROM OPERATING ACTIVITIES

Profit before tax

Adjustment for non cash changes and other items:

Depreciation - Property and equipment

Depreciation - ROUA

Amortization of Intangibles

Provision for ECL

Interest expense on lease liability

Finance costs

Loss / (Gain) on sale of property and equipment

Loss/(Gain) on foreign currency exchange

Cash flows from operating activities

(Increase)/ decrease in current assets

Trade debts

Tax refund due from government

Packaging Material

Short term loans and advances

Short term deposits and prepayments

Due from related party

Increase/(Decrease) in current liabilities

Trade and other payables

Due to related parties

CASH FLOW FROM INVESTING ACTIVITIES
Property and equipment's	5	(12,052,078)	(16,336,222)
Intangibles	6	(22,702,738)	(20,816,145)
Sale proceeds from property and equipment		3,128,000	1,837,000
Long term deposits		(1,875,625)	(416,400)
Long Term Investments	7	(1,442,124)	(3,561,769)
Net cashflow on acqusition of subsidiary		-	-
Net cash flows used in investing activities		(34,944,565)	(39,293,536)
		37,059,500	109,483,052
CASH FLOW FROM FINANCING ACTIVITIES
Short-term financing		(44,685,796)	(130,679,230)
Proceeds from issuance of shares		54,906,970	-
Lease liability		(38,625,200)	(25,598,623)
Net cash flows generated from financing activities		(28,404,026)	(156,277,853)

Cash (used)/generated from operations

Income tax paid

Finance cost paid

Net cash (used)/generated in operating activities

Net (decrease) / increase in cash and cash equivalents

Cash and cash equivalents at the beginning of the period

Cash and cash equivalents at the end of the period

Cash and bank balances

The annexed notes from 1 to 17 form an integral part of these financial statements.

Note ----------Rupees-----------

51,851,112		86,735,790
-
28,139,476		27,723,918
18,172,804		18,339,576
6,537,852		5,132,565
5,213,450		-
-
29,635,671		30,352,317
(506,330)		964,321
168,465		-
139,212,500		169,248,487

(174,997,940) (59,061,077)
6,366 -
1,723,260 (677,933)
4,180,622 (14,439,104)
7,190,331 1,020,933
- -
(161,897,361) (73,157,181)
(22,684,862) 96,091,306

159,592,752 124,126,500

136,907,891 220,217,806

(42,890,323)

(22,013,503)

72,004,065

(31,628,270)

(39,812,948)

148,776,588

8,655,474		(48,697,384)
64,644,017		159,387,052
73,299,491		110,689,668

73,299,491		110,689,668
73,299,491		110,689,668

CHIEF EXECUTIVE OFFICER CHIEF FINANCIAL OFFICER DIRECTOR

BLUE-EX LIMITED

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

FOR THE NINE MONTHS ENDED MARCH 31, 2026 - (Un-Audited)

1.	The Company and its operations

Blue Ex Limited, formerly Universal Network Systems Limited, (the Company) was incorporated as a private limited company in Pakistan on December 12, 2005 under the repealed Companies Ordinance, 1984 (now Companies Act, 2017). On February,18, 2021 the Company was converted to "Public Limited" under Companies Act, 2017. On December 6, 2021, the Company was listed on the GEM Board of the Pakistan Stock Exchange Limited and later migrated to the Main Board with effect from December 29, 2025, under the ticker "BLUEX".
The geographical location and addresses of the companies office/other premises are as under:
Business Unit	Geographical location
Head Office	Bungalow No. 5, Banglore Town, Mian Shahrah-e-Faisal, Karachi, Pakistan,

2.	BASIS OF PREPARATION

2.1	Statement of compliance

These condensed consolidated interim financial statements have been prepared in accordance with the accounting and reporting standards as applicable in Pakistan for interim financial reporting. The accounting and reporting standards as applicable in Pakistan for interim financial reporting comprise of:

-	International Accounting Standard (IAS) 34, Interim Financial Reporting, issued by the International Accounting Standards Board (IASB) as notified under the Companies Act, 2017; and
-	Provisions of and directives issued under the Companies Act, 2017.
Where the provisions of and directives issued under the Companies Act, 2017 differ with the requirements of IAS 34, the provisions of and directives issued under the Companies Act, 2017 have been followed.
These condensed consolidated interim financial statements do not include all information and disclosures required in the financial statements and should be read in conjunction with the annual audited financial statements of the Company for the year ended June 30, 2025.
These condensed consolidated interim financial statements are un-audited and are being submitted to the members as required under section 237 of the Companies Act, 2017 and the listing regulations of the Pakistan Stock Exchange.

2.2	Standards, interpretations and amendments to published accounting and reporting standards that are effective in the current period

2.3	Financial risk management

The company oversees the management of risks. The Company's risk management objectives and policies are

consistent with those disclosed in the financial statements for the year ended June 30, 2025.

Fair Value of financial assets and liabilities

2.3.1

The carrying value of all financial assets and liabilities reflected in these condensed interim financial statements (un-audited) approximate to their fair value.

2.4	Comparative Figures
	The comparative statement of financial position presented has been extracted from the annual financial statements (audited) for the year ended June 30, 2025; the comparative condensed interim statement of profit or loss, condensed interim statement of comprehensive income, condensed interim statement of changes in equity and condensed interim statement of cashflows of the company has been extracted from the condensed interim financial statements (un-audited) for the six months period ended March 31, 2025.
3.	MATERIAL ACCOUNTING POLICIES INFORMATION

The accounting polices adopted in the preparation of these condensed interim financial statements (un-audited) are

consistent with those applied in the preparation of the annual audited financial statements for the year ended June 30, 2025.

3.1

INVESTMENT IN SUBSIDIARIES:

These investments are measured at cost in the Company's consolidated financial statements. Cost in relation to investments made in foreign currency is determined by translating the consideration paid in foreign currency into rupees at exchange rates prevailing on the date of transactions.

The Company is required to issue consolidated financial statements along with its consolidated financial statements,

in accordance with the requirements of IFRS 10 "Consolidated Financial Statements" and Companies Act, 2017.

4.	ACCOUNTING ESTIMATES AND JUDGEMENTS AND FINANCIAL RISK MANAGEMENT

The preparation of these condensed consolidated interim financial statements in conformity with accounting and reporting standards requires the management to make estimates, judgments and assumptions that affect the reported amounts of assets and liabilities, income and expenses. It also requires the management to exercise judgment in application of its accounting policies. The estimates, judgments and associated assumptions are based on the management's experience and various other factors that are believed to be reasonable under the circumstances. These estimates and assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised if the revision affects only that period, or in the period of revision and future periods if the revision affects both current and future periods. The significant judgments made by the management in applying the Company's accounting policies and the key resources of estimation and uncertainty were the same as those applied to the annual audited financial statements for the year ended June 30, 2025.

Note

(Un-audited) March 31, 2026

(Audited) June 30, 2025

5.	PROPERTY & EQUIPMENT

Operating fixed assets 221,427,568 240,136,630

6.	INTANGIBLE ASSETS
	Software
	Software under development

107,963,574		114,501,426
123,021,095		100,318,357
230,984,669		214,819,783

Note

(Un-audited) (Au

March 31, 2026 June

-----Rupees-----

dited) 30, 2025

7.	LONG TERM INVESTMENTS
	Investment in TDRs

27,231,629		25,789,505
27,231,629		25,789,505

7.1

7.1	Investment with Term Deposit Receipt with markup rate of 9.5% (2025: 9.5%).

(Un-audited) March 31, 2026

(Audited) June 30, 2025

Note -----Rupees-----

8.	SHORT TERM INVESTMENT

Investment in Mutual Funds 2,578,856 2,297,636

9.	CASH AND BANK BALANCES

Cash in hand

Cash at bank

- in current account

- in saving account

8,514,253		4,694,025
-
55,553,730		50,336,145
6,652,652		7,316,211
70,720,635		62,346,381

9.1

9.1	These carry markup rates ranging from 9.5% (2025: 8.00% to 11.50%) per anum.

(Un-audited) March 31, 2026

(Audited) June 30, 2025

10.	DEFERRED TAX LIABILITIES - Net

11,300,351		19,080,234
11,300,351		19,080,234

11.	CONTINGENCIES AND COMMITMENTS

Contingencies

There are no contingencies during the year (2024: Nil)

11.1

11.2

Commitments

There has been no change in the status of commitments as disclosed in the financial statements for the year

ended June 30, 2025.

Corporate Guarantees given by the Company in favour of Fly Jinnah (Private) Limited aggregating to Rs.

25,789,505

6,843,204

576,223

30,462,880

(Un-audited)

31-Mar-26

(Audited)

30-Jun-25

18.93 million (2025: 18.93 million).

12.	EARNING PER SHARE - basic and diluted

Profit after tax for the year	40,910,889	58,859,347
Weighted average number of shares outstanding during the year - restated	277,617,633	274,284,300

Earning per share - basic and diluted - restated	0.15	0.21

13.	Shariah Compliant Companies Disclosure Of Information As Per Fourth Schedule Of Companies Act 2017 :

Consolidated statement of financial position

Shariah compliant

Long term investments

Short term loans

Short term investments

Bank balances

27,231,629

5,762,082

438,568

30,315,034

Non shariah compliant

Short term investments

Bank balances

420,762

31,811,848

98,173

27,049,976

Consolidated statement of profit or loss

Shariah compliant income

Turnover earned from a Shariah-compliant

Gain on sale of fixed assets

Unrealized gain on foreign currency deposit

969,535,247

7,330

1,074,843,190

424,052

Non-compliant income

Profit on TDR and Savings account

Gain on short term investment- Mutual funds

2,159,980

184,934

6,936,828

71,908

14.	TRANSACTIONS WITH RELATED PARTIES

Name of the related party	Relationship	Transactions during the period	March 31, 2026	March 31, 2025
			----------Rupees-----------

UNS Employee's Provident Fund Trust	Staff Benefits Plan	Net change in respect of staff benefit plan	2,372,337	2,559,369

Directors & key management personnel	Key management personnel	Remuneration	83,166,199	75,109,090

15.	RECLASSIFICATION
	Reclassified from

March 2025 Balance

----Rupees----

Reclassified to

CBC handling charges

General and administrative expenses

Income - courier and allied services

Cost of sales

758,327,036

(684,316,090)

16.	AUTHORIZATION FOR ISSUE

These unconsolidated financial statements were authorized for issue on 04-05, 2026 by the Board of Directors

of the Company.

17.

GENERAL

Figures have been rounded off to the nearest rupee.

CHIEF EXECUTIVE OFFICER CHIEF FINANCIAL OFFICER DIRECTOR

Geographical Locations:

Head office - Karachi

Bangalow No. 5, Bangalore Town, Main Shahrah-e-Faisal, Karachi.

Regional Office - Lahore

158 S -Quaid-E-Azam Industrial Estate Kot Lakhpat, Lahores.

Regional Office - Islamabad

Blue-Ex Plaza, Old Airport Link Road, Chaklala Scheme 2, Rawalpindi.

Abbotabad

Office # 11, Yousuf Jamal Plaza, Abbotabad.

Bahawalpur

Shop # GF-7, Bahawalpur Pace Plaza Model Town-A , Bahawalpur.

Dera Ghazi Khan

Shakir Town, Near Daewoo Terminal, Dera Ghazi Khan.

Gujrat

Al-Jabbar Center, Opposite Faisal Hotel GTS Chowk, Gujrat.

Gujranwala

House # 272/34 Block A Model Town, Gujranwala.

Hyderabad

1st Floor, A - 83 / 3, Near Shah Latif Govt. School, opposite Bundoo Hotel, Hirabad, Hyderabad.

Jhelum

GT Road Jada, Jhelum.

Khairpur

Near Govt boys high school muhalla bhurgiri Khair Khairpur Mirs

Larkana

Sheikh Zahid Colony No 2, Near Global Science College, Larkana.

Faisalabad

P41 Chenab market Susan road Madina town Faisalabad.

Muzaffarabad Azad Kashmir

Distt Muzaffarabad.

Mirpurkhas

Near Godra Welfare Hospital, Mirpurkhas.

Multan

Office No.38,39 Wains Plaza Opposite Faisal Mover, Vehari Chowk Multan.

Okara

GT Road, A-line, opp. Azhar Residence, Tehsil/District Okara.

Peshawar

Office# G-12, Nwr Plaza, Khyber Super Market, Peshawar.

Geographical Locations:

Rahimyar Khan

Office No 1 , Upper Building BOP, Abu Dhabi Road, Rahimyar Khan.

Sargodha

Shop 153 1st Floor, University road Rehman Plaza, Sargodha.

Sialkot

Opp. Allama Iqbal Library, Government Commerce College, Sialkot.

Sukkur

House No C 431/2 A Queens Road, Sukkur.

Sheikhupura

College UBL Bank Basement Lahore Sheikhupura Road, Sheikhupura.

Sahiwal

Super Market Plaza, Church Road Opposite Oxford University Press, Sahiwal.

Quetta

Shop No 1, Ahmadaan Plaza, Murtaza Lane Near Toghi Road , Quetta.

Wah-Cantt

1st Floor, Beside AK Transport, near Taxila underpass, Wah

Nawabshah

Shop # 04 , Bismillah Shopping Mall, Camp # 2 Latifabad, Nawabshah.

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