TradeWindow Holdings Limited logo

FY25 Results Announcement - 29 May 2025

Full Year Results28 May 2025TWLIndustrials

MARKET RELEASE
29 May 2025

TradeWindow eyes continued growth as FY25 revenue rises 30%

TradeWindow (NZX: TWL), a global trade software company, today announces that successful

execution of its strategy lifted revenue for the year to the end of March 2025 by 30% to a

record $8.0 million and cleared its path to financial sustainability.

TradeWindow also announces that it has resources on hand to achieve EBITDA breakeven for

FY26 supported by the operational efficiencies achieved during the year and the previously-

flagged expectation that revenue for FY26 will range between $10.0 million and $11.0 million,

representing growth of 25.0% to 37.5%.

FY 25 Highlights

1


• Trading revenue rises 30% to $8.0 million from $6.2 million

• Annual Recurring Revenue (ARR) $8.7 million, up 38% from $6.3 million

• Average Revenue Per Customer (ARPC) - shippers up 21% vs FY24 to $2,066 per

month; freight forwarders up 43% vs FY24 to $914 per month

• Gross margin of 61%, up 7 percentage points driven by a focus on continuous

improvement in the sales and onboarding processes

• Total operating expenses down 28% to $9.6 million from $13.4 million; no research

and development capitalised

• EBITDA

2

loss down 77% to $1.5 million from $6.6 million

• Net loss after tax falls 56% to $3.5 million from $8.0 million

• Cash and cash equivalents of $0.4 million providing sufficient capital to maintain

current business operations


Chair Alasdair MacLeod said: “TradeWindow has delivered a remarkable full year result

especially when considered against the constraints it has faced. Revenue growth of 30% to

reach $8 million is an enviable performance and we have achieved this run rate while still

delivering on our goals to accelerate our path towards financial sustainability.


“The result is a testament not only to the extent our trade technology solutions are resonating

with customers in Australasia and further afield, but also to the commitment of our team to

capture the significant opportunities the company enjoys. The Board is proud of what the

team has achieved.”


CEO and Executive Director AJ Smith said: “TradeWindow has achieved a record result against

a backdrop of a dynamic macroeconomic environment — one shaped by shifting consumer

demand for online shopping, the rapid rise of AI, ongoing US trade tensions and evolving

regulations.


“We believe this environment provides an opportunity for TradeWindow to expand into new

markets. TradeWindow solutions provide clarity and certainty to trade, and we see no


1

All figures are in New Zealand dollars and all comparisons are to FY24 unless otherwise stated.

2

EBITDA is a non-GAAP measure of financial performance. It is defined and reconciled to the GAAP measure of

net profit after tax on page 15 of the investor presentation released to the NZX today.




shortage of opportunities to grow demand for our solutions. We are now exploring

opportunities to accelerate our organic growth.”


FINANCIAL RESULTS

Trading revenue reached a record of $8 million up 30% on the $6.2 million achieved in FY24,

a result largely driven by the acquisition of new customers in Australia and cross-selling

additional solutions to our existing customer base.


The effectiveness of these strategies is evident in the robust ARPC growth, with our shipper

segment increasing by 21% to $2,066 per month and our freight forwarder segment by an

impressive 43% to $914 per month. We continue to see a substantial opportunity for further

expansion through these proven strategies.


ARR was at $8.7 million representing 38% year-on-year growth. As is typical for our business

model, ARR runs ahead of trading revenue as it captures anticipated growth from newly

acquired customers, calculated by annualising revenues as of 31 March 2025.


We achieved our bold and aggressive growth target of monthly EBITDA break-even in March

2025. This significant milestone marks the successful execution of our strategic initiatives to

enhance operational efficiency and streamline our cost structure.


The operational efficiencies realised across TradeWindow have dramatically increased our

productivity, with revenue per team member rising by 198% from 31 March 2023 to reach

$138k as of 31 March 2025.


Our gross margin meanwhile improved to 61%, up 7 percentage points on FY24 driven by a

focus on continuous improvement in the sales and onboarding processes. Our total expenses

fell 28% to $9.6 million from $13.4 million in FY24.


Our EBITDA loss narrowed 77% to $1.5 million from $6.6 million reflecting these performance

improvements, while the net loss for the year was $3.5 million down from a $8.0 million in

FY24.


NAVIGATING GLOBAL TRADE DYNAMICS

Recent global trade disruptions resemble those seen during COVID-19, when broken supply

chains highlighted the value of TradeWindow’s solutions in managing complexity. Two

products stand out in the current climate. TW Tariff delivers real-time tariff data from

government sources to support accurate decisions. TW Origin enables 24/7 access to

certificates of origin (COOs), essential for securing preferential duty rates under free trade

agreements (FTAs).


This environment opens growth opportunities. As the US pursues more bilateral FTAs,

TradeWindow’s addressable market expands. Most FTAs require COOs to access preferential

duty rates and faster customs processing – a key strength of our platform. We are now

targeting strategic markets, where shifting trade dynamics create demand for compliance

tools, and introduce greater geographic diversity to our revenue sources.


We continue to win new customers in both the shipper and freight forwarder segments with

the majority of growth coming from Australia. While our overall customer retention metrics




have adjusted from 93% to 87%, it's important to note this change reflects our focus on higher-

quality customer relationships.


Our retention rate among target customers with recurring revenue streams remains strong,

reinforcing our commitment to high-margin relationships with proven stickiness. We have

already implemented targeted product enhancements that will strengthen our value

proposition while maintaining focus on the most profitable customer segments, positioning

us for more sustainable growth and increased shareholder value.


TECHNOLOGY

Our product development roadmap is focused on building a next generation, AI enabled freight

operating system, designed to seamlessly integrate with modern platforms and legacy

systems used by ocean carriers, terminal operators, and government agencies. TW Cube, our

integrated solution that connects all parties in the global trade chain, will also benefit from AI

enhancements to be scaled globally.


This new and innovative platform, aimed at freight forwarders and customs brokers

worldwide, positions us to lead the industry’s digital transformation.


We believe the freight forwarder segment has strong demand for an AI-enhanced software

solution. The launch of such a product can provide a competitive advantage against large

incumbents including WiseTech and E2Open

3

.


Even in the current financial year we have accelerated development in each of our products,

by working more efficiently with our tech resources and incorporating more AI development

tools within our development resources.


Our nimble, agile approach allows us to rebuild and innovate swiftly, unencumbered by the

heavy operational footprint of legacy systems of larger multinationals, giving us a competitive

edge in redefining trade technology.


BALANCE SHEET AND FUNDING

TradeWindow ended the financial year with cash and cash equivalents of $0.4 million. Over

the financial year we have substantially reduced our average monthly cash burn to $73k for

2H 25 against 2H 24 of $349k.


This transition has been supported by the $2.2 million capital raising completed in FY25 and

our strong growth and capital conservation initiatives. As previously announced, we achieved

EBITDA breakeven in March 2025 and now expect to achieve full year EBITDA breakeven in

FY26. The company believes it has sufficient capital to achieve this goal and maintain current

operations.


OUTLOOK

Despite challenging international trade dynamics, TradeWindow remains confident in its

growth trajectory. It expects ongoing global trade disruptions will accelerate the adoption of

digital solutions among shippers and freight forwarders, as these businesses seek to reduce

backend costs and navigate increasingly complex compliance requirements.


3

On 25 May 2025 WiseTech Global announced the acquisition of E2Open.





We expect growth to come principally from continued expansion in Australia, cross-selling to

existing customers and by building on the company’s significant record of lifting ARPC.


AJ Smith said: "We continue to see a substantial opportunity for further expansion and are

excited by the opportunities we see for the company in FY26 and beyond. We look forward to

providing our next update to shareholders in July.”


TradeWindow will host a webcast at 11.00am (NZT) this morning. Participants can register

for the conference by navigating to:


Phone registration: https://s1.c-conf.com/diamondpass/10047025-nowpe3.html

Webcast registration: https://ccmediaframe.com/?id=c5rJtS6m


Released for and on behalf of TradeWindow by:

AJ Smith

Executive Director and Chief Executive Officer


ENDS

About TradeWindow:

Founded in December 2018, TradeWindow is an NZX-listed software company that provides digital solutions for

exporters, importers, freight forwarders, and customs brokers to drive productivity, increase connectivity, and

enhance visibility. TradeWindow’s software solutions integrate to form a cohesive digital trade platform that

enables customers to more efficiently run their back-end operations, share information and securely collaborate

with a global supply chain made up of customers, ports, terminals, shipping lines, banks, insurance companies,

and government authorities. www.tradewindow.io

Further information:

Investors

Andrew Balgarnie

TradeWindow

+64 27 559 4133

Media

Richard Inder

The Project

+64 21 645 643

---

FY 2025 Financial Results
Investor Presentation

29 May 2025

2
This presentation has been prepared by Trade Window Holdings Limited (TradeWindow). All information is current at the date of

this presentation, unless stated otherwise. All currency amounts are in NZ dollars unless stated otherwise.

Disclaimer

Information in this presentation:

•is for general information purposes only, and does not constitute, or contain, an offer or invitation for subscription, purchase, or recommendation of

securities in TradeWindow for the purposes of the Financial Markets Conduct Act 2013 or otherwise, or constitute legal, financial, tax, financial

product, or investment advice;​

•should be read in conjunction with, and is subject to TradeWindow’s Financial Statements and Annual Reports, market releases and information

published on TradeWindow’s website (tradewindow.io);

•includes forward-looking statements about TradeWindow and the environment in which TradeWindow operates, which are subject to uncertainties

and contingencies outside TradeWindow’s control – TradeWindow’s actual results or performance may differ materially from these statements;

•includes statements relating to past performance information for illustrative purposes only and should not be relied upon as (and is not) an indication

of future performance; ​

•may contain information from third-parties believed to be reliable, however, no representations or warranties are made as to the accuracy or

completeness of such information; and

•non-GAAP financial information does not have a standardised meaning prescribed by GAAP and therefore may not be comparable to similar financial

information presented by other entities. The non-GAAP financial information included in this document has not been subject to review by auditors.

Non-GAAP measures are used by management to monitor the business and are useful to provide investors to access business performance.

Investor Presentation

3
Agenda

Financial results overview

Market conditions driving growth

Competitive landscape

Customers

Financial overview

Outlook and summary

4

6

7

8

14

21

AJ Smith

CEO & Director

Deidre Campbell

Chief Financial Officer

Investor Presentation

4
•Successful execution of strategy delivers strong growth in revenue and

focused cost management, clearing the path to financial sustainability

•Trading revenue rises to $8.0 million, a 30% increase on the $6.2 million in

the prior year and at the upper end of guidance

•EBITDA

1

loss: $1.5 million, down 77% from the prior year’s $6.6 million and

we achieved EBITDA breakeven in March 2025 in line with guidance

•Net loss after tax: $3.5 million, down 56% from $8.0 million loss in the prior

year

•Cash and cash equivalents: Ended the year at $0.4 million

•Monthly average cash consumption reduced from $0.5 million in FY24 to

$0.2 million in FY25

•We project we have sufficient capital to maintain current business

operations

2,3

FY 25: Record revenue growth and EBITDA guidance achieved

Investor Presentation

Revenue

Earnings

Funding

1. EBITDA is a non-GAAP measure of financial performance. It is defined and reconciled to the GAAP measure

of net profit after tax on slide 16 of this presentation

2. Forward-looking financial information should be read in conjunction with key assumptions on Slide 25

3. Please refer to the Going Concern Note on page 9 of the financial statements released to the NZX today

FY 24

FY 25

FY 24

FY 25

FY 24

FY 25

$6,179

$574

$6,753

$8,031

$40

$8,071

$-

$2,000

$4,000

$6,000

$8,000

$10,000

Trading revenue Other incomeTotal income

NZ$(000)

-$6,626

-$8,014

-$1,526

-$3,518

-$10,000

-$8,000

-$6,000

-$4,000

-$2,000

$-

EBITDANet loss after tax

NZ$(000)

$188

-$538

$392

-$152

-$1,000

$1,000

Cash and equivalentsAv. month cashflow

NZ$(000)

5
Key performance indicators – FY25

Annual

Recurring

Revenue

$8.7m

ARPC (Freight

Forwarders)

Up 21%

$914

Gross Margin

61%

Customer

retention rate

87%

% of expenses

R&D and

Commercialisation

35%

All comparisons are against FY24 unlessotherwise indicated.

Annual recurring revenue is calculated using subscription revenue for March 2025 and the monthly average

of transaction revenue for 4Q25 annualised.

Up 7 ppt

Down 6 ppt

Down 11 ppt

Trading revenue

Up 30%

$8.0m

ARPC (Shippers)

$2,066

Up 43%

554

Customers

Up 24

Up 38%

Investor Presentation

Investor Presentation6
Market conditions driving growth

E-Commerce Expansion

Consumers are switching their buying

preferences to e-commerce channels and

demand faster and more reliable deliveries

Digital Transformation

Artificial intelligence (AI) can eliminate

manual data entry, repetitive tasks, and

leverage proprietary data

Supply Chain Resilience

Ongoing disruptions, such as port strikes,

trade conflicts, and capacity constraints,

have highlighted the need for adaptable

logistics strategies

Complex Regulations

Shippers and freight forwarders are

increasingly subject to customs regulations

which requires strict adherence to

documentation and security standards

Dynamic Environment

Macroeconomic events including the

imposition of tariffs can make it

challenging to navigate trade

regulations

Investor Presentation7
Competitive landscape

is fragmented

End-to-end digital trade facilitation presents a whitespace opportunity with

few dominant incumbents. TradeWindow is well positioned to deliver the

next generation software solutions integrated with an ecosystem of

commercial, logistics, finance and government software platforms.

1.Future release on product roadmap

2.BSM Global and ImpexDocs were acquired by WiseTech Global in late 2024 and early 2025 respectively

AI-first product development roadmap

Trusted data capture at source from systems of record

Network effects through third party integrations

Encrypted data sharing and storage

Secure internal and external collaboration

Data analytics and insights

1

T E C H E N A B L E D S E R V I C E

S A A S S O L U T I O N

AI-F I R S T S O L U T I O N

SHIPPER FOCUSED SOLUTIONSFORWARDER FOCUSED SOLUTIONS

BSM

2

EDISOFT

IMPEXDOCS

2

EXPLORATE

MAGAYA

TW

GLOBAL TRADE

PLATFORM

WISETECH

YOJEE

KEY

Owned by WiseTech Global

EXPEDIENT

(E2OPEN)

Investor Presentation8
A selection of customers which include some of Australasia’s most prolific shippers and freight forwarders

554 organisations use our technology

Note, logos don’t necessarily correspond to top customers.

DairyMeat

Seafood

HorticultureLogistics & other

Investor Presentation9
We have low customer concentration risk with no single customer contributing more than 6%

1

Diversified customer base

Top 10 Customers % of trading revenue

1. Based on actual trading revenue for 12 months to 31 March 2025

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

12345678910

Investor Presentation10
Revenue composition

Transactional revenue

•TradeWindow generates transactional revenue each time a

customer either creates or shares a set of trade documents

Subscription revenue

•Customers pay monthly, quarterly, or annual subscription fees

to access solutions

•The amount of fee varies depending on the number of

solutions subscribed for and the number of users

Installation revenue

•TradeWindow earns one-off set up fees that vary depending on

the level of service and complexity of installation

Service revenue

•TradeWindow charges for ad-hoc customisation and

enhancement requests

Trading revenues highly predictable with 94% recurring

11%

6%

41%

42%

Transactional

revenue

Subscription

revenue

Installation

revenue

Service

revenue

Revenue

Composition

1

3%

3%

41%53%

1. Based on actual unaudited trading revenue 12 months to 31 March 2025

Investor Presentation11
Our business models match the unique needs of the shipper and freight forwarder customer segments

Business model

“ON-DEMAND MODEL”

OTMUS/T

O N E-T I M E

Customers pay a one-time upfront

onboarding fee

Customers pay a monthly

subscription to access the solution

and store data

M O D U L E U S E R

T R A N S A C T I O N

Customers pay a fee per shipment

(transaction)

Shippers

Transaction fees are calculated per set of shipping documents created

or shared, respectively. The on-demand model allows shippers to

match costs with seasonal revenues

Freight Forwarders

Monthly subscription fees charged per module and the number of

users. The number of modules used by a customer will vary depending

on the breadth and complexity of their operations. E-commerce and

Origin operate an on-demand model

NUNMS/T

N U M B E R O F U S E R S

Customers pay per user, per month

Customers pay a per module,

per month

N U M B E R O F M O D U L E S

T R A N S A C T I O N

Customers pay a fee per transaction

on either the E-commerce or Origin

modules

“ON-DEMAND MODEL”

Investor Presentation12
Growing from solid foundations with no shortage of opportunity

•Delivered a CAGR of 118%

1

since the start of

commercialisation in January 2020

•Delivered trading revenue of $8 million for the financial

year ended 31 March 2025, up 30% on the prior year

•Trading revenue guidance of $10m to $11m for FY26

which represents between 25% to 37.5% year-on-year

growth

•Forecast revenue growth underpinned by cross-selling to

existing customers and winning new customers in

Australia

•Working to expand capacity to accelerate organic growth

Trading Revenue

2

1.CAGR period FY20 to FY25

2.Forward-looking financial information should be read in conjunction with key assumptions

on Slide 25

0.0

2.0

4.0

6.0

8.0

10.0

12.0

FY20AFY21AFY22AFY23AFY24AFY25AFY26P

Millions

Asia, Pacific Is. & rest of worldNew ZealandAustralia

13
TradeWindow 2.0

Pathway to profitability and continued revenue growth

Average half year cash burn

1

•EBITDA breakeven in the month of March

2025

•Efficient cost structure successfully

implemented, delivered continued strong

revenue growth

Investor Presentation

-1.0

-0.9

-0.8

-0.7

-0.6

-0.5

-0.4

-0.3

-0.2

-0.1

0.0

1H23A2H23A1H24A2H24A1H25A2H25A

NZ$M

Financial Overview

Income Statement $000FY25FY24Change $Change %
Trading revenue8,0316,1791,85130%

Other income40574

(534)

-93%

Total income8,0716,7531,31820%

Personnel & employee expense(6,908)(9,454)2,546-27%

Other expenses(2,689)(3,925)1,236-31%

Total expenses(9,597)(13,379)3,783-28%

EBITDA

1

(1,526)(6,626)5,100-77%

Revaluation of contingent consideration1,216(1,216)-100%

Depreciation & amortisation(1,853)(2,512)659-26%

Net finance expenses(129)(87)(42)49%

Income tax(10)(5)(5)114%

Net loss after tax(3,518)(8,014)1,779-56%

Investor presentation15

Financial performance

•Trading revenue up 30% to $8.0m, with sales

across all core products

•Employee costs down 27%, reflecting cost

reductions resulting from necessary

reorganization

•Other costs down 31%, with non-recurrence

of one-off costs in FY24

•EBITDA loss reduced 77% to $1.5m with

revenue growth and cost down

1

EBITDA – Earnings before interest, tax, depreciation & amortisation

Trading revenue up 30% driven by organic growth

Revenue by type $000FY25FY24Change %
Transactional4,2892,97144%

Subscription3,2802,81517%

Services231269-14%

Installation23012486%

Total trading revenue8,0316,17930%

Other income40574-93%

Total income8,0716,75320%

Trading revenue by country $000FY25FY24Change %

New Zealand4,6233,97416%

Australia3,0731,82868%

Asia, Pacific Is, & rest of world 334377-11%

Total trading revenue8,0316,17930%

Investor presentation16

Revenue by type and country

•Organic trading revenue growth of 30%. driven

by combination of existing customers taking up

complementary solutions, a focus on higher-

quality customer relationships, and effectively

passed on inflation-driven operating costs

•Recurring revenue:stable recurring

transactional and subscriptionrevenueforming

94% of trading revenue.

•Other incomedown with lower R&D grants

reflecting reduced innovation activity

•Australia leads revenue growth across the

Freight suite & Origin products while New

Zealand still provides solid opportunities

Organic growth underpinning revenue increase

FreightFY25FY24Change %
Subscriber

1

customer nos. period end2962738%

Ave Subscriber customer nos.2902688%

Ave monthly revenue per customer$914$63843%

Customer numbers as at 31 March 2025

FY25FY24

Subscriber customer nos. – Freight296273

Subscriber customer nos. – Shippers141145

Pay As You Go customer nos.11795

Total Customer Numbers554513

Shippers

FY25FY24

Change %

Subscriber customer nos. period end141145-3%

Ave Subscriber customer nos.143148-3%

Ave monthly revenue per customer$2,066$1,70721%

Investor presentation17

Average revenue per customer (per month)

•Total customers increase to 554 from

513 in FY 24

•Freight customers increase 8% led by

TW Tariff customers in Australia;

Shipper customers small decline of

low value accounts

•Increased monthly Average Revenue

PerCustomer(ARPC) for Freight – up

43%continues to reflect customers

taking up more services and our focus

on higher-quality customer

relationships.

•Increased monthly ARPCfor

Shippers(exporters & Importers) – up

21% reflectingcustomers using more

of our services

1

Subscriber customers are those that are licensing TradeWindow’s software and generate monthly subscription revenue.

These customers may also generate transaction, services & installation revenues. It excludes certificate and other revenue.

ARPC up for both customer segmentscontinues to increase

Staff nos. (FTE)
FY25FY24

ChangeChange %

Cost of goods sold1914541%

Research & Development2116529%

Sales & Marketing119217%

General and Administration78(1)-9%

Total staff nos. (FTE)58471124%

Other expenses $000

FY25FY24

Change $Change %

Cost of goods sold94275219025%

Research & Development217464(247)-53%

Sales & Marketing121300(179)-60%

General and Administration1,4092,4091,000-42%

Total other expenses2,6893,925(1,236)-31%

Personnel & employee expense $000FY25FY24Change $Change %

Cost of goods sold2,1962,0891075%

Research & Development1,6993,743(2,044)-55%

Sales & Marketing1,3691,777(408)-23%

General and Administration1,6441,846(201)-11%

Total employee benefits expense6,9089,454(2,546)-27%

Investor presentation18

Operating expenses / staff numbers

•Employee costsdown 27% reflect cost

reductions:

•Staff reductions made in the prior

period

•Team in Philippines

expanded,continuing to provide a

channel of talent including software

development and customer support.

•Other costs down 10%, with non-

recurrence of one-off costs in FY24

•No R&D cost capitalised to balance

sheet.

Reflects reorganisation undertaken during the previous period & tight cost control

$000sFY24FY24Change $Change %Movements
Current Assets1,5481,19235630%Increase in cash & trade receivables

Non-Current Assets9,87311,583(1,710)-15%Intangibles asset amortization

Total Assets11,42012,774(1,354)-11%

Current Liabilities2,4892,15133816%

Non-Current Liabilities1,0181,383(365)-26%

Total Liabilities3,5073,534(27)-1%

Net Assets7,9149,240(1,327)-14%

Total Equity7,9149,240(1,327)-14%Accumulated losses net of capital raised

Investor presentation19

Balance sheet

$000sFY25FY24Change $Change %
Operating Activities

Cash Received from Customers8,8416,2732,56841%

Cash Paid to Suppliers and Employees(10,368)(12,906)2,538-20%

Income Tax Received46(46)-100%

Grant Income3833(830)-100%

Operating net cash flow(1,525)(5,754)4,229-74%

Investing net cash flow(7)77(84)-109%

Financing cash flow1,736(283)(2,018)-714%

Net Change in Cash204(5,960)(6,164)-103%

Opening Cash1886,148(5,960)-97%

Closing Cash392188204108%

Average monthly cash outflow

1

(152)(538)386-72%

Investor presentation20

Cashflow

•Balance date cash and cash equivalents of

$0.4m

•Successful capital raise concluded in Apr 24 of

$2.2m which enabled achievement of monthly

EBITDA breakeven in March 2025

•Average monthly cash burn reduced to 152k in

FY25 from 538k in FY24

•2H 25 average monthly cash burn of $73k

against 2H 24 of $349k

•Forecast sufficient capital to maintain current

business operations

2

.

1

Average monthly cashflow excludes capital raise and acquisition transactions

2

Forward-looking financial information should be read in conjunction with key assumptions on Slide 25

FY26 outlook: targeting EBITDA breakeven
21

•We are well positioned to help businesses navigate the increasing complexity of

trading goods internationally

•New trade agreements will expand the total addressable market for TradeWindow’s

solutions

•Shippers and freight forwarders have pent up demand to automate repetitive manual

processes using AI

•We continue to expect FY26 revenue to range between $10 million and $11 million

•We project we have sufficient capital to maintain current business operations and

expect to be EBITDA breakeven for FY26

1

•TradeWindow is on the path to becoming a Rule of 40 company

Investor Presentation

1

Forward-looking financial information should be read in conjunction with key assumptions on Slide 25

Appendix

Investor Presentation23
Our board of directors

Alasdair MacLeod

Independent Chair

Alasdair joined the board in October

2021 and was appointed Chair at

that time.

Phil Norman

Independent Director

Phil joined the board in October

2021.

AJ Smith

Executive Director

and Chief Executive

Officer

Kerry Friend

Executive Director

Former Partner at Deloitte and Chair

of NZX listed Napier Port and the

Hawkes Bay Chapter of Export NZ.

Alasdair is current Chair of

SilverStripe, Kotahi Engineering

Studio, independent member of the

Board Appointments Committee for

IHC New Zealand.

Experienced TMT sector executive,

capital markets advisor and

independent director with extensive

governance experience across NZX

and ASX listed companies. Phil was

the founding Chairman for Xero, and

formerly on the board of TASK

Group (formerly Plexure Group),

Straker Translations, and Just Life

Group.

Entrepreneur with track record for

creating high growth companies

including MediFin, GreenFin and

Bonds Africa and Commonwealth

Finance Group (Switzerland). Deputy

Chair PAA.net

Chartered Accountant with three

decades working in senior finance

roles with Take-Two Interactive

Software (Singapore), Jupiter TV

(Japan), Bloomberg (Japan) and

News Corporation (Japan). Kerry

currently serves on the board of

Northpower Limited.

Investor Presentation24
Highly experienced leadership team driving global scalability while overseeing a team of 58 subject matter experts

Our senior leadership team

AJ Smith

Founder & CEO

Entrepreneur with track record for creating

high growth companies including MediFin,

GreenFin and Bonds Africa and

Commonwealth Finance Group (Switzerland).

Deputy Chair PAA.net

Kerry Friend

Executive Director

Deidre Campbell

Chief Financial Officer

Chartered Accountant with extensive

financial management and leadership

experience within a public company having

been the Group CFO for Methven Limited, a

formerly NZX listed manufacturing business.

Andrew Balgarnie

Chief Strategy Officer

Business strategist, deal maker and problem

solver with a background in the TMT sector

having previously worked for NBN Co

(Australia) on high profile projects including

the procurement of the satellite network.

Andrew is experienced in capital raising and

M&A.

Mitchell Pham

Chief Digital Officer

Technology leader with over 30 years of

building and leading digital ventures across

NZ and Asia. Worked across financial

services, healthcare, social services, and

logistics. Digital economy advisor to NZ and

APEC Governments.

Dewald van Rensberg

Chief Operating Officer

Operations leader with more than 20 years’

experience in corporate and commercial law

with a background working as the registrar at

University of Zululand and private practice for

Du Toit Attorneys (South Africa).

Chartered Accountant with three decades

working in senior finance roles with Take-Two

Interactive Software (Singapore), Jupiter TV

(Japan), Bloomberg (Japan) and News

Corporation (Japan). Kerry currently serves on

the board of Northpower Limited.

Investor Presentation25
Projected financials – key assumptions

Forward-looking financial information is inherently subject to judgement, risks and uncertainty, including from events beyond Trade Window’s control.

Key assumptions which may have a material risk to ourprojections include:

SPECIFIC

•The rate and timing of new customer traction

•Successful retention of people with the required skills cost effectively

•No research and development costs have been capitalisedto the

balance sheet

GENERAL

•No materialchange in the current economic conditions locally

and globally

•No changes in accounting standards or other mandatory

professional reporting requirements

Investor Presentation26
Glossary

Annualised Recurring Revenue (ARR)

The recurring revenue for a specified month annualised.

Average Revenue Per Customer (ARPC)

Is subscriber customers’ monthly revenue divided by

number of subscriber customers as at end of the month.

The value provided is the average of the monthly ARPC

for the period.

CAGR

Compound annual growth rate.

Customer retention rate

Customer retention rate is the number of subscriber

customers who leave in a month as a percentage of the

total subscriber customers at the start of that month.

The percentage provided is the average of the monthly

churn for the period. The customer retention rate is the

inverse of customer churn.

Customs Broker

A Customs Broker is a licenced individual who acts as

an intermediary for Shippers and Freight Forwarders in

handling the sequence of customs formalities involved

in the customs clearance and importing goods.

EBITDA

Earnings before interest, taxation, depreciation and

amortisation.

Freight Forwarder

A Freight Forwarder is an organisation who arranges

and handles the transport of goods between countries

on behalf of their customers. Responsibilities can also

include storing products, negotiating transportation

rates and booking cargo space.

Shipper

A Shipper is an exporter or importer who requires

carriers to transport goods for transport from one

location to another.

Subscriber customers

Customers that license and/or access Trade Window’s

software on a monthly basis. These customers may also

generate transaction, services and installation revenues.

It excludes customers of Trade Window’s pay as you go

platforms.

Recurring revenue

Revenues that are predictable, stable and can be

counted on to occur at regular intervals going forward

with a relatively high degree of certainty. For Trade

Window this is subscription and transactional revenue.

Thank you
Contact

Andrew Balgarnie

Chief Strategy Officer

TradeWindow

+64 275 594 133

andrew@tradewindow.io

---

Trade Window Holdings Limited





Consolidated Financial Statements -

For the year ended 31 March 2025

Trade Window Holdings Limited
Contents

For the year ended 31 March 2025



1

Corporate directory2

Directors' report3

Consolidated statement of profit or loss and other comprehensive income4

Consolidated statement of financial position5

Consolidated statement of changes in equity6

Consolidated statement of cash flows7

Notes to the consolidated financial statements8

Interest register33

Independent auditor's report35

Trade Window Holdings Limited
Corporate directory

For the year ended 31 March 2025



2

Incorporation number8233653


Principal activitiesDevelop and commercialise technology solutions that provide international trade

participants with a secure platform and tools to establish trust and trade globally in an

efficient manner across interconnected networks.

There have been no significant changes in the nature of these activities during the

year ended 31 March 2025.


Registered officeTradeWindow, Suite 4

31 Northcroft Street, Takapuna

Auckland, 0622

New Zealand


DirectorsKerry Michael Friend

Alasdair (Alexander) John MacLeod

Philip John Norman

Albertus Johannes Smith

The Directors were in office for the whole period unless otherwise stated.


AuditorUHY Haines Norton

Level 9

1 York Street

Sydney

NSW 2000

Trade Window Holdings Limited
Directors' report

For the year ended 31 March 2025



3

The directors present their report, together with the consolidated financial statements, on the consolidated entity (referred to

hereafter as the 'Group') consisting of Trade Window Holdings Limited (referred to hereafter as the 'Company') and the

entities it controlled at the end of, or during, the year ended 31 March 2025.


The directors are responsible for the preparation, in accordance with New Zealand law and generally accepted accounting

practice, of consolidated financial statements which give a true and fair view of the financial position of the Company as at

31 March 2025 and its financial performance for the year ended on that date.


The directors consider that the consolidated financial statements of the Company have been prepared using appropriate

accounting policies, consistently applied and supported by reasonable judgements and estimates and that all relevant

financial reporting standards have been followed.


The directors believe that proper accounting records have been kept which enable, with reasonable accuracy, the

determination of the financial position of the Company and facilitate compliance of the consolidated financial statements with

the Financial Reporting Act 2013.


The directors have responsibility for the maintenance of a system of internal controls designed to provide reasonable

assurance as to the integrity and reliability of financial reporting. The directors consider they have taken adequate steps to

safeguard the assets of the Company and to prevent and detect fraud and other irregularities.


Signed in accordance with a resolution of the Directors.



______________________________________________________

Alasdair MacLeodAJ Smith


 29 May 2025 

Trade Window Holdings Limited
Consolidated statement of profit or loss and other comprehensive income

For the year ended 31 March 2025


Note20252024

$$

The above consolidated statement of profit or loss and other comprehensive income should be read in conjunction with the

accompanying notes

4

Revenue

Revenue48,030,529 6,179,077

Other revenue540,028 573,936

Revaluation of contingent consideration- 1,216,000

8,070,557 7,969,013

Expenses

Personnel and employee expense7(6,908,098)(9,454,439)

Depreciation and amortisation expense(1,852,747)(2,512,165)

Other expenses6(2,688,622)(3,924,875)

(11,449,467)(15,891,479)

Operating loss(3,378,910)(7,922,466)

Net finance expense8(128,858)(86,520)

Loss before income tax expense(3,507,768)(8,008,986)

Income tax expense9(9,917)(4,629)

Loss after income tax expense for the year(3,517,685)(8,013,615)

Other comprehensive income

Items that may be reclassified subsequently to profit or loss

Foreign currency translation(76,211)(34,047)

(76,211)(34,047)

Total comprehensive income for the year(3,593,896)(8,047,662)


Loss per share

Basic loss per share (cents)27(2.75)(7.00)

Diluted loss per share (cents)27(2.75)(7.00)

Trade Window Holdings Limited
Consolidated statement of financial position

As at 31 March 2025


Note20252024

$$

The above consolidated statement of financial position should be read in conjunction with the accompanying notes

5

Assets

Current assets

Cash and cash equivalents10392,212 188,177

Trade and other receivables111,150,225 968,172

Contract assets5,250 30,239

Income tax receivable- 4,995

Total current assets1,547,687 1,191,583

Non-current assets

Trade and other receivables1148,711 51,457

Property, plant and equipment1263,866 66,546

Right-of-use assets1559,850 69,374

Intangible assets139,700,248 11,368,319

Restricted cash- 26,853

Total non-current assets9,872,675 11,582,549

Total assets11,420,362 12,774,132

Liabilities

Current liabilities

Trade and other payables141,348,849 1,365,898

Related party payables- 4,076

Lease liabilities1545,325 78,994

Income tax payable914,767 4,686

Contract liabilities709,903 638,979

Interest bearing loans and borrowings16369,815 58,100

Total current liabilities2,488,659 2,150,733

Non-current liabilities

Lease liabilities154,861 -

Interest bearing loans and borrowings161,013,214 1,383,029

Total non-current liabilities1,018,075 1,383,029

Total liabilities3,506,734 3,533,762

Net assets7,913,628 9,240,370

Equity

Issued capital1749,098,450 47,290,673

Foreign currency translation reserve(128,921)(52,710)

Share-based payments reserve18853,428 394,051

Accumulated losses(41,909,329)(38,391,644)

Total equity7,913,628 9,240,370

Trade Window Holdings Limited
Consolidated statement of changes in equity

For the year ended 31 March 2025


The above consolidated statement of changes in equity should be read in conjunction with the accompanying notes

6

Foreign

currencyShare-based

Issued

capital

Accumulated

losses

translation

reserve

payment

reserve

Total equity

$$$$$

Balance at 1 April 202346,180,576(30,378,029)(18,663)188,93515,972,819

Loss after income tax expense for the year-(8,013,615)--(8,013,615)

Other comprehensive income for the year, net

of tax--(34,047)-(34,047)

Total comprehensive income for the year-(8,013,615)(34,047)-(8,047,662)

Transactions with owners of the company:

Issue of capital (note 17)791,506---791,506

Equity-settled share-based payments ---205,116205,116

Share options exercised (note 17) 318,591---318,591

Balance at 31 March 202447,290,673(38,391,644)(52,710)394,0519,240,370


Foreign

currencyShare-based

Issued

capital

Accumulated

losses

translation

reserve

payments

reserve

Total equity

$$$$$

Balance at 1 April 202447,290,673(38,391,644)(52,710)394,0519,240,370

Loss after income tax expense for the year-(3,517,685)--(3,517,685)

Other comprehensive income for the year, net

of tax--(76,211)-(76,211)

Total comprehensive income for the year-(3,517,685)(76,211)-(3,593,896)

Transactions with owners of the company:

Contributions of equity, net of transaction costs

(note 17)2,033,196---2,033,196

Equity-settled share-based payments (note 17) 93,115--140,843233,958

Reclassification (note 17) (318,534)--318,534-

Balance at 31 March 202549,098,450(41,909,329)(128,921)853,4287,913,628

Trade Window Holdings Limited
Consolidated statement of cash flows

For the year ended 31 March 2025


Note20252024

$$

The above consolidated statement of cash flows should be read in conjunction with the accompanying notes

7

Cash flows from operating activities

Receipts from customers8,840,952 7,138,177

Payments to suppliers and employees(10,368,139)(13,994,881)

Income tax received- 46,244

Grant and other income2,668 1,056,538

Net cash used in operating activities25(1,524,519)(5,753,922)

Cash flows from investing activities

Payments for property, plant and equipment12(58,923)(12,131)

Proceeds from disposal of property, plant and equipment30,692 8,742

Interest received21,142 80,017

Net cash from/(used in) investing activities(7,089)76,628

Cash flows from financing activities

Interest paid on lease liability15(6,896)(25,991)

Proceeds from share capital172,033,196 500,000

Repayment of borrowings(58,100)(357,741)

Payments for lease liability - principal portion15(96,886)(273,271)

Proceeds from exercise of share options- 56

Interest paid(135,671)(125,707)

Net cash from/(used in) financing activities1,735,643 (282,654)

Net increase/(decrease) in cash and cash equivalents204,035 (5,959,948)

Cash and cash equivalents at the beginning of the financial year188,177 6,148,125

Cash and cash equivalents at the end of the financial year10392,212 188,177

Trade Window Holdings Limited
Notes to the consolidated financial statements

For the year ended 31 March 2025



8

1. General information


The consolidated financial statements comprise Trade Window Holdings Limited (the ‘Company’) and its subsidiaries

(together the ‘Group’).


Trade Window Holdings Limited is a profit-oriented entity incorporated on 10 September 2021 and domiciled in New Zealand

and registered under the Companies Act 1993.


Trade Window Holdings Limited was incorporated for the purpose of being the holding company for Trade Window Limited.

Prior to Trade Window Holdings Limited's incorporation, the Group comprised of Trade Window Limited and its subsidiaries.


The consolidated financial statements were authorised for issue, in accordance with a resolution of directors, on 29 May

2025. The directors have the power to amend and reissue the consolidated financial statements.


2. Material accounting policy information


New or amended Accounting Standards and Interpretations adopted

The Group has adopted all of the new or amended Accounting Standards and Interpretations issued by the External

Reporting Board ('XRB') that are mandatory for the current reporting period.


The adoption of these Accounting Standards and Interpretations did not have any significant impact on the financial

performance or position of the Group.


Any new or amended Accounting Standards or Interpretations that are not yet mandatory have not been early adopted.


NZ IFRS issued but not yet effective


Future changes

●NZ IFRS18 - Presentation and Disclosure in Financial Statements

Replaces NZ IAS 1 as the standard describing the primary financial statements and sets out requirements for the

presentation and disclosure of information in NZ IFRS-compliant financial statements. Amongst other changes, it

introduces the concept of the "management-defined performance measure" to financial statements and requires the

classification of transactions presented within the statement of profit or loss within one of the five categories -

operating, investing, financing, income taxes, and discontinued operations. It also provides enhance requirements for

the aggregation and disaggregation of information. This change is effective for annual reporting periods beginning on or

after 1 January 2027. The Group has not undertaken an assessment as to the impact of these changes at this stage.

●Amendments to NZ IFRS 9: Financial Instruments and NZ IFRS 7: Financial Instruments: Disclosures

This will provide clarifications on accounting for the settlement of liabilities through electronic payment systems, and on

the application of the classification requirements for financial assets, including financial assets with environmental,

social and corporate governance and similar features. In addition, it also introduces new disclosures for investments in

equity instruments designated at fair value through other comprehensive income, and financial instruments with

contingent features. This change is effective for annual reporting periods beginning on or after 1 January 2026. The

Group has not undertaken an assessment as to the impact of these changes at this stage.


No other standards, amendments or interpretations that have been issued but are not yet effective are expected to

materially impact the consolidated financial statements

Trade Window Holdings Limited
Notes to the consolidated financial statements

For the year ended 31 March 2025


2. Material accounting policy information (continued)



9

Basis of preparation


Statement of compliance

These consolidated financial statements have been prepared in accordance with Generally Accepted Accounting Practice in

New Zealand ('NZ GAAP'). They comply with the New Zealand Equivalents to International Financial Reporting Standards

and other applicable Financial Reporting Standards, as appropriate for Tier 1 for-profit entities. The consolidated financial

statements of the Group also comply with International Financial Reporting Standards (IFRS). The consolidated financial

statements were authorised for issue by the directors on the date included on page 3. The Group is a reporting entity for the

purposes of the Financial Reporting Act 2013 and its consolidated financial statements comply with that Act.


Accounting policies

The accounting policies set out below have been consistently applied to all periods presented in these consolidated financial

statements. Where applicable, certain comparatives have been reclassified to comply with the accounting presentation

adopted in the current year to ensure consistency with the current year classification.


Historical cost convention

The consolidated financial statements have been prepared under the historical cost convention.


Functional and presentation currency

Amounts are expressed in New Zealand Dollars ($) which is the functional and presentation currency and are rounded to the

nearest dollar.


Going concern

The Group prepares its consolidated financial statements on a going concern basis and expects to be able to realise its

assets and meet its financial obligations in the normal course of business.


The Group is an early-stage organisation and as such has reported a loss for the year ended 31 March 2025 of $3.5 million

(31 March 2024: $8.0 million), and operating cash outflows of $1.5 million (31 March 2024: $5.8 million).


As previously announced, in response to various external factors, the Group shifted focus to growing revenues from core

profitable products and to significant cost reductions to provide a pathway to monthly EBITDA breakeven in March 2025.

The Group’s proven disciplined cost structure is planned to continue through FY26, and is expected to deliver annual

EBITDA profit for that period.


As at 31 March 2025, the Group held cash and cash equivalents of $0.4 million (31 March 2024: $0.2 million). During the

period the Group successfully raised $2.2 million equity capital (before capital raise costs) which enabled it to achieve its

budgeted monthly EBITDA breakeven in March 2025. No additional funding is required under the financial forecasts.


The Board-approved financial forecasts for FY26 and FY27 project sufficient cash available to satisfy all financial obligations

which arise in the next 14 months from 31 March 2025. The forecast cash flows are dependent on the key assumptions

outlined below:


a.Achievement of targeted revenue growth.

Sales are budgeted to increase between 25% to 37% on the prior year. As reported in these consolidated financial

statements, the revenue for FY25 is $8.0 million representing an increase of 30% over the same period last year. The

full year impact of new customers and price increases implemented during FY25 is expected to generate the majority of

the additional growth in FY26.

b.Successful operation of cost-reduced business.

A low cost operating structure has been successfully implemented and in FY25 has proven the Group’s continued ability

to serve its current and future customers, meet market demand and generate revenue from existing solutions.

c.Compliance with ASB loan covenants.

The Group is in full compliance with the terms of its ASB loan facility. A breach of these undertakings, which is not

anticipated, could result in acceleration of remaining outstanding loan balance. Following regular monthly repayments

from April 2025, a final payment is due to ASB of around $570 thousand in October 2026. As at 31 March 2025, this

balance was $1.0m.

Trade Window Holdings Limited
Notes to the consolidated financial statements

For the year ended 31 March 2025


2. Material accounting policy information (continued)



10

The forecast’s assumptions have been stress tested against a range of scenarios including material reduction in new

business revenue without commensurate cost cutting, which demonstrates that the cashflow forecast is sensitive to changes

in key growth assumptions.


Should the Group be unable to achieve the forecast cash flows mentioned above, the Group may have insufficient liquid

assets to be able to continue as a going concern for a period of at least 12 months from the issuance of these financial

statements. Therefore, material uncertainty exists that may cast significant doubt on the Group’s ability to continue as a

going concern and therefore that the Group may be unable to realise its assets and discharge its liabilities in the normal

course of business.


The Directors consider the Group to be a going concern and believe the Group will achieve its financial forecasts to the

extent necessary to ensure the Group will have sufficient liquidity to continue as a going concern and meet its financial

obligations for the foreseeable future.


Impairment

The carrying amounts of the Group’s non-financial assets are reviewed at each reporting date to determine whether there is

any indication of impairment. If any such indication exists, then the asset’s recoverable amount is estimated. Goodwill and

indefinite-lived intangible assets are tested annually for impairment.


An impairment loss is recognised if the carrying amount of an asset or its related cash-generating unit (CGU) exceeds its

estimated recoverable amount.


The recoverable amount of an asset or CGU is the greater of its value in use and its fair value less costs to sell. The Group

has adopted the Value in Use method (previously Fair value less cost of disposal).


Subject to an operating segment ceiling test, CGUs to which goodwill has been allocated are aggregated so that the level at

which impairment testing is performed reflects the lowest level at which goodwill is monitored for internal reporting purposes.

Goodwill acquired in a business combination is allocated to groups of CGUs that are expected to benefit from the synergies

of the combination.


Impairment losses are recognised in profit or loss. Impairment losses recognised in respect of CGUs are allocated first to

reduce the carrying amount of any goodwill allocated to the CGU (group of CGUs), and then to reduce the carrying amounts

of the other assets in the CGU (group of CGUs) on a pro rata basis.


An impairment loss in respect of goodwill is not reversed. For other assets, an impairment loss is reversed only to the extent

that the asset’s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation

or amortisation, if no impairment loss had been recognised.


Principles of consolidation

The consolidated financial statements incorporate the assets and liabilities of all subsidiaries of Trade Window Holdings

Limited ('Company' or 'parent entity') as at 31 March 2025 and the results of all subsidiaries for the year then ended. Trade

Window Holdings Limited and its subsidiaries together are referred to in these consolidated financial statements as the

'Group'.


Subsidiaries are all those entities over which the Group has control. The Group controls an entity when the Group is

exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns

through its power to direct the activities of the entity. Subsidiaries are fully consolidated from the date on which control is

transferred to the Group. They are deconsolidated from the date that control ceases.

Trade Window Holdings Limited
Notes to the consolidated financial statements

For the year ended 31 March 2025



11

3. Critical accounting judgements, estimates and assumptions


The preparation of the consolidated financial statements in conformity with NZ IFRS and IFRS requires management to

make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of

assets, liabilities, income and expenses. Actual results may differ from these estimates.


The critical judgements are detailed below:


●Note 2 'Going concern', in determining whether the Group is a going concern.

●Note 13 'Intangible assets', in determining whether the Group's assets are impaired.


4. Revenue


The Group generates revenue primarily from customers subscribing to and utilising its software platforms. In the following

table, revenue from contracts with customers is disaggregated by primary nature and timing of revenue recognition.



20252024

$$

Transactional revenue4,288,953 2,970,783

Installation revenue230,115 123,784

Subscription revenue3,280,335 2,815,492

Service revenue231,126 269,018

Total revenue8,030,529 6,179,077


The Group's revenue disaggregated by primary geographical markets is as follows:

20252024

$$

New Zealand4,623,329 3,974,394

Australia3,073,223 1,827,586

Rest of world333,977 377,097

8,030,529 6,179,077


Revenue policy

Revenue is measured based on the consideration specified in the contract with a customer. The Group recognises revenue

when it transfers control of a good or service to a customer. Revenue is disclosed net of credit notes and discounts. Unbilled

revenue at year-end is recognised as a contract asset and any unearned revenue at year-end is recognised as a contract

liability. See table below for details of contract assets and liabilities at year-end.


Transactional revenue

Transactional revenue is recorded at the time the transactions are processed by the customer using the Group’s software

platforms. Transaction revenue is based on volume of usage and is recognised at a point in time. Customers are mainly

invoiced monthly and have payment terms of up to 30-days.


Subscription revenue

Subscription revenue comprises recurring monthly fees from customers who have subscribed to the Group’s software

platforms. The fee provides the customer with access to the various software platforms, regular software updates and

customer support services. Subscription revenue is invoiced either in advance or monthly in arears, depending on the

software product. Subscription revenue is recognised over time as the services are used or delivered to the customer.

Customers are mainly invoiced monthly and have payment terms of up to 30-days.

Trade Window Holdings Limited
Notes to the consolidated financial statements

For the year ended 31 March 2025


4. Revenue (continued)



12

Service revenue

Service revenue relates to ad-hoc customer support services outside of the scope of the standard support agreement. The

services are mainly for customer support to customers who request non-standard customisation or assistance with a specific

project. Service revenue is recognised over time as the service is delivered to the customer, these range from a few hours to

a week. Customers are mainly invoiced monthly and have payment terms of up to 30-days.


Installation revenue

Installation revenue comprises of one-off installation, software customisation and user training services. The Group has

assessed that installation is a separate performance obligation for certain products, and all the activities are considered as

one performance obligation which is satisfied over the term of the contract as the customer simultaneously receives and

consumes the benefits provided to them. On commencement of the software installation, the customers subscribe to

ongoing maintenance and support services to ensure that the software is regularly maintained by the Group. The Group 

uses the output method of measuring progress of installation as it fairly depicts the entity’s performance towards complete

satisfaction of the performance condition. Majority of customers are invoiced in advance and then on milestone completion.

Payment terms are up to 30-days from invoice date.


Contract balances

The following table provides information about receivables, contract assets and contract liabilities from contracts with

customers.


20252024

$$

Receivables, which are included in "Trade and other receivables"982,126 693,117

Contract assets5,250 30,239

Contract liabilities(709,903)(638,979)

277,473 84,377


The contract liabilities primarily relate to advance consideration the Group received from customers for installation and for

subscribing to its software platforms, for which revenue is recognised over time.


The contract assets primarily relate to the Group’s rights to consideration for work completed but not billed at the reporting

date. Contract assets are assessed for impairment under the requirements in the financial instruments standard. Any

unconditional rights to consideration are presented separately as a receivable.


Information about remaining performance obligation has not been provided as these have an expected duration of less than

12 months.

Trade Window Holdings Limited
Notes to the consolidated financial statements

For the year ended 31 March 2025



13

5. Other revenue


20252024

$$

Profit on sale of fixed assets32,478 40,573

Grant income- 309,750

Other income7,550 223,613

40,028 573,936


Grant income

In the prior year, the Group was eligible for the IRD’s Research & Development Tax Incentive (RDTI) scheme which allows

for a 15% tax credit for eligible R&D expenditure not claimed under any other scheme.


Other income

Other income in the prior year included a settlement payment resulting from the cancellation of a strategic partnership

agreement.


6. Other expenses


Other expenses include the following:


20252024

$$

Director fees178,582 201,375

Bad debts written off758 7,978

The following fees were paid or payable for services provided by the auditor

- Fees relating to the audit155,520 124,000


7. Personnel and employee expense


20252024

$$

Short-term employee benefits (salaries)5,568,580 7,153,095

Post-employment benefits (superannuation)236,193 251,073

Contracted resources741,495 1,179,644

Other employee benefits361,830 870,627

6,908,098 9,454,439

Trade Window Holdings Limited
Notes to the consolidated financial statements

For the year ended 31 March 2025



14

8. Net finance expense


20252024

$$

Interest income(16,147)(80,017)

Interest expense138,109 140,546

Interest on lease liabilities6,896 25,991

128,858 86,520


Finance income and expense policy

Interest income is income on funds invested using the effective interest method. Interest expenses are expenses on

borrowings and interest on lease liabilities.


Borrowing costs that are not directly attributable to the acquisition, construction or production of a qualifying asset are

recognised in profit or loss using the effective interest method.


9. Income tax


20252024

$$

Income tax expense

Current tax9,917 4,629

Aggregate income tax expense9,917 4,629

Numerical reconciliation of income tax expense and tax at the statutory rate

Loss before income tax expense(3,507,768)(8,008,986)

Tax at the statutory tax rate of 28%(982,175)(2,242,516)

Tax effect amounts which are not deductible/(taxable) in calculating taxable income:

Non-deductible expense51,658 242,392

Non-assessable income- (490,284)

Deferred tax not recognised in current tax year930,683 2,491,631

Effect of different tax rates9,751 3,406

Income tax expense9,917 4,629


The current tax asset of $Nil (2024: $4,995) represents the amount of New Zealand income taxes receivable in respect of

the current period. The current tax liability of $14,767 (2024: $4,686) represents the amount of Philippines income taxes

payable in respect of the current period.

Trade Window Holdings Limited
Notes to the consolidated financial statements

For the year ended 31 March 2025


9. Income tax (continued)



15

Deferred Tax


Balance 1

April 2024

Recognised

in profit/loss

Balance 31

March 2025 

$$$

Year ended 31 March 2025

Intangible and Property, plant and equipment(950,373)391,048(559,325)

Lease liabilities2,6931,3214,014

Accruals and Employee Benefits133,88731,414165,301

Net taxable loss813,793(423,783)390,010

---


Balance 1

April 2023

Recognised

in profit/loss

Balance 31

March 2024

$$$

Year ended 31 March 2024

Intangibles and Property, plant and equipment(1,204,249)253,876(950,373)

ESOP52,902(52,902)-

Lease liabilities8,540(5,847)2,693

Accruals and Employee benefits128,1275,760133,887

Net taxable loss1,014,680(200,887)813,793

---


The Group has $37,917,918 (2024: $36,267,332) of tax losses for which no deferred tax asset has been recognised in the

statement of financial position as it is not probable that the Group will be achieving sufficient taxable profits in the

foreseeable future. The current year tax loss is subject to Inland Revenue assessment.


10. Cash and cash equivalents


20252024

$$

Cash at bank392,212 188,177


The bank accounts include cash balances held with ASB Bank Limited of $210,906 (2024: $82,280), which is a related

party. Bank balances are also held with the Commonwealth Bank of Australia, the parent company of ASB Bank Limited, of

$141,817 (2024: $ 95,889). The Group also had an undrawn overdraft facility with ASB Bank limited to a maximum of

$150,000. The interest rate at balance date was 8.85% (2024: 10.88%) per annum.


Restricted cash is comprised of cash balances held with Commonwealth Bank Australia of $Nil (2024: $26,853), that is held

as a rent guarantee over one of the leases.

Trade Window Holdings Limited
Notes to the consolidated financial statements

For the year ended 31 March 2025



16

11. Trade and other receivables


20252024

$$

Current assets

Trade receivables982,126 693,117

Less: Allowance for expected credit losses(69,111)(46,801)

913,015 646,316

Prepayments237,210 321,214

Other receivables- 642

237,210 321,856

1,150,225 968,172

Non-current assets

Prepayments48,711 51,457


Bad debt expense of $758 (2024: $7,978) has been recorded within other expenses in the statement of profit or loss and

other comprehensive income.


Allowance for expected credit losses

20252024

$$

Opening loss allowance46,801 6,745

Loss allowance recognised during the year22,120 54,637

Bad debts written off during the year(758)(7,978)

Loss allowance unused and reversed during the year- (1,431)

Effects of movements in exchange rate948 (5,172)

Closing loss allowance69,111 46,801


Trade and other receivables policy

Trade and other receivables (unless it is a trade receivable without a significant financing component) is initially recognised

at fair value plus transaction costs. A trade receivable without a significant financing component is initially measured at the

transaction price. It is then subsequently measured at amortised cost using the effective interest method, less any provision

for impairment.


A provision for impairment of trade receivables is established when there is objective evidence that the Group will not be

able to collect all amounts due according to the original terms of receivables. Impairment is calculated based on an

expected credit loss (ECL) model under NZ IFRS 9. Refer to Note 16 for information about calculation and recognition of

expected credit losses. The amount of the provision is recognised in profit or loss.

Trade Window Holdings Limited
Notes to the consolidated financial statements

For the year ended 31 March 2025



17

12. Property, plant and equipment


Leasehold

Improvements

Furniture and

fittings

Plant and

equipment

Motor

vehiclesTotal

 $  $  $  $  $ 

Year ended 31 March 2025

Opening balance59,01678,930423,490-561,436

Effects of movements in exchange rate182-451-633

Additions15,163-43,760-58,923

Disposal(59,198)(50,797)(327,621)-(437,616)

Total cost15,16328,133140,080-183,376

Accumulated depreciation

Opening balance58,77654,099382,015-494,890

Effects of movements in exchange rate182-491-673

Depreciation on disposal(63,389)(49,050)(328,267)-(440,706)

Depreciation expense11,3404,71348,600-64,653

Total accumulated depreciation6,9099,762102,839-119,510

Summary

Net carrying amount at 31 March 202424024,83141,475-66,546

Net carrying amount at 31 March 20258,25418,37137,241-63,866


Leasehold

Improvements

Furniture and

fittings

Plant and

equipment

Motor

vehiclesTotal

 $  $  $  $  $ 

Year ended 31 March 2024

Opening balance58,68478,394427,8639,556574,497

Effects of movements in exchange rate332536307-1,175

Additions--7,949-7,949

Disposal--(12,629)(9,556)(22,185)

Total cost59,01678,930423,490-561,436

Accumulated depreciation

Opening balance28,88313,539280,6187,024330,064

Effects of movements in exchange rate88536154-778

Depreciation on disposal--(9,451)(8,864)(18,315)

Depreciation expense29,80540,024110,6941,840182,363

Total accumulated depreciation58,77654,099382,015-494,890

Summary

Net carrying amount at 31 March 202329,80164,855147,2452,532244,433

Net carrying amount at 31 March 202424024,83141,475-66,546


Property, plant and equipment policy

All property, plant and equipment is measured at cost less accumulated depreciation and accumulated impairment losses.


The depreciation rates for significant items of property, plant and equipment are as follows:


Leasehold improvements20.00% - 33.30%

Motor vehicles21.00%

Furniture and fittings10.50%

Plant and equipment30.00% - 40.00%


The residual values, useful lives and depreciation methods are reviewed, and adjusted if appropriate, at each reporting date.

Trade Window Holdings Limited
Notes to the consolidated financial statements

For the year ended 31 March 2025


12. Property, plant and equipment (continued)



18

Impairment

The carrying amounts of property, plant and equipment are reviewed at each balance date to determine whether there is

any indication of impairment. If any such indication exists, the asset's recoverable amount is estimated.


There was no impairment of assets recognised for during the year.


13. Intangible assets


Software

Customer

relationshipsGoodwillTotal

$$$ $ 

Year ended 31 March 2025

Opening balance8,860,557456,0167,615,76116,932,334

Total cost8,860,557456,0167,615,76116,932,334

Accumulated amortisation

Opening balance5,370,207193,808-5,564,015

Amortisation expense1,622,46945,602-1,668,071

Total accumulated amortisation6,992,676239,410-7,232,086

Summary

Net carrying amount at 31 March 20243,490,350262,2087,615,76111,368,319

Net carrying amount at 31 March 20251,867,881216,6067,615,7619,700,248


Software

Customer

relationshipsGoodwillTotal

$$$ $ 

Year ended 31 March 2024

Opening balance8,860,557456,0167,615,76116,932,334

Total cost8,860,557456,0167,615,76116,932,334

Accumulated amortisation

Opening balance3,581,207148,206-3,729,413

Amortisation expense1,789,00045,602-1,834,602

Total accumulated amortisation5,370,207193,808-5,564,015

Summary

Net carrying amount at 31 March 20235,279,350307,8107,615,76113,202,921

Net carrying amount at 31 March 20243,490,350262,2087,615,76111,368,319


Intangible assets policy

Goodwill is measured at cost less accumulated impairment losses. Other intangible assets that are acquired by the Group

and have finite useful lives are measured at cost less accumulated amortisation and any accumulated impairment losses.


The estimated useful lives and remaining amortisation period are as follows:


Asset class

Software1 to 5 years

Customer relationships10 years


The Group tests whether goodwill has suffered any impairment on an annual basis. No impairment on the carrying amount

of goodwill has been recognised during the financial year (2024: $Nil).

Trade Window Holdings Limited
Notes to the consolidated financial statements

For the year ended 31 March 2025


13. Intangible assets (continued)



19

The recoverable amount of an asset or CGU is the greater of its value in use and its fair value less costs to sell. The Group

has adopted the Value in Use method.


In assessing Value in Use, estimated future cash flows are discounted to their present value using a pre-tax discount rate of

17% that reflects current market assessments of the time value of money and the risk specific to the asset.


Future cashflows are based on five-year projections for the Group, which included the Board approved budget for the year

to 31 March 2026. The forecast financial information is based on both past experience and future expectations of operating

performance and requires judgements to be made as to the revenue growth, operating cost projections and the market

environment. Revenue is projected to grow at a compound average growth rate of 16% for the first 5 years. Actual results

may be substantially different. The terminal growth rate assumed is 2.5% which does not exceed the long-term average

growth rate for the market in which the  Group operates.


Management believes that any reasonably possible change in the key assumptions on which the recoverable amount is

based would not cause the carrying amount to exceed its recoverable amount.


Intangible assets acquired as part of a business combination, other than goodwill, are initially measured at their fair value at

the date of the acquisition. Intangible assets acquired separately are initially recognised at cost. Indefinite life intangible

assets are not amortised and are subsequently measured at cost less any impairment. Finite life intangible assets are

subsequently measured at cost less amortisation and any impairment.


Research and development

Research costs are expensed in the period in which they are incurred. Development costs are capitalised when it is

probable that the project will be a success considering its commercial and technical feasibility; the Group is able to use or

sell the asset; the Group has sufficient resources and intent to complete the development; and its costs can be measured

reliably. Capitalised development costs are amortised on a straight-line basis over the period of their expected benefit, being

their finite life.


Software

Significant costs associated with software are deferred and amortised on a straight-line basis over the period of their

expected benefit, being their finite life.


14. Trade and other payables


20252024

$$

Trade payables253,746 256,176

Accruals442,326 422,217

Sundry payables290,479 253,072

Employee benefits362,298 434,433

1,348,849 1,365,898


Trade and other payables policy

Trade and other payables are measured at amortised cost. These amounts represent liabilities for goods and services

provided to the Group prior to the end of financial year which are unpaid. The amounts are unsecured and are usually paid

within 30 days of recognition.


Employee benefits policy

Short-term employee benefits obligations are measured on an undiscounted basis and are expensed as the related service

is provided. A liability is recognised for the amount expected to be paid for outstanding annual leave balances if the Group

has a present legal or constructive obligation to pay this amount as a result of past services provided by the employee and

the obligation can be estimated reliably.

Trade Window Holdings Limited
Notes to the consolidated financial statements

For the year ended 31 March 2025



20

15. Leases


Right-of-use assets


20252024

$$

Buildings

Cost

Opening balance1,248,7381,784,505

Additions110,492-

Disposals(1,248,738)(544,957)

Effects of movements in exchange rates-9,190

Total cost110,4921,248,738

Accumulated depreciation

Opening balance1,179,364941,707

Disposals(1,248,738)(261,125)

Depreciation expense120,016495,719

Effects of movements in exchange rates-3,063

Total accumulated depreciation50,6421,179,364

Opening net carrying amount69,374842,798

Closing net carrying amount59,85069,374


The right-of-use assets are regularly assessed for impairment.


Lease Liabilities


20252024

$$

Current liabilities

Lease liability45,325 78,994

Non-current liabilities

Lease liability4,861 -


Amounts recognised in statement of comprehensive income

Interest on lease liabilities6,896 25,991

Depreciation on right-of-use assets120,016 495,719

Variable lease payments 37,513 125,959

Short-term lease expenses54,142 102,221


Amounts recognised in statement of cash flow

Interest on lease liabilities6,896 25,991

Principal lease payments96,886 273,271


The table below describes the nature of the Group's leasing activities by type of right-of-use asset recognised on the

consolidated statement of financial position.


Right-of-use assetBuildings

No. of right-of-use assets leased1

Range of remaining terms in months13

Average remaining term in months13

No. of leases with options to purchase-

No. of leases with termination options-

Trade Window Holdings Limited
Notes to the consolidated financial statements

For the year ended 31 March 2025



21

16. Interest bearing loans and borrowings


20252024

$$

Current liabilities

ASB term loan310,104 -

Callaghan R&D loan59,711 58,100

369,815 58,100

Non-current liabilities

ASB term loan728,199 1,038,303

Callaghan R&D loan285,015 344,726

1,013,214 1,383,029


Terms and repayments schedule


LoanCurrencyInterest rateMaturity date $ $

ASB term loanNZD10.39% 30/10/20261,038,3031,038,303

Callaghan R&D loanNZD3.00% 13/08/2030344,726402,826

1,383,0291,441,129


The face value and carrying value of the loans are the same.


Financial covenants

Trade Window Services Limited (TWSL) has a secured bank loan with ASB Bank with a carrying amount of $1,038,303 at

31 March 2025 (2024: $1,038,303), to which Trade Window Limited is the guarantor. The loan is repayable in monthly

instalments of interest and principal until 30 October 2026, followed by a final payment of around $570 thousand in October

2026. The loan contains financial covenants, which if breached, could permit the lender to immediately call on the loan. The

specific covenants relating to financial ratios of Trade Window Services Limited is required to meet within 12 months of

reporting date are:


RatioGearing ratioInterest cover ratioEquity ratioRevenue target

DetailCore debt to equity

EBITDA to total bank

interest

Shareholders' funds to

total assets

Actual revenue as a

percentage of forecast for

the past 12 months

RequirementLess than 2.5 timesMore than 3 timesGreater than 45%Greater than 85%

Timing

End of each financial

quarter

End of each financial

quarter

End of each financial yearEnd of each month

Actual

0.3 times at 31 March

2025

37.4 times at 31 March

2025

90% at 31 March 2025

102% for the period ended

31 March 2025


At balance date, the Company has met all its covenants.


The ASB loan is secured over the assets of TradeWindow Services Limited together with an unlimited guarantee and

indemnity from Trade Window Limited.

Trade Window Holdings Limited
Notes to the consolidated financial statements

For the year ended 31 March 2025


16. Interest bearing loans and borrowings (continued)



22

On 13 August 2020, the Company received an R&D loan of $400,000 from Callaghan Innovation as assistance for the

economic impacts of COVID19 on the business. The loan balance at 31 March 2025 was $344,726 which included an

interest accrual of 3% (2024: $402,826).


17. Issued capital


2025202420252024

Number of

shares

Number of

shares$$

Shares

Balance 1 April117,195,875113,026,23247,290,67346,180,576

Issue of ordinary shares12,690,8582,057,6142,033,196500,000

Shares issued in respect of payment of vendor services483,4661,079,69393,115291,506

Shares issued in respect of employee share options

exercised420,7491,032,336-318,591

Reclassification--(318,534)-

130,790,948117,195,87549,098,45047,290,673


During April 2024, Trade Window Holdings Limited raised $2,221,132 before capital raise expenses, by way of a private

placement ($2,000,226) and a share purchase plan ($221,907). As announced through NZX on 17 April 2024, and

approved at the 13 June 2024 special meeting of shareholders, TradeWindow Founder and CEO, AJ Smith’s share

subscription had delayed settlement dates of July 2024 and November 2024.

During the period vendors accepted payment in shares of $93,115 (shares issued 483,466).

At 31 March 2025, share capital comprised 130,790,948 shares. All issued shares rank equally, are fully paid and have no

par value.


Capital management

For the purpose of the Group's capital management, capital includes issued capital, convertible notes and all other equity

reserves attributable to the equity holders of the parent. The primary objective of the  Group's capital management is to

maximise the shareholder value. The Group manages its capital structure and makes adjustments in light of changes in

economic conditions and the requirements of the financial covenants. There are no externally imposed capital requirements.

Trade Window Holdings Limited
Notes to the consolidated financial statements

For the year ended 31 March 2025



23

18. Share-based payments reserve


As at 31 March 2025 the Group had the following share-based payments arrangements:


2019/20 Share Option scheme

The Group established a share option programme that entitled senior management to purchase shares in the Company on

31 October 2019, which was revised on 25 March 2020 and 19 November 2021. Under this programme, holders of vested

options are entitled to purchase shares at the exercise price specified at grant date. All options are to be settled by the

physical delivery of shares.


Under this plan, grantees have been granted options to purchase ordinary shares at an exercise price based on the fair

value of Trade Window Holdings Limited's shares on the date of the grant as approved by the directors. Once granted,

options vest over a period of time which is stated in the options offer letter to the grantee. The grantee may exercise an

option that has vested at any time during the period commencing on the date on which the option vested and ending on the

expiry date. Under the terms of the scheme unvested options lapse immediately on termination of service. For a good

leaver, as defined, vested options must be exercised within three months following termination of services, and any options

exercised and converted to shares may be retained. For a bad leaver, as defined, vested options are cancelled on the

leaving date.


No options were approved to be issued under the existing scheme since prior to listing on 19 November 2021.


The number and weighted average exercise prices of share options under the employee share option programmes were as

follows:

Number of

options

Weighted

average exercise

price

Year ended 31 March 2025

Outstanding at the beginning of the period14,4900.00092

Granted during period--

Revoked during period--

Exercised at end of 31 March 2025 --

Outstanding at the end of the period14,4900.00092

Comprised of:

Vested (and not exercised)14,490-

Granted but not vested--

14,490-


Number of

options

Weighted

average exercise

price

Year ended 31 March 2024

Outstanding at the beginning of the period85,5110.00092

Revoked during period(12,294)0.00092

Exercised at end of 31 March 2024 (58,727)0.00092

Outstanding at the end of the period14,4900.00092

Comprised of:

Vested (and not exercised)14,490-

Trade Window Holdings Limited
Notes to the consolidated financial statements

For the year ended 31 March 2025


18. Share-based payments reserve (continued)



24

2022 Share Option schemes


Employees LTI Option Plan

During the financial year ended 31 March 2023, the Group introduced a share option programme to replace the 2019/20

scheme. The establishment of the 2022 Share Option Plan is designed to provide long-term incentives for senior managers

(including executive directors) to deliver long-term shareholder value, as well as retain and motivate participants. Under this

programme, participants were issued options at the equivalent price of $0.74. This price was determined with reference to

TWL's closing share price on 29 July 2022. Under the terms of the scheme, unvested options lapse on the date employment

ceases.


The key terms and conditions of the share options granted under this programme are as follows, all options are to be settled

by the physical delivery of shares:


Grant date

Number of

instrumentsExercise priceVesting dateVesting conditions

Contractual life

of options

July 20221,169,670Nil1 July 2025Subject to hurdle rate of

17.5% per annum growth in

the share price, based on the

issue price.

5 years

July 202254,054Nil1 July 2025Must be employed by the

company on vesting date

5 years


Non-Executive Directors Option Plan

Also during the prior year the Group introduced a share option programme for Non-Executive Directors.


Under this programme, holders of vested options are entitled to purchase shares at an exercise price equal to the VWAP of

TradeWindow shares over the 20 Business Day period prior to the date of issuance of the Options, subject to a floor price of

$0.70 per share.


The key terms and conditions of the share options granted under this programme are as follows, all options are to be settled

by the physical delivery of shares:


Grant date

Number of

instrumentsExercise priceVesting dateVesting conditions

Contractual life

of options

Sep 2022300,000$0.70Progressively

over two years

from grant date

None3 years


2023/24 Salary Sacrifice Option Plan

During the prior year, the Group introduced a share option programme for senior management where participants make a

salary sacrifice in exchange for employee share options in the Company. The programme ran for 13 months, ending 30 April

2024. Under this programme, the number of options to be granted to a participant was determined each payday by dividing

150% of the salary sacrifice amount by the mid-point share price on the salary payment date. Granted options vest

immediately and the participant has five years from issue date to exercise the options. Holders of vested options are entitled

to purchase shares at $Nil exercise price.


The key terms and conditions of the share options granted under this programme are as follows, all options are to be settled

by the physical delivery of shares:


Grant period

Number of

instrumentsExercise priceVesting dateVesting conditions

Contractual life

of options

1 April 2023 -

31 March 2024

1,592,695$0.00ImmediatelyNone5 years

1 April 2024 -

31 March 2025

290,854$0.00ImmediatelyNone5 years

Trade Window Holdings Limited
Notes to the consolidated financial statements

For the year ended 31 March 2025


18. Share-based payments reserve (continued)



25

The number and weighted average exercise prices of share options under the employee share option programmes were as

follows:


Number of

options

Weighted

average exercise

price

Year ended 31 March 2025

Outstanding at the beginning of the period1,832,7950.10185

Granted during period290,854-

Revoked during period(133,896)0.34853

Exercised at end of 31 March 2025 (420,749)-

Outstanding at the end of the period1,569,0040.08923

Comprised of:

Vested (and not exercised)743,214-

Granted but not vested825,790-

1,569,004-


Number of

options

Weighted

average exercise

price

Year ended 31 March 2024

Outstanding at the beginning of the period1,448,6490.14496

Granted during period1,646,719-

Revoked during period(288,964)0.08075

Exercised at end of 31 March 2024 (973,609)-

Outstanding at the end of the period1,832,7950.10185

Comprised of:

Vested (and not exercised)873,110-

Granted but not vested959,685-

1,832,795-


Expense recognised in profit or loss

The total expense recognised in the statement of comprehensive income during the year was $140,843 (2024: $523,638).


19. Contingent liabilities


The Group has a contingent liability in 2025 of $1,035,902 relating to R&D tax losses cashed out (2024: $1,035,902). If the

Group becomes profitable in the future, there is a change in the shareholders greater than 90%, or a liquidation event

occurs, it would become payable.


There are no other contingencies.

Trade Window Holdings Limited
Notes to the consolidated financial statements

For the year ended 31 March 2025



26

20. Financial instruments classification and risk management


The Group's overall financial risk management programme focuses primarily on maintaining a financial risk profile that

provides flexibility to implement the Group's strategies, while optimising return on assets. Financial risk management is

centralised, which supports compliance with the financial risk management policies and procedures set by the Board.


The Group holds the following financial assets and liabilities, the table below shows their carrying amount and measurement

basis.


Categories of financial assets and liabilities


Amortised

cost

Financial

liabilities at

amortised costTotal

31 March 2025$ $ $

Assets

Cash and cash equivalents392,212-392,212

Trade receivables913,015-913,015

Total financial assets1,305,227-1,305,227

Liabilities

Trade payables-1,348,8491,348,849

Interest bearing loans and borrowings-1,383,0291,383,029

Lease liability-50,18650,186

Total financial liabilities-2,782,0642,782,064


Amortised

cost

Financial

liabilities at

amortised costTotal

31 March 2024$$$

Assets

Cash and cash equivalents188,177-188,177

Trade and other receivables646,316-646,316

Restricted cash26,853-26,853

Total financial assets861,346-861,346

Liabilities

Trade and other payables-1,365,8981,365,898

Interest bearing loans and borrowings-1,441,1291,441,129

Related party payables-4,0764,076

Lease liability-78,99478,994

Total financial liabilities-2,890,0972,890,097


Financial risk management

The Group had exposure to the following risks from its use of financial instruments:

- Market risk (mainly interest rate risk)

- Credit risk

- Liquidity risk


Risk management framework

The Company's board of directors has overall responsibility for the establishment and oversight of the Group 's risk

management framework. The board of directors has established the Audit and Risk Committee, which is responsible for

developing and monitoring the  Group 's risk management policies. A risk register is maintained, and the Committee reports

regularly to the board of directors on its activities. The Group's risk management policies are established to identify and

analyse the risks faced by the  Group, to set appropriate risk limits and controls and to monitor risks and adherence to limits.

Trade Window Holdings Limited
Notes to the consolidated financial statements

For the year ended 31 March 2025


20. Financial instruments classification and risk management (continued)



27

Market risk

Market risk is the risk that changes in market prices - e.g. foreign exchange rates, interest rates and equity prices - will affect

the Group's income or the value of its holdings of financial instruments. The objective of market risk management is to

manage and control market risk exposures within acceptable parameters, while optimising the return.


Interest rate risk

The  Group 's exposure to the risk of changes in interest rates primarily affects borrowings. The  Group had floating interest

rates throughout the year.


The following table illustrates the sensitivity of profit/ (loss) and equity to a reasonably possible change in interest rates of +/-

1% (2024: +/- 1%). These changes are considered to be reasonably possible based on observation of current market

conditions. The calculations are based on a change

in the average market interest rate for each period, and the financial instruments held at each reporting date that are

sensitive to changes in interest rates. All other variables are held constant.


2025  20242024

Change in

profit/(loss)

Change in

equity

Change in

profit/(loss)

Change in

equity

$$$$

Variable interest rates +1%(6,461)(6,461)(11,647)(11,647)

Variable interest rates -1%6,4616,46111,64711,647


Foreign exchange risk

Foreign exchange risk arises from future commercial transactions and recognised financial assets and liabilities

denominated in currencies other than the Group's functional currency, New Zealand dollars (NZD). The Group's primary

exposure to currency exchange rate fluctuations stems from its overseas sales and purchases, predominantly in Australian

dollars (AUD).

To manage this risk, the Group employs natural hedging by aligning AUD revenue with AUD expenses within the same

entity, significantly reducing the impact of exchange rate volatility. As an early-stage company undergoing recent changes in

operations, expenses, and revenue, the timing of cash flows is uncertain. Management regularly monitors unhedged

exposures and will consider formal hedging strategies when greater certainty around cash flow timing is established.


Credit risk

The Group is not exposed to any significant credit risk. There is no history of customer default and management consider

the credit quality of trade receivables to be good. The Group  trades with recognised, creditworthy third parties or requires

payment in advance. The profile of future customers is expected to be similar to that of past customers. On this basis,

the Group does not feel it necessary to have a written credit policy in place, however management continue to monitor this

risk.


Credit risk relating to bank balances is managed by banking with major financial institutions with high quality external credit

ratings.


Liquidity risk

Liquidity risk is the risk that the Group will encounter difficulty in meeting the obligations associated with its financial liabilities

that are settled by delivering cash or another financial asset.


The Group manages liquidity risk by maintaining adequate cash reserves and banking facilities. Forecast and actual cash

flows are continuously monitored with the maturity profiles of the majority of financial assets and liabilities matched.

Trade Window Holdings Limited
Notes to the consolidated financial statements

For the year ended 31 March 2025


20. Financial instruments classification and risk management (continued)



28

Liquidity profile of financial assets


1 Year or

less1 to 5 Years

More than 5

years

Total

contractual

cash flows

$$$$

Year ended 31 March 2025

Cash and cash equivalents392,212--392,212

Trade and other receivables913,015--913,015

1,305,227--1,305,227

Year ended 31 March 2024

Cash and cash equivalents188,177--188,177

Trade and other receivables646,958--646,958

Restricted cash26,853--26,853

861,988--861,988


Financial liabilities based on contractual cashflows due within


1 Year or

less1 to 5 Years

More than 5

years

Total

contractual

cash flows

Carrying

amount of

liabilities

$$$$$

Year ended 31 March 2025

Trade and other payables1,348,849--1,348,8491,339,628

Interest bearing loans and borrowings446,8601,052,60329,0771,528,5401,383,030

Lease liabilities48,2884,037-52,32550,186

1,843,9971,056,64029,0772,929,7142,772,844

Year ended 31 March 2024

Trade and other payables1,365,898--1,365,8981,365,898

Interest bearing loans and borrowings166,1001,519,029-1,685,1291,441,129

Related party payables4,076--4,0764,076

Lease liabilities78,994--78,99478,994

1,615,0681,519,029-3,134,0972,890,097


21. Commitments


As at balance date there were no known capital commitments.


22. Segment reporting


An operating segment is reported in a manner consistent with the internal reporting provided to the chief operating decision

maker ("CODM") on a monthly basis. The CODM, who is responsible for allocating resources and assessing performance of

the operating segment(s) is part of the senior leadership team and is involved in strategic decision making of the Group.

Management has determined there is one operating segment based on the reports reviewed by the CODM.


The reason for looking at the business as one segment is because of the inter-related nature of the services and their

dependence on the Trade Window software which cannot be separated between different products and services. The

performance of the operating segment is reviewed by the CODM and action plans are agreed with the management where

necessary to improve performance of the business.


The reportable operating segment derives its revenues from the provision of software solutions to its customers. There are

no major customers that contribute more than 10% of revenues. The CODM assesses the performance of the operating

segment from revenue to net income. The total revenue, direct costs, operating expenses, interest and foreign exchange

gains and losses, tax and net income are reviewed.

Trade Window Holdings Limited
Notes to the consolidated financial statements

For the year ended 31 March 2025


22. Segment reporting (continued)



29

The amounts reported with respect to segment total assets and liabilities are measured in a manner consistent with the

consolidated statement of financial position. Reportable segment assets and liabilities are equal to total assets and liabilities

hence no reconciliation is required.


23. Related party transactions


Key management personnel

The Group has related party relationships with its directors and other key management personnel as listed below.

Remuneration of key management personnel during the year amounted to $1,101,049 (2024: $1,247,769), of which

$1,011,029 (2024: $923,774 ) was for short-term employee benefits and $90,020 (2024: $323,996) was for share-based

payment expense.


Remuneration for the directors during the year amounted to $181,580 (2024: $217,668), of which $178,582 (2024:

$201,375) was for directors fees and $2,998 (2024: $16,293) was for share-based payment expense.


Other related parties

ASB Bank Limited is a shareholder of the Group. The ASB Bank is 100% owned by the Commonwealth Bank of Australia

(CBA). The Group has bank balances with the ASB Bank and CBA (see note 10) as well as some interest bearing loan

facilities as stated in note 16.


Transactions involving related entities

The entities, the nature of the relationship and the types of transactions which the Group entered into during the period are

detailed below:


Related entityNature of relationshipTypes of transactions

ASB Bank LimitedShareholderFunds advanced, balances payable, cash at

bank, shares issued

Commonwealth Bank of AustraliaUltimate parent of ASB Bank

Limited

Cash at bank, restricted cash

Kerry FriendExecutive director, beneficial

shareholder

Employment agreement, ESOP

Albertus Johannes SmithExecutive director,

shareholder

Employment agreement, ESOP


The following transactions and outstanding balances between related parties occurred during the year:


Purchases/

Salaries

Balances

payable

Interest

bearing

loansCash at bank

Restricted

cash

$$$$$

31 March 2025

ASB Bank Limited--1,038,303210,906-

Commonwealth Bank of Australia---141,817-

--1,038,303352,723-

Trade Window Holdings Limited
Notes to the consolidated financial statements

For the year ended 31 March 2025


23. Related party transactions (continued)



30

Purchases/

Salaries

Balances

payable

Interest

bearing

loansCash at bank

Restricted

cash

$$$$$

31 March 2024

ASB Bank Limited--1,038,30382,280-

Commonwealth Bank of Australia---95,88926,853

Independent Verification Services Limited6,420184---

OntrackNZ 2020 Limited44,5733,892---

50,9934,0761,038,303178,16926,853


Transactions with Directors and Related Entities


Other than disclosed above, there were no other transactions with Directors or their related entities.


24. Interests in subsidiaries


The consolidated financial statements incorporate the assets, liabilities and results of the following material subsidiaries of

the Group:


Ownership interest

Principal place of business /20252024

NameCountry of incorporation%%

Trade Window LimitedNew Zealand100% 100%

Trade Window Pty LimitedAustralia100% 100%

Trade Window Pte LimitedSingapore100% 100%

TradeWindow Services LimitedNew Zealand100% 100%

Trade Window Origin LimitedNew Zealand100% 100%

Trade Window IncorporatedPhilippines100% 100%


All subsidiaries have a 31 March balance date.

Trade Window Holdings Limited
Notes to the consolidated financial statements

For the year ended 31 March 2025



31

25. Reconciliation of loss after income tax to net cash used in operating activities


20252024

$$

Loss after income tax expense for the year(3,517,685)(8,013,615)

Classification differences

- Net finance expense128,858 86,520

- Gain on disposal(33,750)(40,573)

Statement of financial position movements

- Trade and other receivables (excluding related party)(164,982)933,231

- Contract assets24,988 62,220

- Trade and other payables(66,523)(861,003)

- Contract liabilities75,424 87,143

- Income tax payable10,118 46,244

- Other movements25,443 42,096

Other non-cash items

- Depreciation, amortisation and impairment1,852,747 2,512,165

- Employee share scheme140,843 607,650

- Revaluation of contingent consideration- (1,216,000)

Net cash used in operating activities(1,524,519)(5,753,922)


26. Reconciliation of liabilities arising from financing activities


The changes in liabilities arising from financing activities can be classified as follows:


Lease

liabilitiesLong-termShort-termTotal

$ $  $  $ 

1 April 202478,9941,383,02958,1001,520,123

- Repayment(96,886)-(58,100)(154,986)

- Interest(6,896)-(135,671)(142,567)

(24,788)1,383,029(135,671)1,222,570

Non-cash:

- Reclassification-(369,815)369,815-

- Disposals86,492--86,492

- Repayment settled in shares(18,413)--(18,413)

- Interest6,896-135,671142,567

Balance as at 31 March 202550,1871,013,214369,8151,433,216

Trade Window Holdings Limited
Notes to the consolidated financial statements

For the year ended 31 March 2025


26. Reconciliation of liabilities arising from financing activities (continued)



32

Lease

liabilitiesLong-termShort-termTotal

$ $  $  $ 

1 April 2023873,2981,264,885529,5802,667,763

Cashflows:

- Repayment(273,271)-(357,741)(631,012)

- Interest(25,991)-(125,707)(151,698)

574,0361,264,88546,1321,885,053

Non-cash:

- Reclassification-113,739(113,739)-

- Disposals(303,562)--(303,562)

- Repayment settled in shares(207,505)--(207,505)

- Effects of movements in exchange rates(9,966)--(9,966)

- Interest25,9914,405125,707156,103

Balance as at 31 March 202478,9941,383,02958,1001,520,123


27. Earnings per share


The earnings per share for the year ended 31 March was as follows:


20252024

$$

Loss after income tax(3,517,685)(8,013,615)


NumberNumber

Weighted average number of ordinary shares used in calculating basic earnings per share127,744,895114,428,949

Weighted average number of ordinary shares used in calculating diluted earnings per share127,744,895114,428,949


CentsCents

Basic earnings per share(2.75)(7.00)

Diluted earnings per share(2.75)(7.00)


As at 31 March 2025 share options that could potentially dilute basic earnings per share in the future, but were not included

in the calculation of diluted earnings per share because they are antidilutive for the periods presented total 1,583,494 (2024:

1,847,285).


28. Events after the reporting period


No matter or circumstance has arisen since 31 March 2025 that has significantly affected, or may significantly affect the

Group's operations, the results of those operations, or the Group's state of affairs in future financial years.

Trade Window Holdings Limited
Interest register

For the year ended 31 March 2025



33

Interest register


In accordance with Section 140(2) of the Companies Act, the directors named below have made a general disclosure of

interest by a general notice disclosed to the Board and entered in the Company's interests register. General notices given

by directors which remain current as at 31 March 2025 are as follows:


Albertus J Smith

Trade Window Origin LimitedDirector

Trade Window Services LimitedDirector

Trade Window LimitedDirector

Trade Window Pty LimitedDirector

Trade Window Pte LimitedDirector

Trade Window IncorporatedDirector

77X Ventures Pty LimitedDirector/Shareholder


Kerry M Friend

Tomadachi No.1 TrustTrustee

Tomadachi No.2 TrustTrustee and Shareholder in TWHL

Trade Window LimitedDirector

Trade Window Services LimitedDirector

Northpower LimitedDirector

Northpower Fibre LimitedDirector

Northpower Generation LimitedDirector


Alasdair J MacLeod

Trade Window LimitedChair

Silverstripe LimitedChair

Kotahi Engineering Studio (appointed 16 May 2024)Chair

Hold Fast Investments LimitedChair

Silverstripe Trustees LimitedDirector

IHC- Board Appointments CommitteeIndependent Director

Hawkes Bay Regional Economic Development Agency (resignation effective 13 June

2025)

Chair


Phillip J Norman

Trade Window LimitedDirector

Nortek Management Services LimitedDirector/Shareholder

TruScreen Limited (NZX listed)Shareholder

MyWave Holdings LimitedShareholder

Touchpoint Group LimitedDirector/Options Holder

Atrax Group New Zealand LimitedAdvisory Board Member

Xero Limited (ASX listed)Shareholder

Loyalty New Zealand Limited (in liquidation)Director

Activedocs LimitedShareholder

Trade Window Holdings Limited
Interest register

For the year ended 31 March 2025



34

As required by Section 211 of the Companies Act 1993 we disclose the following information:


Directors remuneration

The persons who held office as directors of Trade Window Holdings Limited at any time during the year ended 31 March

2025 and their remuneration, are as follows:


Director and

consulting

feesSalaryESOPTotal

 $ $$ $ 

Albertus J Smith*-392,87944,495437,374

Kerry M Friend*-130,07921,200151,279

Alasdair J MacLeod104,125-1,499105,624

Phillip J Norman74,457-1,49975,956


No directors fees were paid to directors of subsidiary entities.


*The Executive Director's ESOP remuneration included 2023/24 Salary Sacrifice Options Plan issuances as described in

note 18.


Employee remuneration

Trade Window Holdings Limited and our subsidiaries have employees in New Zealand, Australia and Singapore. Our pay

levels reflect the different market rates in each country and region. The overseas remuneration amounts are converted into

New Zealand dollars. Noted in the table below are employees who received remuneration and other benefits that exceed NZ

$100,000:


Remuneration including share-based remuneration Number of employees

($)(Total: 25)

100,001 - 110,0004

110,001 - 120,0003

120,001 - 130,0001

130,001 - 140,0003

140,001 - 150,0003

150,001 - 160,0002

160,001 - 170,0002

170,001 - 180,0001

210,001 - 220,0001

230,001 - 240,0001

240,001 - 250,0001

270,001 - 280,0001

290,001 - 300,0001

430,001 - 440,0001


Donations

During the year ended 31 March 2025, the Group made donations of $Nil (2024: $Nil).








Independent Auditor’s Report

To the Shareholders of Trade Window Holdings Limited

Opinion

I have audited the consolidated financial statements of Trade Window Holdings Limited (“the Company”) and

its subsidiaries (“the Group”), which comprise:

• the consolidated statement of financial position as at 31 March 2025;

• the consolidated statement of profit or loss and other comprehensive income, consolidated

statement of changes in equity and consolidated statement of cash flows for the year then ended;

and

• the notes to the consolidated financial statements including a summary of material accounting

policies.

I am a partner with UHY Haines Norton Chartered Accountants Sydney (the Firm) and I have used the staff

and resources of the Firm to perform the audit of the Group.

In my opinion, the accompanying consolidated financial statements present fairly, in all material respects,

the consolidated financial position of the Group as at 31 March 2025, and its consolidated financial

performance and cash flows for the year then ended in accordance with New Zealand Equivalents to

International Financial Reporting Standards (“NZ IFRS”) issued by the New Zealand Accounting Standards

Board and IFRS Accounting Standards (“IFRS”) issued by the International Accounting Standards Board.

Basis for Opinion

I conducted my audit in accordance with International Standards on Auditing (New Zealand) (“ISAs (NZ)”)

issued by the New Zealand Auditing and Assurance Standards Board. My responsibilities under those

standards are further described in the Auditor’s Responsibilities for the Audit of the Consolidated Financial

Statements section of my report.

I am independent of the Group in accordance with Professional and Ethical Standard 1 International Code of

Ethics for Assurance Practitioners (including International Independence Standards) (New Zealand) issued by

the New Zealand Auditing and Assurance Standards Board and the International Ethics Standards Board for

Accountants’ International Code of Ethics for Professional Accountants (including International Independence

Standards) (IESBA Code), and I have fulfilled my other ethical responsibilities in accordance with these

requirements and the IESBA Code.

I believe that the audit evidence I have obtained is sufficient and appropriate to provide a basis for my

opinion.

Other than in my capacity as auditor, neither myself, the firm or the firm’s staff have no relationship with, or

interests in, the Group.



Material uncertainty related to going concern

I draw attention to Note 1 in the consolidated financial statements, which indicates that the Group incurred

a loss of $3.5 million and operating cash outflows of $1.5 million for the year ended 31 March 2025. These

events or conditions, along with other matters as set forth in Note 1, indicate that a material uncertainty

exists that may cast significant doubt on the Group’s ability to continue as a going concern. My opinion is

not modified in respect of this matter.


Key Audit Matters

Key audit matters are those matters that, in my professional judgement, were of most significance in my

audit of the consolidated financial statements of the current year.

Except for the matter described in the

material uncertainty related to going concern, I summarise below those matters and my key audit procedures

to address those matters in order that the shareholders as a body may better understand the process by

which I arrived at my audit opinion. The procedures were undertaken in the context of and solely for the

purpose of my statutory audit opinion on the consolidated financial statements as a whole and I do not

provide a separate opinion on these matters.


Why the audit matter is significant How my audit addressed the key audit matter

Revenue recognition


The Group has recognised revenue of

$8.03m (FY 2023: $6.18m) (Note 4).


The Group has several revenue streams,

and the revenue recognition policy for

each stream is different. I focused on this

area because the recognition of revenue

in accordance with NZ IFRS 15 involves

judgement and the outcome has a

significant impact on profit or loss and

the financial position of the Group.


Also, there is a risk of overstatement of

revenues through premature revenue

To address the risk associated with revenue

recognition, the following audit procedures were

carried out:

• Evaluated the design of management's internal

controls related to revenue recognition.

• Reviewed revenue recognition policies for

appropriateness and compliance with the

requirements of the relevant accounting

standard NZ IFRS 15;

• Selected a sample of transactions and agreed

them to supporting documentation

such as

customer contract, sale invoice, cash receipt

and assessed whether all criteria related to

revenue recognition has been met before being

recognised as revenue;

• Reviewed credit notes posted after year end to

ascertain correct revenue recognition during

the year;

• Performed revenue cut off procedures by

selecting revenue samples before and after

year end and testing that revenue is recorded

in the correct period;


recognition or recording fictitious

revenues to meet budgets and/or

market guidance.





• Tested a sample of deferred revenue balances

and agreed it to the supporting documents;

• Reviewed manual revenue journals as part of

the journal entry testing process

with the

criteria specifically targeting unusual entries to

revenue accounts; and

• Assessed the reasonability and completeness

of the revenue related disclosures to test

compliance with the requirements of the

accounting standards.



Why the audit matter is significant How my audit addressed the key audit matter

Intangible assets & Goodwill


The Group has significant intangible

assets relating to the acquisitions made

in previous periods.


The Group has significant intangible

assets with finite useful lives including

software and customer relationships

totalling $2.08m (note 13) of carrying

value as at 31 Match 2025 that are

amortised over their useful life.


In addition there is a significant goodwill

balance recorded of $7.62 million (note

13) as at 31 March 2025.


I consider this area to be significant as

balances are material to the financial

report and the significant estimates and

judgements applied in testing these

balances for impairment.


To address the risk associated with intangible balance,

the following audit procedures were carried out:

• Assessed reasonability of the useful life used

for the purpose of calculating amortisation on

software and customer relationship i.e. finite

life intangible assets;

• Analysed the Group’s impairment assessment

for the correct methodology with particular

emphasis on the key assumptions being

discount rate, growth rate and forecast cash

flows;

• Performed an independent recalculation of the

Group’s recoverable amount and compared it

to management’s assessment and the relevant

carrying amount;

• Performed stress testing of the key

assumptions; and

• Assessed the reasonability and completeness

of the related disclosures to test compliance

with the requirements of the accounting

standards.


Information Other than the Consolidated Financial Statements and Auditor’s Report thereon

The Directors are responsible for the other information. The other information comprises the annual report

but does not include the consolidated financial statements and my auditor’s report thereon. The annual

report is expected to be made available to me after the date of this auditor’s report.

My opinion on the consolidated financial statements does not cover the other information and I do not and

will not express any form of audit opinion or assurance conclusion thereon.

In connection with my audit of the consolidated financial statements, my responsibility is to read the other

information identified above when it becomes available and, in doing so, consider whether the other

information is materially inconsistent with the consolidated financial statements or my knowledge obtained

in the audit, or otherwise appears to be materially misstated.

When I read the annual report, if I conclude that there is a material misstatement therein, I am required to

report that fact.

Directors’ Responsibilities for the Consolidated Financial Statements

The Directors are responsible on behalf of the Group for the preparation and fair presentation of the

consolidated financial statements in accordance with NZ IFRS and IFRS, and for such internal control as the

Directors determine is necessary to enable the preparation of consolidated financial statements that are free

from material misstatement, whether due to fraud or error.

In preparing the consolidated financial statements, the directors are responsible on behalf of the Group for

assessing the Group’s ability to continue as a going concern, disclosing, as applicable, matters related to going

concern and using the going concern basis of accounting unless the directors either intend to liquidate the

Group or to cease operations, or have no realistic alternative but to do so.

Auditor’s Responsibilities for the Audit of the Consolidated Financial Statements

My objective is to obtain reasonable assurance about whether the consolidated financial statements as a

whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report

that includes my opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an

audit conducted in accordance with ISAs (NZ) will always detect a material misstatement when it exists.

Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate,

they could reasonably be expected to influence the economic decisions of users taken on the basis of these

consolidated financial statements.

A further description of the auditor’s responsibilities for the audit of the consolidated financial statements is

located on the External Reporting Board’s website at: https://www.xrb.govt.nz/standards/assurance-

standards/auditors-responsibilities/audit-report-1/.

This description forms part of my auditor’s report.



Restriction on use of my report

This report is made solely to the Group’s shareholders, as a body. My audit work has been undertaken so

that I might state to the Group’s shareholders, as a body those matters which I am required to state to them

in an auditor’s report and for no other purpose. To the fullest extent permitted by law, I do not accept or

assume responsibility to anyone other than the Group and the Group’s shareholders, as a body, for my audit

work, for this report or for the opinion I have formed.


Vikas Gupta

Audit Partner - UHY Haines Norton Chartered Accountants Sydney

Signed at Sydney, Australia on 29 May 2025

---

Trade Window Limited
Level 4, Partners Life Building, 33 – 45 Hurstmere Road, Takapuna, Auckland 0622

info@tradewindow.io

www.tradewindow.io




Results announcement

30 May 2024


Results for announcement to the market

Name of issuer Trade Window Holdings Limited (“TWL”)

Reporting Period 12 months to 31 March 2025

Previous Reporting Period 12 months to 31 March 2024

Currency NZD

Amount (000s) Percentage change

Revenue from continuing

operations

$8,031 Up 30%

Total Revenue $8,071 Up 20%

Net profit/(loss) from

continuing operations

($3,518) Decrease of 56%

Total net profit/(loss) ($3,518) Decrease of 56%

Interim/Final Dividend

Amount per Quoted Equity

Security

Trade Window is currently investing for future growth and during

this phase does not propose to pay dividends.

Not applicable Not applicable

Record Date Not applicable

Dividend Payment Date Not applicable

Current period Prior comparable period

Net tangible assets per

Quoted Equity Security

-$0.01 -$0.02

A brief explanation of any of

the figures above necessary

to enable the figures to be

understood


Authority for this announcement

Name of person


authorised

to make this announcement

Deidre Campbell

Contact person for this

announcement

Deidre Campbell, CFO

Contact phone number 021 272 4008

Contact email address deidre@tradewindow.io

Date of release through MAP


29 May 2025


Audited financial statements accompany this announcement.

Data sourced from publicly available filings. Our datasets may not be complete. Automated analysis can produce errors. If you believe any data on this page is incorrect, please contact us at hello@nzxplorer.co.nz. For informational purposes only. Not investment advice.

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