TradeWindow affirms guidance; provides product road map

MARKET RELEASE
22 AUGUST 2025
TradeWindow affirms guidance; provides product road map
TradeWindow (NZX: TWL), a global trade software company, today affirms its FY26 guidance,
provides a progress update on its product roadmap and its plan to challenge its larger rivals,
and explains its confidence in its competitive positioning.
At its Annual Shareholders Meeting being held virtually at 11.00am (NZT) today the company
will tell shareholders it continues to expect FY26 revenue to range between $10 million and
$11 million, that it expects EBITDA breakeven and that it is on track to become a ‘Rule of 40’
company
1
.
TradeWindow Chief Executive AJ Smith said the global logistics software market represented
a tremendous opportunity for the company, with the sector now valued at US$59 billion and
expanding at a compound annual growth rate of 10.5%.
TradeWindow is growing at more than twice the rate of the overall market and enjoys a total
addressable market of more than 10,000 SME to mid-market freight forwarders across
Australia, the UK and the United States where it is focusing its efforts.
“The fact that we are growing ahead of the market isn’t incidental — it’s being driven by the
urgent need for smarter, faster, and more secure trade and logistics software. Mid-market
freight forwarders are emerging as one of the most dynamic drivers of demand in the logistics
software space.
“These firms operate with the complexity of global players — managing multi-country
shipments, navigating regulatory hurdles, and meeting rising customer expectations — but
without the deep IT budgets of the top-tier incumbents,” Mr Smith said
Mr Smith said the competitive environment had fundamentally shifted over the last year and
the company was confident that with its strong customer base, and cloud solutions combined
with the AI-powered freight and logistics solution it is now developing positioned the company
well for continued growth.
“What was once a fragmented ecosystem of shipper and forwarder-focused solutions has
consolidated sharply. This aggregation has left competitors with significant operational cost
and technical debt that will take years to rationalise and reconcile to meet customer
expectations,” Mr Smith said.
“For TradeWindow, this is the moment where our new Freight.AI solution can give us an unfair
advantage. Yes, we too carry some technical debt. But the scope and scale of our challenges
are vastly smaller than those of our largest competitors. We're nimble by design, which means
we can move fast while others dig out.”
“Our response is focused and bold: we’re building an AI-first platform purpose-built for the
SME to mid-market forwarder — a segment underserved by incumbents yet critical to global
trade. We believe that this new product will give us the unfair advantage that we would not

1
The Rule of 40 combines the growth rate and profitability into a single benchmark with the sum of two
figures indicating strong value creation, whether by growing quickly, generating profits, or a mix of both.

have had if not for the fast evolution of artificial intelligence and the great use-cases we
discovered related to trade.
“For mid-market freight forwarders, this platform will be a game-changer. It can reduce
manual overhead, accelerate customs clearance, and ensure compliance across borders.
More importantly, it positions TradeWindow as the AI-first backbone of global trade.”
Mr Smith said the company had sufficient capital to maintain current business operations and
achieve its guidance. However, he noted additional funds could further accelerate growth.
Shareholders can join today’s Annual Shareholders Meeting at 11.00am (NZT) by using the
following link: https://meetnow.global/nz
The presentation to be given at the meeting and Chair Alasdair MacLeod’s address is
attached.
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

---

Annual General Shareholders' Meeting
22 August 2025

Welcome
Chair
Alasdair MacLeod
2025 Annual Meeting Presentation

3
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;
2025 Annual Meeting Presentation
•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.

4
Shareholder & Proxyholder Q&A Participation
•Written Questions: Questions may be submitted
ahead of the meeting. If you have a question to
submit during the live meeting, please select the
Q&A tab on the right half of your screen at
anytime. Type your question into the field and
press submit. Your question will be immediately
submitted.
•The Q&A tab can also be used for immediate help.
If you need assistance, please submit your query
in the same manner as typing a question and a
Computershare representative will respond to you
directly.
2025 Annual Meeting Presentation
How to participate in the virtual meeting – Q&A

5
Shareholder & Proxyholder Q&A Participation
•Once the voting has been opened, the resolutions
and voting options will allow voting.
•To vote, simply click on the Vote tab, and select
your voting direction from the options shown on
the screen. You can vote for all resolutions at
once or by each resolution.
•Your vote has been cast when the tick appears. To
change your vote, select ‘Change Your Vote’.
2025 Annual Meeting Presentation
How to participate in the virtual meeting - Voting

6
Agenda
Directors
2025 Annual Meeting Presentation
A J Smith
Kerry Friend
Phil Norman
Chair address
Chief Executive’s address
Questions
Resolutions
Other business and voting
Meeting close
2
10
24
25
29
30

FY25: Record revenue growth
•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
72025 Annual Meeting Presentation
Revenue
FY24
FY25
$6,179
$574
$6,753
$8,031
$40
$8,071
$-
$1,000
$2,000
$3,000
$4,000
$5,000
$6,000
$7,000
$8,000
$9,000
$10,000
Trading revenue Other incomeTotal income
NZ$(000)

2025 Annual Meeting Presentation88
Earnings
Funding
FY24
FY25
FY24
FY25
-$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)
•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
FY25: EBITDA guidance achieved
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 34 of this presentation.
2. Forward-looking financial information should be read in conjunction with key assumptions on Slide 31.
3. Please refer to the Going Concern Note on page 9 of the financial statements released to the NZX on 29 May 2025.

92025 Annual Meeting Presentation
•Our values form the bedrock of our team culture and
guide every decision we make in pursuit of growth and
financial sustainability
•Our shared values united a globally distributed team of
subject matter experts – spanning New Zealand,
Australia, the Philippines, Singapore, Indonesia, and the
USA
•Embedding accountability throughout TradeWindow
cultivates a culture of ownership, accelerates results,
and strengthens execution
TradeWindow’s values
Governance and sustainability

Executive Director and CEO
AJ Smith

2025 Annual Meeting Presentation11
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
Market conditions driving growth

Financial sustainability propels our
flywheel of growth - reinvesting in
innovation, driving deeper customer
engagement, attracting new
customers, and strengthening our
position for acquisitions
122025 Annual Meeting Presentation
Our strategy

2025 Annual Meeting Presentation13
Freight.AI to challenge WiseTech
TradeWindow is uniquely positioned to leap ahead of competitors
constrained by technology debt or capability gaps by offering an AI-
first solution
Key advantages for TradeWindow:
Agile innovation – with less constraints than competitors,
TradeWindow can move swiftly to develop and deploy AI-
first solutions
Acceleration potential – disruption opens pathways for
faster product iteration, strategic partnerships, and market
share growth
Market alignment – TradeWindow is ready to meet the
rising demand from freight forwarders seeking advanced,
cost-effective solutions to sharpen their competitive edge
TECH ENABLED SERVICE
SAAS SOLUTION
AI- FIRST SOLUTION
SHIPPER FOCUSED SOLUTIONSFORWARDER FOCUSED SOLUTIONS
BSM
2
EDISOFT
IMPEXDOCS
2
MAGAYA
TW
AI FREIGHT
WISETECH
YOJEE
KEY
Owned by WiseTech Global
EXPEDIENT
(E2OPEN)
Emerging competitor which does
not currently have a competing
solution in A/NZ

2025 Annual Meeting Presentation14
‘80s-’90s
‘00s-’10s
‘20s-’30s
PC era
Personal computers,
on-premise software
solutions
Internet era
Cloud computing,
Software-as-a-
Service, and mobile
devices
AI era
Agentic AI platforms automating
workflows and leveraging
proprietary data
INNOVATION
AI levels the playing field with large incumbents – everything is up for grabs
Platform shift: why timing matters

2025 Annual Shareholders’ Meeting15
Shipment coordination
Auto-scheduling, pickups, carrier
bookings, route optimisation
Exception handling
Flags issues and initiates
corrective actions
Data intelligence
Extracts, validates and
formats trade data
AI POWERED WORKFLOWS
CUSTOMER BENEFITS
Reduce overheads
Scale with efficiently, eliminate manual
intervention, and prevent errors
Resilience planning
Contingency frameworks and
service level guarantees
Predictive analytics
Demand planning, benchmarking
and data insights
AI powered workflows elevate the role of the human operator to focus on high impact activities
Agentic AI
INNOVATION

2025 Annual Meeting Presentation16
Note, logos don’t necessarily correspond to top customers.
Shippers
Freight Forwarders
A selection of customers which include some of Australasia’s most prolific shippers and freight forwarders
539 organisations use our technology
GREATER USAGE

95%
5%
Retained customers
Ceased customers
96%
4%
Transactions and subscriptions
Service and installation fees
17
11%
41%
Revenue
Composition
1
1. Three months ended 30 June 2025
2. 12 months ended 30 June 2025
2025 Annual Meeting Presentation
Customer
retention
1
74%
26%
Other customers
Top 10 customers
Customer
diversity
2
GREATER USAGEGREATER USAGE
High quality, diverse and predictable recurring revenues

2025 Annual Meeting Presentation18
“ON- DEMAND MODEL”
OTMUS/T
ONE- TIME
Customers pay a one-time upfront
onboarding fee
Customers pay a monthly
subscription to access the solution
and store data
MODULE USER
TRANSACTION
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
NUMBER OF USERS
Customers pay per user, per month
Customers pay a per module,
per month
NUMBER OF MODULES
TRANSACTION
Customers pay a fee per transaction
on either the E-commerce or Origin
modules
“ON- DEMAND MODEL”
Business model
NEW CUSTOMERS

2025 Annual Meeting Presentation19
Increasing complexity associated with international trade is
driving demand for trade and logistics software
TradeWindow is growing faster than its addressable market
NEW CUSTOMERS
US$59B
TOTAL ADDRESSABLE MARKET
Target Customers – Mid-Market Freight
Forwarders
950
1,200
8,000
10.5%
CAGR

2025 Annual Meeting Presentation20
•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
NEW CUSTOMERS
Growing from solid foundations with
no shortage of opportunity

Annual
Recurring
Revenue
$8.9m
ARPC (Freight
Forwarders)
Up 7% on FY25
$1,215
Gross Margin
57%
Customer
retention rate
95%
% of expenses
R&D and
Commercialisation
33%
Down 4 ppt on FY25
Up 8 ppt on FY25Down 3 ppt on FY25
Trading revenue
Up 30% on Q1 FY25
$2.3m
ARPC (Shippers)
$2,209
Up 33% on FY25
539
Customers
Down 15 on FY25
Up 30% on Q1 FY25
21
Q1 FY26 Key Performance Indicators show good progress
Note, all comparisons are against Q1 FY25 unless otherwise stated.
Annual recurring revenue is calculated using subscription revenue for June 2025 and the monthly average of transaction
revenue for Q1 FY25 annualised.
2025 Annual Meeting Presentation

22
Entrenched software solution providers serving shippers or freight forwarders
Capital constrained companies with software that requires conversion to cloud
in the medium term
Recurring revenues from a diversified customer base
Profitable with significant free cash flow
Highly capable operators with extensive market knowledge
Highly trade dependent geographies
New, complex adjacent competencies to plug-into AI Freight and other TWL
solutions
What we target
Acquisition approach
Secure a global customer base, generate revenues while building the AI Freight, and plug-in adjacent solutions
ACQUISITION
2025 Annual Meeting Presentation

FY26 outlook: targeting EBITDA breakeven
23
•We are well positioned to help businesses navigate the
increasing complexity of trading goods internationally
•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
•While we have sufficient capital to maintain current business
operations and expect to be EBITDA breakeven for FY26
1
,
additional funds can further accelerate growth
•TradeWindow is on the path to becoming a Rule of 40
company
2025 Annual Meeting Presentation
1
Forward-looking financial information should be read in conjunction with key assumptions on Slide 31.

Shareholder
questions

Resolutions

2025 Annual Meeting Presentation26
Auditor’s remuneration:
That, in accordance with section 207S of the
Companies Act 1993, the Board be authorised to fix the
remuneration of the Company's auditor, UHY Haines
Norton Sydney, for the ensuing year.
Resolution 1

2025 Annual Meeting Presentation27
Ratification of previous issue of shares pursuant to share
placements with select investors:
That, in accordance with NZX Listing Rule 4.5.1(c),
Shareholders approve and ratify, for all purposes, the
previous share issue of 3,333,329 fully paid ordinary shares
in Trade Window Holdings Limited to new eligible and
institutional investors pursuant to a private placement,
made under NZX Listing Rule 4.5.1, at an issue price of
NZ$0.18 per share which was allotted on 24 June 2025.
Resolution 2

2025 Annual Meeting Presentation28
RESOLUTIONFOROPENAGAINSTTOTALABSTAIN
1. Auditors remuneration 36,560,889469,1997,03437,037,122104,145
2. Ratification of previous
issue of shares pursuant
to private placement with
select investors
36,533,524470,199116,58537,120,30820,959
Votes cast ahead of the meeting

Other business
and voting

Meeting
close

Appendix

2025 Annual Meeting Presentation32
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
GENERAL
•No materialchange in the current economic conditions locally
and globally
•No changes in accounting standards or other mandatory
professional reporting requirements

2025 Annual Meeting Presentation33
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, Director of Nexia Hawkes
Bay, and independent member of
the Board Appointments Committee
for IHC New Zealand.
Experienced technologysector
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.
Our board of directors

2025 Annual Meeting Presentation34
Highly experienced team with the domain expertise needed to scale globally
AJ Smith
Founder & CEO
Entrepreneur with track record for
creating high growth companies
including MediFin, GreenFin and
Bonds (Africa) and Commonwealth
Finance Group (Switzerland).
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).
Kerry Friend
Executive Director
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).
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.
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.
Our senior leadership team

2025 Annual Meeting Presentation35
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.
Glossary

TradeWindow
Investor Contact
Andrew Balgarnie
Chief Strategy Officer
TradeWindow
+64 275 594 133
andrew@tradewindow.io