TWL - FY25 Half-Year Results Announcement

1H 25 Financial Results
Investor Presentation
28 November 2024
TradeWindow’s ordinary shares trade on the NZX under the ticker TWL

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.
1H 25 Investor Presentation

3
Agenda
Financial results overview
Key Performance Indicators
Revenue growth
Financial overview
Outlook and summary
4
6
8
11
18
AJ Smith
CEO & Director
Deidre Campbell
Chief Financial Officer
1H 25 Investor Presentation

4
•Narrowed trading revenue guidance range upwards to $7.5 million to $8.3
million for the full financial year.
•Delivered unbroken quarter-on-quarter growth since listing on the NZX in
November 2021.
•Trading revenue: $3.7 million, a 22% increase on the $3.0 million in the
prior year.
•EBITDA
1
loss: $1.3 million, down 73% from the prior year’s $4.7 million.
•Net loss after tax: $2.4 million from a $4.8 million loss in the prior year.
•Cash and cash equivalents: Ended the half year at $0.5 million with $0.3
million in delayed settlement from the capital raise due 30 November
2024.
•Monthly average cash consumption reduced from $0.4 million in 2H 24 to
$0.2 million in 1H 25.
1H 25: On track to deliver monthly EBITDA breakeven
1H 25 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 12 of this presentation.

5
Multiple growth levers
Capital efficient growth focused on acquiring market positions that can help sustain building a competitive advantage in innovation
5
INNOVATION
of the Global Trade Platform
GREATER USAGE
by existing customers
NEW CUSTOMERS
on the platform
ACQUISITION
to accelerate and de-risk growth
1H 25 Investor Presentation

6
1H 25 Key Performance Indicators show solid growth
Annual
Recurring
Revenue
$7.2m
ARPC (Freight
Forwarders)
Up 14% on FY24
$824
Gross Margin
61%
Customer
retention rate
97%
% of expenses
R&D and
Commercialisation
38%
Note, all comparisons are against first half FY24 (1H 24) unless otherwise stated.
Annual recurring revenue is calculated using subscription revenue for September 2024 and the monthly average of
transaction revenue for Q2 FY25 annualised.
Up 7 ppt on FY24
Up 4ppt on FY24
Down 9 ppt on FY24
Trading revenue
Up 22% on 1H 24
$3.7m
ARPC (Shippers)
$1,944
Up 29% on FY24
549
Customers
Up 36 on FY24
Up 14% on FY24
1H 25 Investor Presentation

1H 25 Investor Presentation7
Our solutions are ‘business critical’ for both shippers and freight forwarders
Customers: Australasia’s leading shippers and freight forwarders
Note, logos don’t necessarily correspond to top customers.
DairyMeat
Seafood
HorticultureLogistics & other

1H 25 Investor Presentation8
Revenue drivers:
•Solutions used
•Shipments
processed
•Customer numbers
Revenue drivers:
•Modules used
•Seats (customer
licenses)
•Customer numbers
Customer numbers (end of period)
1H 25FY24
Subscriber – Freight307273
Subscriber – Shippers143145
Pay As You Go customers9995
Total customers 549513
•Strong revenue growth in FY 24 was sustained by:
•Driving greater use of TradeWindow’s
solutions by existing customers
•Sustained trade volumes driving transactions
(shipments processed)
•Growth in customer numbers limited by:
•New Zealand market penetration - >50% of
primary sector exporters using our solutions
•Industry consolidation
•Australian enterprise sales have a long cycle
•Tactical shift in Australia driving new customer
acquisition in FY25
•On-demand business model leveraging our
unique ‘Origin’ and ‘Tariff’ services to build
subscriber sales pipeline
•Partnerships - new Tariff Service launched
with IFCBAA on 1 August lifts customers
numbers by 32 to 549
SHIPPER
FREIGHT
FORWARDER
PAY AS YOU
GO
Revenue drivers:
•Transactions
•Customer numbers
Revenue growth driven by rising usage of our solutions
TradeWindow customer segments

97%
3%
Retained customers
Ceased customers
95%
5%
Transactions and subscriptions
Service and installation fees
9
High quality, diverse and predictable recurring revenues
11%
41%
Revenue
Composition
1
1. Six months ended 30 September 2024
2. As at 30 September 2024
1H 25 Investor Presentation
Customer
retention
2
80%
20%
Other customers
Top 10 customers
Customer
diversity
2

Product: delivering incremental innovations
10
New features and functionality
delivered in the first half of 2025
include:
✓Cube – Importer API connectivity
✓Cube - CO
2
tracking
✓Freight - E-commerce solution
upgrades
1H 25 Investor Presentation
Our sustainable and targeted research and development initiatives are focused on delivering new features and functionality to drive
revenue growth in the near term

Financial overview

12
Financial performance
•Trading revenue up 22% to $3.7m,
withsalesgrowth across all core products
•Employee costs down 36%, reflecting cost
reductions initiated as we focus on
EBITDA breakeven
•Other expenses down 32%, with reduced
innovation and development activity
•EBITDA loss reduced 73% with revenue
growth and cost down
•Contingent considerationmovement
reflected a revaluation to nil of the
deferred earnoutrelating to a historical
acquisition
1
EBITDA – Earnings before interest, tax, depreciation & amortisation
Trading revenue up 22% driven by organic growth across all core products
1H 25 Investor Presentation
1H25
1H24
2H24
6 months
6 months
Change %
6 months
Change %
Trading revenue
3,672
3,000
22%
3,179
15%
Other income
37
0
n/a
574
-94%
Total Income
3,708
3,000
24%
3,753
-1%
Employee benefits expense
(3,562)
(5,601)
-36%
(3,853)
-8%
Other expenses
(1,427)
(2,105)
-32%
(1,820)
-22%
Total expenses
(4,989)
(7,707)
-35%
(5,673)
-12%
EBITDA
1
(1,281)
(4,706)
-73%
(1,920)
0%
Revaluation of contingent consideration
1,216
0%
0
n/a
Depreciation & amortisation
(1,048)
(1,264)
-17%
(1,248)
-16%
Net finance expenses
(68)
(16)
338%
(71)
-4%
Income tax
0
0%
(5)
-100%
Net loss after tax
(2,396)
(4,770)
46%
(3,244)
-26%
Inome Statement $000

13
Recurring revenue growth in all markets
•Organic trading revenue growth of 22% driven
by combination of larger new customers,
existing customers taking up complementary
solutions and effectively passing on many
inflation-driven operating cost increases
•Recurring revenue: stable revenue with
transactional and subscription revenueforming
95% of trading revenue
•Other income- low with no R&D grants
reflecting reduced innovation activity
•Continued focusin New Zealand and good
progress in Australia. Expect Origin to underpin
Australian revenue growth in the upcoming year
Organic growth underpinning revenue increase
1H 25 Investor Presentation
1H25
1H24
2H24
6 months
6 months
Change %
6 months
Change %
Transactional
1,920
1,437
34%
1,534
25%
Subscription
1,561
1,369
14%
1,447
8%
Services
114
131
-13%
138
-18%
Installation
77
63
22%
61
27%
Total trading revenue
3,672
3,000
22%
3,179
15%
Other income
37
0
n/a
574
-94%
Total income
3,708
3,000
24%
3,753
-1%
1H25
1H24
2H24
6 months
6 months
Change
6 months
Change %
New Zealand
2,237
2,033
10%
1,942
15%
Australia
1,272
900
41%
928
37%
Asia, Pacific Is. & rest of world
164
67
143%
310
-47%
Total trading revenue
3,672
3,000
22%
3,179
16%
Revenue by type $000
Trading revenue by country $000

14
Average revenue per customer (monthly)
•Increased monthly Average Revenue Per
Customer (ARPC) for Freight – up 29%
continue to reflect existing customers
utilising more functionality and higher
value of new customers than current
averages
•Increased monthly ARPCfor Shippers
(exporters & Importers) – up 14%.
Reflects continued organic sales growth
across Prodoc, Cube and Origin products
•Cost inflation passed on
1H 25 Investor Presentation
ARPC up across all customer segments
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 Pay as you go customer
revenue.
Freight1H25FY24%Change
Subscriber
1
customer nos. period end
30727312%
Ave Subscriber customer nos.2832686%
Ave monthly revenue per customer82463829%
Shipper1H25FY24%Change
Subscriber
1
customer nos. period end
143145-1%
Ave Subscriber customer nos.144148-3%
Ave monthly revenue per customer1,9441,70714%
Customer Numbers as at 30 September 20241H25FY24
Freight307273
Shipper143145
Pay As You Go9995
Total customer numbers549513

15
Operating expenses / staff numbers
•Employee costs down 36% reflect cost
reductions initiated last financial year:
•29% reduction in staff numbers
•Team in Philippines
growing,provides a channel of
talent including software
development and customer support
•Other costs down 32%, with reduced
innovation and development activity
•No R&D cost capitalised to balance sheet.
Reflects reorganisation initiated last financial year
1H 25 Investor Presentation
1H25
1H24
2H24
6 months
6 months
Change %
6 months
Change %
Cost of goods sold
1,014
1,113
-9%
976
4%
Research & Development
905
2,394
-62%
1,349
-33%
Sales & Marketing
768
1,067
-28%
710
8%
General and Administration
875
1,027
-15%
818
7%
Total personnel and employee expense
3,562
5,601
-36%
3,852
-8%
1H25
1H24
2H24
6 months
6 months
Change %
6 months
Change %
Cost of goods sold
416
358
16%
394
6%
Research & Development
135
269
-50%
195
-31%
Sales & Marketing
64
221
-71%
79
-19%
General and Administration
812
1,257
-35%
1,152
-30%
Total other expenses
1,427
2,105
-32%
1,820
-22%
Staff nos. (FTE)
1H25
1H24
Change %
2H24
Change %
Cost of goods sold
18
18
-2%
13
33%
Research & Development
18
34
-47%
16
13%
Sales & Marketing
11
17
-32%
9
20%
General and Administration
9
10
-9%
8
16%
Total staff nos. (FTE)
56
79
-29%
47
21%
Personnel and employee expense $000
Other expenses $000

16
Balance sheet
1H 25 Investor Presentation
Change $
Change %
Movements
Current

Assets
1,454
1,192
262
22%
Non-Current

Assets
10,659
11,583
(924)
-8%
Intangibles asset amortisation
Total
Assets
12,113
12,774
(661)
-5%
Current

Liabilities
2,186
2,151
35
2%
Non-Current

Liabilities
1,209
1,383
(175)
-13%
Total
Liabilities
3,394
3,534
(139)
-4%
Reduced trade payables
Net
Assets
8,718
9,240
(522)
-6%
Total
Equity
8,718
9,240
(522)
-6%
Accumulated losses net of capital raised
$000s
1H25
FY24

17
Cashflow
Average monthly cash consumption continuing to reduce
1
Average monthly cashflow excludes capital raise and acquisition transactions
1H 25 Investor Presentation
•Balance date cash and cash equivalents of
$0.5m
•Capital raise proceeds net of costs in the period
$1.7m. A further $0.3m is due 30Nov24.
•Average monthly cash burn reduced
•From $0.7m in 1H24 to $0.4m in 2H24
and $0.2m in 1H25.
•Reflects the net cash impact of revenue
growth and cost reduction actions
through out the year

1H251H242H24
6 months6 monthsChange %6 monthsChange %
Operating Activities
Cash Received from Customers4,1023,17429%3,9653%
Cash Paid to Suppliers and Employees(5,308)(7,487)-29%(6,508)-18%
Income Tax Received00-100%46-100%
Grant Income3500-99%556-100%
Operating net cash flow(1,203)(3,813)-68%(1,941)-38%
Investing net cash flow(2)60-104%16-115%
Financing cash flow1,522(587)-359%305400%
Net Change in Cash316(4,340)-107%(1,620)-100%
Opening Cash 1886,148-97%1,808-90%
Closing Cash 5051,808-72%1880%
Average monthly cash outflow
1
(231)(723)(353)
$000

FY25 outlook: towards profitability
18
•Solid customer onboarding pipeline provided the confidence to narrow the revenue
guidance range for the full year upward to $7.5 million to $8.3 million
1
.
•On-track to deliver monthly EBITDA breakeven in March 2025 with monthly cash
break even in the following months.
•Predictable recurring revenues from over 549 customers including some of the
world’s most prolific agriculture exporters and freight forwarders.
•Strong market position with more than 50% of New Zealand’s primary industry
exporters using TradeWindow software.
•Strong potential for growth in Australia. Already more than 50% of our customers
are based in this market, which is seven times the size of New Zealand’s.
•Sustainable targeted research and development programme delivering incremental
innovations.
1H 25 Investor Presentation
1. Guidance for FY25 is subject to changes in the macro-economic environment and the timing of customer onboarding. For the assumptions underlying this statement
please refer to Slide 20 and the Company’s going concern assumption detailed in full on pages 9 & 10 of the Interim Financial Statements for the six months ended 30
September 2024 released to the NZX today. Note these assumptions relate to the 12 months from today’s date.

Appendix
1H 25 Investor Presentation

1H 25 Investor Presentation20
Projected financials – key assumptions
Forward-looking financial information is inherently subject to uncertainty and judgement.
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

1H 25 Investor Presentation21
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.

22
Forwarder
Pre-Shipment
Inspector
Export PortCarrierImport Port
CustomsInsurer
Physical
Exporters Bank
Invoicing Platform
Financial
Document Courier
Customs
Information
Importers BankCorrespondent Bank
Document Courier
TradeWindow is digitising global trade information flows
Key:
ExporterImporter
1H 25 Investor Presentation

Suite 4
31 Northcroft Street
Takapuna
Auckland 0622
+64 9 836 4200
Investor Contact
Andrew Balgarnie
Chief Strategy Officer
p:+64 275 594 133
e: andrew@tradewindow.io
www.tradewindow.io

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1

MARKET RELEASE
28 November 2024
FINANCIAL RESULTS FOR THE HALF YEAR TO 30 SEPTEMBER 2024
TradeWindow on-track to deliver monthly EBITDA breakeven in March 2025
TradeWindow (NZX: TWL), the global trade software business, today announces interim
financial results
1
demonstrating a successful first half of the 2025 financial year (1H 25).
Strong revenue growth, underpinned by a focus on securing new large enterprise customers
with significant recurring revenues, provided the confidence in late October for the company
to revise revenue guidance upwards to $7.5 million to $8.3 million
2
. Today, TradeWindow re-
affirms it is on track to deliver monthly EBITDA break even in March 2025.
HIGHLIGHTS
• Revenue guidance for FY25 - narrowed upwards to $7.5 million to $8.3 million.
• Trading revenue - $3.7 million, up 22% on the prior year.
• Annual Recurring Revenue (ARR)
3
$7.2 million, up 14% on FY24.
• Average Revenue Per Customer (ARPC) - $1,944 per month and $824 per month for
shippers and freight forwarders, up 14% and 29% respectively.
• Gross margin - 61%, up 7ppt driven by a focus on continuous improvement in the sales
and onboarding processes.
• Total operating expenses - $5.0 million, down 35% from $7.7 million in 1H 24.
• EBITDA loss - $1.3 million, down 73% from the prior year’s $4.7 million.
• Net loss after tax - $2.4 million from a $4.8 million loss in the prior year.
• Cash and cash equivalents - $0.5 million with $0.3 million in delayed settlement from
the capital raise due 30 November 2024.
TradeWindow Chair, Alasdair MacLeod, stated: “We are pleased to report a strong first half,
validating our decision to right-size the business during FY24. I am proud of our team’s
resilience and resourcefulness in navigating one of the most challenging periods in
TradeWindow’s history.
“Our unwavering drive, focus, and discipline have enabled us to achieve solid revenue growth,
putting us on track to reach profitability and financial sustainability. Our first milestone on this
journey is achieving EBITDA breakeven by March 2025. Profitability in subsequent months will
ensure we can continue to innovate and reinvest in the next generation of trade software and
maintain our leadership in our industry,” Mr MacLeod said.
“As we move forward, our commitment to excellence and our strategic vision will guide us in
capitalising on new opportunities. We remain dedicated to delivering value to our stakeholders
and driving sustainable growth for TradeWindow.”
Chief Executive AJ Smith said: “In some of the most challenging market conditions in recent
history, TradeWindow has delivered a strong half-year performance, with revenues growing by

1
All comparisons are to the six-month period to 30 September 2024 unless otherwise stated.
2
TradeWindow’s earlier guidance was for FY 2025 revenue to range between $7.3 million and $8.3 million.
3
Annual recurring revenue is calculated using subscription revenue for September 2024 and the monthly average
of transaction revenue for Q2 FY 2025 annualised.

22%. This achievement underscores our strategic focus on, and success with, targeting large
enterprise customers and driving expansion into Australia.
“These customers bring substantial revenue and long-term stability. They offer valuable
contracts that enhance our market presence. By providing business critical solutions that
address the complex needs of these enterprises, we have positioned ourselves as a trusted
partner in their digital trade information transformation.
“The expansion into Australia has also been a pivotal factor in our success. The Australian
market offers a large number of potential customers with similar requirements to those we
already serve. This strategic move not only diversifies our revenue streams but also leverages
our expertise in trade software to meet the specific demands of businesses in this region,” Mr
Smith said.
“We remain on track to achieve EBITDA break-even by March 2025. We have implemented
stringent cost management practices to ensure sustainable growth and a path to profitability.
By optimising our operations and focusing on efficiency, we are achieving these goals while
still investing into innovation that will support short and long-term revenue growth.”
FINANCIAL UPDATE
Trading revenue was $3.7 million, up 22% from $3.0 million in the first half of FY24. Sustained
growth has been underpinned by a tactical focus on winning new customers and upselling
existing customers to additional value add solutions.
ARR increased by 14% to $7.2 million, illustrating TradeWindow’s healthy onboarding pipeline
and customer retention rate of 97%. Recurring revenue as a proportion of trading revenue was
95%, up from 94% in FY24.
TradeWindow’s monthly ARPC was up 14% to $1,944 for exporters and importers, and up 29%
to $824 for freight forwarders. The strong growth in the freight forwarder segment reflected
several large enterprise freight forwarders in Australia adopting our improved TW Freight e-
commerce module.
Total expenses are down 35% on the prior year due to the restructure. The largest contribution
to cost savings was the reduction in salary and wages down 14% due to staff numbers being
trimmed to 56, down from 79 in the prior year.
The half year EBITDA loss was $1.3 million, down 73% from $4.7 million, and the net loss after
tax reduced to $2.4 million from $4.8 million
4
. Monthly average cash burn reduced from $0.3
million in 2H 24 to $0.2 million in 1H 25.
CUSTOMER GROWTH
Over the past 12 months, TradeWindow has successfully attracted 36 new customers,
primarily by leveraging our Origin and Tariff solutions to build recurring revenue streams.
Mr. Smith stated: “Our Origin and Tariff solutions offer a low-friction pathway for acquiring
new customers. By fostering long-term, trusted partnerships, we enable our customers to
gradually adopt additional TradeWindow solutions as their business needs evolve.”

4
The amount includes a fair value gain on contingent consideration revaluation.

“A key driver of this growth has been our partnership with the International Freight Forwarders
and Customs Broker Association of Australia (IFCBAA), which resulted in 32 freight
forwarders subscribing to our Tariff solution. This collaboration underscores the importance
of strategic partnerships in expanding our market reach.
“Partnerships will increasingly drive our revenue growth,” Mr. Smith added.
“Collaborating with industry organisations allows us to extend our sales reach without
significant capital investment. The combination of our product expertise and our partners’
local market knowledge creates a powerful synergy.”
TradeWindow remains committed to building on these successes and continuing to deliver
innovative solutions that meet the evolving needs of our customers.
CAPITAL MANAGEMENT
At the end of September 2023 TradeWindow had cash reserves of $0.5 million, a figure that
does not include $0.3 million to be received from AJ Smith on 30 November as a delayed
settlement of shares subscribed for in the April capital raise.
Following last year’s reorganisation, TradeWindow’s monthly cash requirements continue to
reduce and the company forecasts
5
to have sufficient resources to take the business through
to profitability, and financial sustainability.
OUTLOOK
Mr Smith said: “We have worked to diversify our revenues across a range of industries and
regions, insulating us from market downturns and other unforeseen events. The relatively
predictable nature of business has us on-track to achieve monthly EBITDA breakeven in March
2025.
“In the near term, we remain cautious, while lower interest rates in New Zealand and Australia
may stimulate domestic activity, the potential for increased US tariffs may slow exports to
that market.
“However, with TradeWindow’s revenue more sensitive to the volume of trade rather than
value, the web of free trade agreements in our region somewhat mitigates the risks associated
with weakening demand from China and a more restrictive US trade policy. Exporters are
familiar with the need to adapt to the prevailing market conditions. Many in anticipation of this
situation have been diversifying their customer base for several years now.
“We continue to expect trading revenue for the year ending March 2025 to range between $7.5
million to $8.3 million, although recognise this forecast remains subject to changes in the
macroeconomic environment,” Mr Smith said.


5
For the assumptions underlying this statement please refer to the Company’s going concern assumption
detailed in full on pages 9 & 10 of the Interim Financial Statements for the six months ended 30 September
2024 released to the NZX today.

Webcast
TradeWindow will host a webcast at 11am this morning NZT on the full year results.
Participants can register for the conference by navigating to:
Webcast registration:
https://ccmediaframe.com/?id=WwhIQozl
Released for and on behalf of TradeWindow by:
AJ Smith
CEO and Executive Director

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

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Trade Window Holdings Limited





Interim Financial Statements -
For the period ended
30 September 2024

Trade Window Holdings Limited
Contents
For the period ended 30 September 2024


1
Corporate directory2
Directors' declaration3
Consolidated condensed statements of profit or loss and other comprehensive income4
Consolidated condensed statements of financial position5
Consolidated condensed statements of changes in equity6
Consolidated condensed statements of cash flows8
Notes to the consolidated condensed financial statements9
1. General information9
2. Material accounting policy information9
3. Critical accounting judgements, estimates and assumptions11
4. Revenue11
5. Leases12
6. Issued capital13
7. Financial instruments classification and risk management14
8. Segment reporting15
9. Events after the reporting period15

Trade Window Holdings Limited
Corporate directory
For the period ended 30 September 2024


2
Incorporation date10 September 2021

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 to the nature of these activities.

Registered officeTradeWindow Company Secretary
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.

Independent auditorUHY Haines Norton
Level 9
1 York Street
Sydney
NSW 2000

Trade Window Holdings Limited
Directors' declaration
For the period ended 30 September 2024


3
The directors present their report, together with the consolidated condensed 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 period ended 30 September 2024.

The directors are responsible for the preparation, in accordance with New Zealand law and generally accepted accounting
practice, of consolidated condensed financial statements which give a true and fair view of the financial position of the
Company as at 30 September 2024 and its financial performance for the period ended on that date.

The directors consider that the consolidated condensed 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 condensed 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

 28 November 2024 

Trade Window Holdings Limited
Consolidated condensed statements of profit or loss and other comprehensive income
For the period ended 30 September 2024

Note
6 months to
30 September
2024
Unaudited
6 months to
30 September
2023
Unaudited
12 months to
31 March
2024
Audited
$$$
The above consolidated condensed statements of profit or loss and other comprehensive income should be read in
conjunction with the accompanying notes
4
Revenue
Revenue43,671,792 2,999,827 6,179,077
Other income36,631 426 573,936
3,708,423 3,000,253 6,753,013
Expenses
Personnel and employee expense(3,561,867)(5,601,384)(9,454,439)
Depreciation and amortisation expense(1,047,875)(1,264,015)(2,512,165)
Other expenses(1,427,071)(2,105,332)(3,924,875)
Total expenses(6,036,813)(8,970,731)(15,891,479)
Operating loss(2,328,390)(5,970,478)(9,138,466)
Revaluation of contingent consideration- 1,216,000 1,216,000
Net finance expense(68,053)(15,536)(86,520)
Loss before income tax expense(2,396,443)(4,770,014)(8,008,986)
Income tax expense- - (4,629)
Loss after income tax expense for the period(2,396,443)(4,770,014)(8,013,615)
Other comprehensive income
Items that may be reclassified subsequently to profit or loss
Foreign currency translation4,070 (1,451)2,567
4,070 (1,451)2,567
Total comprehensive income for the period(2,392,373)(4,771,465)(8,011,048)

Earnings (loss) per share
Basic earnings (loss) per share $(0.02)(0.04)(0.07)
Diluted earnings (loss) per share $(0.02)(0.04)(0.07)

Trade Window Holdings Limited
Consolidated condensed statements of financial position
As at 30 September 2024

Note
As at
30 September
2024
Unaudited
As at
30 September
2023
Unaudited
As at
31 March
2024
Audited
$$$
The above consolidated condensed statements of financial position should be read in conjunction with the accompanying
notes
5
Assets
Current assets
Cash and cash equivalents504,609 1,808,181 188,177
Trade and other receivables921,973 819,984 968,172
Contract assets22,454 41,928 30,239
Income tax receivable4,995 50,811 4,995
Total current assets1,454,031 2,720,904 1,191,583
Non-current assets
Trade and other receivables46,274 50,488 51,457
Property, plant and equipment74,176 180,174 66,546
Right-of-use assets587,473 568,221 69,374
Intangibles10,451,018 12,285,620 11,368,319
Restricted cash- 98,608 26,853
Total non-current assets10,658,941 13,183,111 11,582,549
Total assets12,112,972 15,904,015 12,774,132
Liabilities
Current liabilities
Trade and other payables1,246,163 1,568,063 1,365,898
Related party payables9,729 - 4,076
Lease liabilities542,234 429,053 78,994
Income tax payable4,420 - 4,686
Contract liabilities651,445 568,786 638,979
Interest bearing loans and borrowings231,958 573,824 58,100
Total current liabilities2,185,949 3,139,726 2,150,733
Non-current liabilities
Trade and other payables- 16,096 -
Lease liabilities528,162 174,636 -
Interest bearing loans and borrowings1,180,362 979,397 1,383,029
Total non-current liabilities1,208,524 1,170,129 1,383,029
Total liabilities3,394,473 4,309,855 3,533,762
Net assets8,718,499 11,594,160 9,240,370
Equity
Issued capital649,131,431 46,479,052 47,290,673
Foreign currency translation reserve(45,198)(31,283)(52,710)
Share based payments reserve420,353 294,434 394,051
Accumulated losses(40,788,087)(35,148,043)(38,391,644)
Total equity8,718,499 11,594,160 9,240,370

Trade Window Holdings Limited
Consolidated condensed statements of changes in equity
For the period ended 30 September 2024

The above consolidated condensed statements of changes in equity should be read in conjunction with the accompanying
notes
6
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 period-(2,396,443)--(2,396,443)
Other comprehensive income for the period, net
of tax--4,070-4,070
Total comprehensive income for the period-(2,396,443)4,070-(2,392,373)
Transactions with Owners of the company:
Contributions of equity, net of transaction costs
(note 6)1,770,008---1,770,008
Equity-settled share based payments ---26,30226,302
Share options exercised (note 6) 70,750---70,750
Adjustment to foreign currency--3,442-3,442
Balance at 30 September 2024 - Unaudited49,131,431(40,788,087)(45,198)420,3538,718,499

Issued
capital
Accumulated
losses
Foreign
currency
translation
reserve
Share based
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 period-(4,770,014)--(4,770,014)
Other comprehensive income for the period, net
of tax--(1,451)-(1,451)
Total comprehensive income for the period-(4,770,014)(1,451)-(4,771,465)
Transactions with Owners of the company:
Contributions of equity, net of transaction costs
(note 6)126,775---126,775
Equity-settled share based payments ---105,499105,499
Share options exercised (note 6) 171,701---171,701
Adjustment to foreign currency --(11,169)-(11,169)
Balance at 30 September 2023 - Unaudited46,479,052(35,148,043)(31,283)294,43411,594,160

Trade Window Holdings Limited
Consolidated condensed statements of changes in equity
For the period ended 30 September 2024

The above consolidated condensed statements of changes in equity should be read in conjunction with the accompanying
notes
7
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 period-(8,013,615)--(8,013,615)
Other comprehensive income for the period, net
of tax--2,567-2,567
Total comprehensive income for the period-(8,013,615)2,567-(8,011,048)
Transactions with Owners of the company:
Contributions of equity, net of transaction costs
(note 6)791,506---791,506
Equity-settled share based payments ---205,116205,116
Share options exercised (note 6) 318,591---318,591
Adjustment to foreign currency--(36,614)-(36,614)
Balance at 31 March 2024 - Audited47,290,673(38,391,644)(52,710)394,0519,240,370

Trade Window Holdings Limited
Consolidated condensed statements of cash flows
For the period ended 30 September 2024

6 months to
30 September
2024
6 months to
30 September
2023
12 months to
31 March
2024
NoteUnauditedUnauditedAudited
$$$
The above consolidated condensed statements of cash flows should be read in conjunction with the accompanying notes
8
Cash flows from operating activities
Receipts from customers4,101,701 3,173,566 7,138,177
Payments to suppliers and employees(5,307,626)(7,487,043)(13,994,881)
Income tax received- 441 46,244
Grant and other income2,560 500,067 1,056,538
Net cash used in operating activities(1,203,365)(3,812,969)(5,753,922)
Cash flows from investing activities
Payments for property, plant and equipment(42,808)(12,131)(12,131)
Proceeds from disposal of property, plant and equipment27,198 2,184 8,742
Interest received13,117 70,203 80,017
Net cash (used in)/from investing activities(2,493)60,256 76,628
Cash flows from financing activities
Interest paid on lease liability5(3,816)(19,517)(25,991)
Proceeds from share capital61,704,811 - 500,000
Repayment of borrowings(28,810)(250,253)(357,741)
Payments for lease liability - principal portion5(76,676)(270,819)(273,271)
Proceeds from exercise of share options- 58 56
Interest paid(73,219)(46,700)(125,707)
Net cash from/(used in) financing activities1,522,290 (587,231)(282,654)
Net increase/(decrease) in cash and cash equivalents316,432 (4,339,944)(5,959,948)
Cash and cash equivalents at the beginning of the financial period188,177 6,148,125 6,148,125
Cash and cash equivalents at the end of the financial period504,609 1,808,181 188,177

Trade Window Holdings Limited
Notes to the consolidated condensed financial statements
For the period ended 30 September 2024


9
1. General information

The consolidated condensed 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 condensed financial statements were authorised for issue, in accordance with a resolution of directors, on
28 November 2024. The directors have the power to amend and reissue the financial statements.

2. Material accounting policy information

These interim financial statements have been prepared consistently with the annual financial statements for the year ended
31 March 2024. The same accounting policies and methods of computation have been used.

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 financial statements.

Basis of preparation

Statement of compliance
These interim financial statements have been prepared in accordance with IAS 34 Interim Financial Reporting. They do not
include all of the notes normally included in an annual financial report and should be read in conjunction with the audited
financial statements for the year ended 31 March 2024.

Going concern
The Group prepares its 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.

Trade Window Holdings Limited
Notes to the consolidated condensed financial statements
For the period ended 30 September 2024

2. Material accounting policy information (continued)


10
The Group is an early-stage organisation and as such has reported a loss for the six months ended 30 September 2024 of
$2.4 million (30 September 2023: $4.8 million), and operating cash outflows of $1.2 million (30 September 2023: $3.8
million).

As previously announced, in response to continued negative global macro-economic conditions, scarce capital and the
cancelled investment by a strategic investor, the Group shifted focus to growing revenues from core profitable products and
implementing significant cost reductions, primarily in innovation and development, to provide a pathway to EBITDA
breakeven. During the period the Group has grown revenue and successfully implemented its cost saving plans which are
now delivering improvements to both profit and cashflow as seen in these financial statements.

As at 30 September 2024, the Group held cash and cash equivalents of $0.5 million (30 September 2023: $1.8 million).
During the period the Group successfully raised $2.2 million equity capital (refer to note 6 Issued capital) which has been
budgeted to provide a pathway to monthly EBITDA breakeven by the end of FY25. No additional funding is required under
the financial forecasts.

The Board-approved financial forecasts for FY25 and FY26 project sufficient cash available to satisfy all financial obligations
which arise in the next 14 months from 30 September 2024. The forecast cash flows are dependent on the key assumptions
outlined below:

a.Achievement of targeted revenue growth.
On 22 October 2024 the Group advised that it narrowed its revenue guidance range for FY25 to between $7.5 million to
$8.3 million. This represents an increase of between 21% to 34% on the prior year. As reported in these financial
statements, the revenue for the first six months of FY25 is $3.7 million representing an increase of 22% over the same
period last year. New customers already onboarded or currently in the onboarding process are expected to generate the
majority of the additional growth in the second half of FY25.
b.Successful operation of cost-reduced business.
Cost saving plans have been successfully implemented with Personnel and employee expenses and Other expenses
reduced by 35% on the same period last year, predominantly from redundancies in Research and Development. The
Group notes that lower staffing levels can create pressures in an organisation, however the cuts have not impacted the
Group’s ability to serve its current and future customers, meet market demand and generate revenue from existing
solutions.
c.Compliance with ASB loan covenants.
Effective 25 March 2024, various terms of the ASB loan facility were amended including removing the cash cover
covenant, extending the loan amortisation/repayment relief to 31 March 2025 and introducing a new revenue covenant.
A breach of these undertakings, which is not anticipated, could result in acceleration of remaining outstanding loan
balance. As at 30 September 2024 this balance was $1.0m.

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 financials
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.

Trade Window Holdings Limited
Notes to the consolidated condensed financial statements
For the period ended 30 September 2024


11
3. Critical accounting judgements, estimates and assumptions

The preparation of the interim 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 judgements, estimates and
assumptions used in these interim financial statements are consistent with those from the 31 March 2024 annual financial
statements.

4. Revenue

6 months to
30 September
2024
6 months to
30 September
2023
12 months to
31 March
2024
UnauditedUnauditedAudited
$$$
Transactional revenue1,919,841 1,437,254 2,970,783
Subscription revenue1,561,201 1,368,820 2,815,492
Service revenue113,530 130,535 269,018
Installation revenue77,220 63,218 123,784
Total revenue3,671,792 2,999,827 6,179,077

There is no significant seasonality or cyclicality of interim operating revenue.

Trade Window Holdings Limited
Notes to the consolidated condensed financial statements
For the period ended 30 September 2024


12
5. Leases

Right-of-use assets

The following amounts are included in the balance sheet in relation to the property which is a right of use asset held under
lease arrangements:

6 months to
30 September
2024
6 months to
30 September
2023
12 months to
31 March
2024
UnauditedUnauditedAudited
$ $  $ 
Cost
Opening balance1,248,7381,784,5051,784,505
Additions110,492954-
Disposals(1,248,738)-(544,957)
Effects of movements in exchange rates--9,190
Total cost110,4921,785,4591,248,738
Accumulated amortisation
Opening balance(1,179,364)(941,707)(941,707)
Disposals1,248,738-261,125
Amortisation expense(92,393)(275,786)(495,719)
Effects of movements in exchange rates-255(3,063)
Total accumulated amortisation(23,019)(1,217,238)(1,179,364)
Net carrying amount87,473568,22169,374

The Group 's New Zealand office lease expired May 2024. A new 12 month lease for the new office was commenced in the
same month. Additions to the right-of-use assets during the six months ended 30 September 2024 was $110,492 (2023: nil).

As at
30 September
2024
As at
30 September
2023
As at
 31 March
2024
UnauditedUnauditedAudited
$$$
Current liabilities
Lease liability42,234 429,053 78,994
Non-current liabilities
Lease liability28,162 174,636 -
70,396 603,689 78,994

The table below describes the nature of the Group’s leasing activities by type of right-of-use asset recognised in the
consolidated statement of financial position:

Right-of-use asset Buildings
No. of right-of-use assets leased 1
Range of remaining terms in months 7
Average remaining term in months 7
No. of leases with options to purchase -
No. of leases with termination options -

Trade Window Holdings Limited
Notes to the consolidated condensed financial statements
For the period ended 30 September 2024

5. Leases (continued)


13
6 months to
30 September
2024
6 months to
30 September
2023
12 months to
31 March
2024
UnauditedUnauditedAudited
$$$
Amounts recognised in statement of comprehensive income
Interest on lease liabilities3,816 19,517 25,991
Depreciation on right-of-use assets92,393 275,786 495,719
Variable lease payments 28,305 65,271 125,959
Short term lease expenses20,677 45,233 102,221

Amounts recognised in statement of cash flow
Interest on lease liabilities3,816 19,517 25,991
Principal lease payments76,676 270,819 273,271

6. Issued capital

6 months to
30 September
2024 
6 months to
30 September
2023
12 months to
31 March
2024 
6 months to
30 September
2024 
6 months to
30 September
2023
12 months to
31 March
2024
UnauditedUnauditedAuditedUnauditedUnauditedAudited
Number of
shares
Number of
shares
Number of
shares$$$
Shares
Balance 1 April117,195,875113,026,232113,026,23247,290,67346,180,57646,180,576
Issue of ordinary shares10,815,52155,0002,057,6141,704,811126,775500,000
Shares issued in respect of
payment of vendor services340,083-1,079,69365,197-291,506
Shares issued in respect of
employee share options
exercised362,505423,7331,032,33670,750171,701318,591
Shares issued in respect of
shared-based payments------
128,713,984113,504,965117,195,87549,131,43146,479,05247,290,673

During April 2024, Trade Window Holdings Limited raised $2,221,000 before capital raise expenses, by way of a private
placement ($2,000,000) and a share purchase plan ($211,000). 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 has
delayed settlement. Total private placement and share purchase plan settled in the period was $1,893,000 (shares issued
10,815,521). A further $328,184 (1,875,337 shares) is due to be settled 30 November 2024.

During the period vendors accepted payment in shares of $65,197 (shares issued 340,083).

At 30 September 2024, share capital comprised 128,713,984 shares. All issued shares rank equally, are fully paid and have
no par value.

Trade Window Holdings Limited
Notes to the consolidated condensed financial statements
For the period ended 30 September 2024


14
7. Financial instruments classification and risk management

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.

Liquidity profile of financial assets
1 Year or
less1-5 Years
More than 5
years
Total
contractual
cashflows
$$$$
Six months ended 30 September 2024 - Unaudited
Cash and cash equivalents504,609--504,609
Trade receivables712,389--712,389
1,216,998--1,216,998
Six months ended 30 September 2023 - Unaudited
Cash and cash equivalents1,808,181--1,808,181
Trade and other receivables515,736--515,736
Restricted cash-98,608-98,608
2,323,91798,608-2,422,525
Year ended 31 March 2024 - Audited
Cash and cash equivalents188,177--188,177
Trade receivables646,958--646,958
Restricted cash26,853--26,853
861,988--861,988

Trade Window Holdings Limited
Notes to the consolidated condensed financial statements
For the period ended 30 September 2024

7. Financial instruments classification and risk management (continued)


15
Financial liabilities based on contractual cashflows due within
1 Year or
less1-5 Years
More than 5
years
Total
contractual
cash flows
Carrying
amount of
liabilities
$$$$$
Six months ended 30 September 2024 -
Unaudited
Trade payables1,246,163--1,246,1631,246,163
Interest bearing loans and borrowings372,7641,237,52263,6151,673,9011,412,320
Related party payables9,729--9,7299,729
Lease liabilities42,23428,162-70,39670,396
1,670,8901,265,68463,6153,000,1892,738,608
Six months ended 30 September 2023 -
Unaudited
Trade and other payables1,568,06316,096-1,584,1591,584,159
Interest bearing loans and borrowings573,824825,021154,3761,553,2211,553,221
Lease liabilities429,053174,636-603,689603,689
2,570,9401,015,753154,3763,741,0693,741,069
12 months ended 31 March 2024 - Audited
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

8. 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.

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. The majority of the Group's operations are within New Zealand and there are no other
material geographic segments.

9. Events after the reporting period

No matter or circumstance has arisen since 30 September 2024 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 Limited
Level 4, Partners Life Building, 33 – 45 Hurstmere Road, Takapuna, Auckland 0622
info@tradewindow.io
www.tradewindow.io



Results announcement
28 November 2024

Results for announcement to the market
Name of issuer Trade Window Holdings Limited (“TWL”)
Reporting Period 6 months to 30 September 2024
Previous Reporting Period 6 months to 30 September 2023
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$3,672 Up 22%
Total Revenue $3,708 Up 24%
Net profit/(loss) from
continuing operations
($2,396) Decrease of 46%
Total net profit/(loss) ($2,396) Decrease of 46%
Interim/Final Dividend
Amount per Quoted Equity
Security
Trade Window has been 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 -$0.01
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

28 November 2024

Audited financial statements accompany this announcement.