TradeWindow Investor Update - Quarter 2 FY26

Dear Shareholders,

As we close out the first half of FY26, I want to thank you for your continued support of TradeWindow. This has been a
period of strong progress for our business. I am proud of the way our team has delivered this strong performance, while
advancing our vision of building an AI‑first freight forwarding solution.
The first half of this year has seen us deepen relationships with our customers, expand our recurring revenue base and
invest in innovation. Looking ahead we are now poised for the next stage in our evolution with the planned listing of our
shares on the ASX. This listing offers opportunities to broaden our investor base, strengthen our profile in international
markets, and provide a platform to accelerate our expansion strategy. I am encouraged by the momentum we are building
and confident we are positioned to make the most of the many opportunities we see ahead.

Our unaudited financial and operational metrics as at Q2 FY26 (30 September 2025) illustrate consistent delivery against
our strategy:
Trading revenue: $4.6 million, up 25% on the prior year.
Annual Recurring Revenue (ARR): $8.8 million, up 21% on 30 September 2024.
Average Revenue Per Customer (ARPC) (per month): up for both shippers ($2,484) and freight forwarders ($1,097) by
20%.
Gross Margin: 58%, down three percentage points on FY25 (detail provided below).
Customer Retention Rate: 92%, up five percentage points on FY25.
Consistent with prior years, the second half of our financial year is expected to outperform the first half. We reaffirm our
trading revenue guidance for FY26 of $10 million to $11 million. Continued customer demand gives us confidence to
accelerate our Freight AI development programme and defer our goal of reaching annual EBITDA breakeven by 12 months
to FY27.
TradeWindow Investor Update
Quarter 2 - FY26
UNLOCKING THE NEXT CHAPTER OF GROWTH
4 NOVEMBER 2025

4 NOVEMBER 2025
Key Performance Indicators - Half year ended 30 September 2025 (1H FY26) (Unaudited)
Note, all comparisons are against year to date 31 March 2025 (FY25) unless otherwise indicated.
ARR is calculated using subscription revenue for September 2025 and the monthly average of transaction revenue for Q2 FY26 annualised.
Percentage of expenses R&D and commercialisation includes development capitalised to the balance sheet.
Trading
revenue
Down 3 ppt on FY25
Up 25% on 1H FY25
Annual
Recurring
Revenue
Customers
Down 20 on FY25
Up 21% on 1H FY25
Customer
retention rate
Up 5 ppt on FY25
Up 20% on FY25
Up 20% on FY25
58%
$4.6m
534
$8.8m
92%
$2,484
34%
$1,097
ARPC (Freight
Forwarders)
% of expenses
R&D and
Commercialisation
Down 2 ppt on FY25
ARPC
(Shippers)
REVENUE GROWTH
Trading revenue for the half year increased 25% over the 30 September 2024 result, driven by both new customer
acquisition and deeper engagement with existing customers. Growth in ARPC across freight forwarders and shippers
underscores the tangible value customers are deriving from our existing products including Origin, Cube, and the Freight e-
commerce module. We anticipate further ARPC uplift from winning new larger freight forwarders and recontracting existing
customers. Shipper revenue is anticipated to increase in the second half of the year as many agricultural exporters enter
their peak season driving higher transaction volumes.
Gross
Margin
REFINING OUR CUSTOMER MIX
Customer numbers decreased slightly from Q1, reflecting TradeWindow’s deliberate focus on engaging larger customers
who value a broader range of product modules. To assess performance meaningfully, customer numbers, ARPC, and
retention should be considered together. Collectively, these indicators show that while we are refining our customer mix,
ARPC has risen strongly, up 20% for both shippers and freight forwarders, and retention has improved year‑on‑year by five
percentage points to 92%. This demonstrates that our strategy is strengthening the quality and resilience of our revenue
base, positioning TradeWindow to capture greater scale and deliver sustainable long‑term growth.

UPDATE ON TW FREIGHT CLOUD MIGRATION
As noted in our last quarterly update in July, TradeWindow has been progressing the migration of TW Freight to a
TradeWindow managed cloud environment. This project will continue throughout the remainder of the financial year. We are
already seeing benefits in the form of improved stability, security and customer experience.

With the completion of this migration, the temporary cost impacts associated with the transition will cease. We expect gross
margins to improve accordingly. In addition, we expect to further support margin expansion by delivering scalable, higher
efficiency operations.
POSITIONING FOR MARKET LEADERSHIP
Development of our AI freight operating system continues to progress strongly, and we are pleased to confirm that the first
module of Freight AI e-commerce will be delivered before the end of the financial year. This milestone represents the first
tangible step in bringing our vision of an AI-driven freight ecosystem to market. Work is also well underway on the core
operating modules, which will form the backbone of the platform, and with investment ramping up over the coming months
we expect to see progress accelerate significantly.

We recognise there is a clear unmet need in the market for a high degree of automation and decision support within modern
freight forwarding. Consequently, we have resolved to pursue this opportunity now to position TradeWindow ahead of
competitors, many of which remain constrained by legacy systems or lack a meaningful presence in the market. This
strategic decision reflects our commitment to shaping the future of digital trade rather than following it.

In line with this acceleration of our growth strategy, we have chosen to defer our annual EBITDA breakeven target from FY26
to FY27. This adjustment ensures that we can fully capitalise on the opportunity to capture market share in Australia and New
Zealand while also building a product that can be deployed into new markets with minimal localisation. By prioritising growth
and scalability over short-term profitability, we are laying the foundations for TradeWindow’s long-term leadership in AI-
enabled trade technology.
4 NOVEMBER 2025

PROGRESS ON ASX LISTING
We anticipate that TradeWindow shares will commence trading on the Australian Securities Exchange (ASX) within the 2025
calendar year, subject to the satisfaction of final conditions precedent and receipt of final approvals from both the ASX and
Australian Securities and Investments Commission (ASIC).

We are encouraged by the strong inbound interest we have received from prospective investors in Australia. The Australian
market is home to a larger pool of small-cap funds and family offices with a deep understanding of freight and logistics
software. Many of these investors recognise the critical nature of our services, the scale of the market opportunity, and the
limited number of competitors operating in this space. Attached is the investor presentation we will be sharing during non-
deal roadshow meetings in the lead up to the ASX listing.

We believe that our ASX dual listing will deliver significant benefits to all stakeholders. Importantly, we anticipate it will
enhance overall liquidity, creating a deeper and more active market for TradeWindow shares across both exchanges. We also
expect the dual listing to provide TradeWindow with access to deeper pools of capital to accelerate our growth strategy and
enhance our ability to compete on a global scale.
OUTLOOK
Looking ahead, we anticipate a strong second half of the financial year. Agricultural exporters are entering their peak season,
which historically drives significant trade activity across our platform, albeit in challenging market conditions. At the same
time, e‑commerce volumes are expected to surge with Black Friday, Christmas, and Boxing Day, fueling consumer demand
and cross‑border flows. These seasonal drivers, combined with the structural growth in digital trade, position TradeWindow
well for continued momentum.

Finally, we are excited to enter the next phase of our journey as an ASX‑listed business. This milestone will enable us to
compete on the world stage with greater scale, visibility, and access to capital — delivering long‑term value for all
stakeholders.
Thank you for your ongoing support.
Kind regards,
AJ Smith
Executive Director & CEO
4 NOVEMBER 2025
Investors
Andrew Balgarnie
Chief Strategy Officer
+64 27 559 4133
Media
Richard Inder
The Project
+64 21 645 643

---

Investor Presentation
November 2025
This presentation contains confidential and proprietary information and is intended solely
for the internal use of the recipient to whom this presentation is addressed. It may not be
reproduced, distributed or published in whole or in part, nor may its contents be disclosed
to any other person or entity, without the prior written consent of the TradeWindow.
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Investor Presentation2
Important notices and disclaimers
Disclaimer
The following notice and disclaimer applies to this investor presentation and you must read this carefully before reading
or making any other use of this presentation or any information contained in this presentation. By accepting this
presentation you represent and warrant that you are entitled to receive this presentation in accordance with the
restrictions, and agree to be bound by the limitations, contained within it. This investor presentation contains
confidential and proprietary information and is being supplied to the recipient to whom this presentation is addressed
on a confidential basis. This investor presentation should not be disclosed or distributed (in whole or in part) to any
other persons without the prior written consent of TradeWindow. All information is current at the date of this
presentation, unless stated otherwise. All currency amounts are in NZ dollars unless stated otherwise.
Information: This presentation contains summary information about TradeWindow and its activities. The information in
this presentation is of a general nature and does not purport to be complete, nor does it contain all the information
which a prospective investor may require in evaluating a possible investment in TradeWindow or that would be required
in a product disclosure statement for the purposes of the Financial Markets Conduct Act 2013. This presentation should
be read in conjunction with TradeWindow's other periodic and continuous disclosure announcements, which are
available at www.nzx.com
.
Not financial product advice: This presentation is for information purposes only and is not financial or investment advice
or a recommendation to acquire TradeWindow securities, and has been prepared without taking into account the
objectives, financial situation or needs of individuals. Before making an investment decision, prospective investors
should consider the appropriateness of the information having regard to their own objectives, financial situation and
needs and consult a broker, or solicitor, accountant and/or other professional adviser.
Past performance: Any information given in this presentation regarding TradeWindow's historical performance (whether
financial or otherwise) is given for illustrative purposes only and should not be relied upon as (and is not) an indication
of future performance. No representations or warranties are made as to the accuracy or completeness of such
information.
Future performance: The information contained in this presentation may include forward-looking statements about
TradeWindow and the environment in which TradeWindow operates, such as indications of, and guidance on, future
earnings and financial positions and performance. You are strongly cautioned not to place undue reliance on forward-
looking statements, particularly in light of the significant volatility, uncertainty and disruption currently being
experienced in global markets. Forward-looking information is inherently uncertain and subject to contingencies, known
and unknown risks and uncertainties and other factors outside of TradeWindow's control, and may involve significant
elements of subject judgement and assumptions as to future events which may or may not be correct. Forward-looking
statements may also assume the success of TradeWindow's business strategies. The success of any of these
strategies is subject to uncertainties and contingencies beyond TradeWindow's control, and no assurance can be given
that any of the strategies will be effective or that the anticipated benefits from the strategies will be realised in the
period for which the forward looking statements may have been prepared or otherwise. No assurance can be given that
actual outcomes or performance will not materially differ from the forward-looking statements. A number of important
factors could cause TradeWindow's actual results or performance to differ materially from these statements. The
forward-looking statements are based on information available to TradeWindow as at the date of this presentation.
Except as required by law or regulation (including the NZX Listing Rules), TradeWindow undertakes no obligation to
provide any additional or updated information whether as a result of new information, future events or otherwise.
Non-GAAP financial information: Certain financial measures included in this presentation are non-GAAP
financial information. 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 release 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 assess
business performance.
Distribution of presentation: This presentation must not be distributed in any jurisdiction to the extent that its
distribution in that jurisdiction is restricted or prohibited by law or would constitute a breach by TradeWindow of
any law. The distribution of this presentation in other jurisdictions outside New Zealand may be restricted by
law, and persons into whose possession this presentation comes should observe any such restrictions. Any
failure to comply with such restrictions may violate applicable securities laws. None of TradeWindow, any
person named in this presentation or any of their affiliates accept or shall have any liability to any person in
relation to the distribution or possession of this presentation from or in any jurisdiction.
Not for distribution or release in the United States: This presentation may not be distributed or released in the
United States. This presentation does not constitute an offer to sell, or a solicitation of an offer to buy, any
securities in the United States or any other jurisdiction in which such an offer would be illegal. The New Shares
have not been and will not be registered under the U.S. Securities Act of 1933 (the U.S. Securities Act) or the
securities laws of any state or other jurisdiction of the United States. Accordingly, the New Shares may not be
offered or sold, directly or indirectly, in the United States or to persons that are acting for the account or benefit
of persons in the United States, unless they have been registered under the U.S. Securities Act, or are offered
and sold in a transaction exempt from, or not subject to, the registration requirements of the U.S. Securities Act
and any other applicable state securities laws.
To the maximum extent permitted by law, none of Trade Window Holdings Limited or any of its subsidiaries,
related companies, shareholders, directors, officers or employees, or any other person, makes any
representation or warranty, or provides any undertaking, in relation to any information contained in this
presentation and they shall have no liability (including for negligence) for: any errors or omissions in the
information or failure to correct or update the information, or any other written or oral communications
provided in relation to the information or any claim, loss or damage (whether foreseeable or not) arising from
the use of any of the information or otherwise arising in connection with the information. The information in
this presentation remains subject to change without notice.

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Investor Presentation3
Contents
Introduction to TradeWindowPage 4
Investment highlightsPage 8
Financial summaryPage 22
AppendixPage 28

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Investor Presentation
989
Positioned to win
Introduction to TradeWindow
Select customers
Overview
•Founded in 2018, TradeWindow is an NZX-listed software company
providing mission critical software for exporters, importers, freight
forwarders and customs brokers
•Integrated platform covering compliance, operations management,
data sharing, stakeholder collaboration, and traceability
•Customers include some of the world’s largest agriculture exporters,
freight forwarders and logistics providers
•Serves industries including dairy, meat, horticulture, seafood,
consumer products, manufacturing, and logistics
•Strong market position with more than 50% of New Zealand’s
primary industry exporters using TradeWindow software
•Positioned to capture share in the global US$59b trade and logistics
software market, estimated to grow at 10.5% CAGR
•Differentiated by AI innovation, modular product design, and
offshore development teams to accelerate speed and reduce costs
•One of the few providers accredited to issue Certificates of Origin in
Australia and New Zealand
$8.8m
September 25 ARR
>29%
ARR CAGR since FY23
~94%
Re-occurring revenue
~540
Customers
$10-$11m
FY26 Revenue Guidance
+EBITDA
FY27 Profit Guidance
Key metrics
Freight forwarders
Shippers
4

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Investor Presentation5
•Delivered an organic revenue CAGR of 27%
1
since FY22
•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
•Guiding for EBITDA breakeven for FY27
•Forecast organic revenue growth underpinned by cross-
selling to existing customers and winning new customers in
Australia
Trading Revenue
2
1.CAGR period FY22 to FY25
2.Forward-looking financial information should be read in conjunction with key assumptions on Slide 31
FY20AFY21AFY22AFY23AFY24AFY25AFY26P
Asia, Pacific Is. & rest of worldNew ZealandAustralia
Strong organic revenue growth and guiding for EBITDA breakeven in FY27
Strong financial performance

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Investor Presentation6
Positioned to win
History of TradeWindow
MARCH
Revenues of $1.6 million
for FY21
Minimum Marketable
Product version of Cube
released
JUNE - NOVEMBER
Initial capital raise
Recruited team
members
JANUARY
Accredited to issue
Certificates of Origin in
Australia
Container tracking,
visibility, and CO
2
in Cube
MARCH
Revenues of $8 million
539 customers
DECEMBER
Incorporation of
Trade Window
Limited
Proof of concept
with Greenlea
Premier Meats
MARCH
Revenues of $4.9
million for FY23
475 customers
MARCH
Revenues of $6.2
million
513 customers
201820192020
JANUARY
Commence commercial
operations
Minimum Viable Product
released
Accredited to issue
Certificates of Origin in
New Zealand
FEBRUARY
Expanded into
Australia
APRIL
Expanded into the
freight forwarder and
customs broker
segment with ~250
customers
2021
NOVEMBER
Compliance listing on the
NZX
380 customers across
New Zealand and
Australia
Minimum Marketable
Product version of Cube
released
2022
MARCH
Revenues of $3.9
million for FY22
454 customers
202320242025
Investor Presentation
6
JUNE
Admitted into the Pan
Asian E-Commerce
Alliance

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Investor Presentation7
Positioned to win
Intention to list on the ASX
•TradeWindow (NZX: TWL) is pleased to announce its intention to pursue a secondary
listing on the Australian Securities Exchange (ASX) as a Foreign Exempt Listing
•The Board believes that an ASX listing is a natural progression for the company,
reflecting the scale of its operations and growing customer base across Australasia
•In addition to retaining its primary listing on the NZX, a dual listing on the ASX will
provide access to a broader pool of institutional and retail investors, increase liquidity,
and strengthen TradeWindow’s profile in its key growth market
•The proposed listing is subject to ASX approval and completion of the required
regulatory processes, with timing to be confirmed
•TradeWindow remains committed to its New Zealand investor base while positioning
itself to take advantage of new opportunities in Australia and globally

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Investment highlights

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Investor Presentation9
Positioned to win
Investment highlights
2
3
4
1
5
6
7
Scalable platform assisting global trade operators
AI solutions disrupting incumbents and transforming global trade
Trusted by over 500 exporters and freight forwarders across various industries
Strong revenue diversity with low concentration risk and minimal customer churn
Huge addressable market with multiple dynamics driving growth
Clearly defined and executable growth strategy
Highly experienced and motivated management team
8
Consistent revenue growth and a clear pathway to profitability
Investor Presentation
9

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Investor Presentation10
Increasing complexity associated with international trade is
driving demand for trade and logistics software
US$59B
TOTAL ADDRESSABLE MARKET
Target Customers – Mid-Market Shippers
and Freight Forwarders
950
1,200
8,000
10.5%
CAGR
Source: Grok AI.
1
Huge addressable market with multiple dynamics driving growth
Large and growing addressable market

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Investor 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
1
Huge addressable market with multiple dynamics driving growth
Market exposed to multiple factors which continue to drive change and fuel growth

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Investor Presentation12
Forwarder
Pre-Shipment
Inspector
Export PortCarrierImport Port
CustomsInsurer
Physical
Exporters’ Bank
Invoicing Platform
Financial
Document Courier
Customs
Information
Importers’ BankCorrespondent Bank
Document Courier
Key:
ExporterImporter
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2
Scalable platform assisting global trade operators
Seamless connectivity for exporters, importers and freight forwarders
Target
Customer

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Investor Presentation13
“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”
2
Scalable platform assisting global trade operators
Simple revenue model charging customers based on a combination of modules, number of users and per transaction

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Investor Presentation14
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
1
MAGAYA
TW
AI FREIGHT
WISETECH
YOJEE
KEY
Owned by WiseTech Global
EXPEDIENT
(E2OPEN)
3
Emerging competitor which does
not currently have a competing
solution in A/NZ
3
AI solutions disrupting incumbents and transforming global trade
TradeWindow’s product, Freight.AI challenging incumbents
1.ImpexDocs was acquired by WiseTech Global in January 2025
2.BSM Global was acquired by WiseTech Global in December 2024
3.E2Open (including Expedient) was acquired by WiseTech Global in August 2025

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Investor Presentation15
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
3
AI solutions disrupting incumbents and transforming global trade
AI powered workflows elevate the role of the human operator to focus on high impact activities

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Investor Presentation16
Note, logos don’t necessarily correspond to top customers.
Shippers
(Importers/Exporters)
Freight Forwarders
4
Trusted by over 500 global trade operators across various industries
A selection of customers which include some of Australasia’s most prolific shippers and freight forwarders

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Investor Presentation17
4
Trusted by over 500 global trade operators across various industries
Consistent revenue growth driven by material contributions from Australia and the freight forwarder segment
Revenue by Customer SegmentRevenue by Country
0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
8.0
9.0
FY20AFY21AFY22AFY23AFY24AFY25A
Millions
New ZealandAustraliaRest of world
0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
8.0
9.0
FY20FY21FY22FY23FY24FY25
Millions
Contracted - ShipperContracted - FreightPay as you Go

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Investor Presentation18
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
Re-occurring revenue
•Highly predictable subscription and transactional revenues from customers
which are the backbone of the economy
53%
Revenue
Composition
1
3%
41%
1. Based on actual unaudited trading revenue 12 months to 31 March 2025
5
Revenue diversity with low concentration risk and customer churn
Trading revenues highly predictable with 94% re-occurring
3%
94%
Transactional
revenue
Subscription
revenue
Re-occurring
revenue
Service
revenue
Installation
revenue

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19
13%
Notes:
1)Charts for 12 months ending 31 March 2025
2)Investor Update Q1 FY26 – TradeWindow announced a strategic shift in focus away from micro-sized freight forwarders to mid-market freight forwarders with operations
spanning air, ocean, land transport, customs brokerage, and warehousing. This resulted in a dip in customer retention while ARPC increased by 33% to $1,215 per month.
Investor Presentation
Customer
retention
1
5
Revenue diversity with low concentration risk and customer churn
High quality, diverse and predictable recurring revenues
Top CustomerCustomers 2-5
Customers 6-10Other
Customer
concentration
1
87%
2
Retained customers
Ceased customers
5.6%
13.4%
5.9%
75.1%

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20Investor Presentation
6
Clearly defined and executable growth strategy
Growth from product and international expansion
Increase spend from existing
customers
•Broaden usage of TradeWindow software through cross-sell and up-sell
initiatives
•Expand features and functionality to increase solution stickiness and value
Expand product offering
•Incremental investment in Freight.AI, a modular, AI-first freight and logistics
operating system
•Modular architecture and scalable infrastructure enable fast onboarding of new
customers
Increase market penetration
•Accelerate growth in Australasia through expanded sales and marketing
•Establish partnerships with industry bodies to strengthen brand and drive
referrals
International expansion
•Build scalable presence beyond Australasia, targeting USA and UK
•Capital efficient low-risk geographical expansion through value accretive
acquisitions targeting established solutions for shippers and freight forwarders
Realising efficiencies in
current business structure
•Pursue targeted acquisitions to expand customer base, enhance capability, and
accelerate entry into new markets
•Leverage acquisitions to create cross-sell and up-sell opportunities for existing
customers

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Our product development priorities
Dewald Janse van
Rensburg
Chief Operating Officer
Dewald is a lawyer with more than 20 years’
experience in corporate and commercial
law. Prior to joining TradeWindow in
December 2019, Dewald worked as
Registrar at a South African university
where he oversaw governance and
compliance for more than 40 institutional
committees. He has served as Director on
various Boards and has a BProc and an
LLM in International Corporate Finance
Law, and is currently pursuing a Doctorate
in Business Administration.
7
Highly experienced and motivated management team
Experienced and aligned management team ready to deliver growth strategy
AJ Smith
Executive Director & Chief
Executive Officer
AJ Smith is a founding shareholder of
TradeWindow and has been the CEO from
the company’s inception in 2018 building
on a track record of innovation and
investment in successful rapid-growth
companies including MediFin, GreenFin
and Bonds Africa (South Africa) and
Commonwealth Finance Group
(Switzerland). With a strong belief in
building high-performance teams, AJ is
an active executive member of the Young
Presidents Organisation. Deputy Chair
PAA.net
Kerry Friend
Executive Director
Kerry has three decades of financial
management experience. He started his
career with EY Wellington before following
a career across Asia primarily in the
media and entertainment sector. Kerry
has previously held senior finance
positions with Take-Two Interactive
Software (Singapore), Jupiter TV (Japan),
Bloomberg (Japan) and News Corporation
(Japan). He is a current director of
Northpower and Northpower Fibre.
Andrew Balgarnie
Chief Strategy Officer
Andrew is an experienced business
strategist, deal maker, and problem solver.
His background is in planning, strategy,
corporate finance and consultancy. He has
a proven track record for delivering
complex transactions including the
procurement of NBN Co’s satellite
network. Andrew has a Bachelor of
Business Studies in Accounting from
Massey University and an MBA from the
Australian Graduate School of
Management.
Deidre Campbell
Chief Financial Officer
Deirdre joined TradeWindow in February
2020. Prior to this, she was Group CFO of
Methven Limited. Deidre has extensive
experience in leading and building teams,
policy and processes in finance and
governance to support and enable
business through NZX listing, mergers and
acquisitions and international growth.
Deirdre holds a Bachelor of Accounting
from Auckland University of Technology
and Wintec – Waikato Institute of
Technology. She is also a member of the
Chartered Accountants Australia and
New Zealand.
Investor Presentation
21

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Financials

COMMERCIAL IN CONFIDENCE
-$10.8
-$5.8
-$1.5
FY23FY24FY25
$5.2
$6.3
$8.7
FY23FY24FY25
Annual Recurring Revenue
1
29%
CAGR
Investor Presentation23
46%
54%
61%
FY23FY24FY25
Gross marginCashflow from Operations
Growing recurring revenue base, expanding margins, and heading towards profitability
Consistent revenue growth and a clear pathway to profitability
8
1. Annual Recurring Revenue calculated by annualising the March monthly recurring revenue for each financial year

COMMERCIAL IN CONFIDENCE
475
513
554
93%93%
87%
FY23FY24FY25
$595
$638
$914
FY23FY24FY25
$1,289
$1,707
$2,066
FY23FY24FY25
Investor Presentation24
ARPC
1
(Shippers)ARPC
1
(Freight Forwarders)Customers/Retention Rate
27%
CAGR
24%
CAGR
Increasing ARPC across customer segments with resilient retention and steady customer growth
Consistent revenue growth and a clear pathway to profitability
1.Average Revenue Per Customer
8

COMMERCIAL IN CONFIDENCE
$93
$377
$334
FY23FY24FY25
$1,675
$1,828
$3,073
FY23FY24FY25
$3,152
$3,974
$4,623
FY23FY24FY25
Investor Presentation25
New Zealand revenueAustralian revenueRest of world
35%
CAGR
21%
CAGR
Strong Australian demand and partnerships turned Australia into the fastest-growing region
Consistent revenue growth and a clear pathway to profitability
8

COMMERCIAL IN CONFIDENCE
Investor Presentation26
Targeting EBITDA breakeven
FY26 Outlook
•Well positioned to help the business 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
•Opportunity to accelerate the development of Freight AI
to capture marketshare and growth in offshore while
targetingEBITDA breakevenin FY27
8

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Investor Presentation27
TradeWindow: strong foundations, global progress
•US$59B
1
TAM for supply chain management software globally -
estimated to grow at a CAGR of 10.5% p.a.
•Shippers and freight forwarders are ready to embrace AI technologies
•Macroeconomic events including the imposition of tariffs increase
demand for software solutions to help navigate the complexity
Market opportunity
•Organic growth through capturing market share in Australasia
•Future opportunity in USA, UK, and LATAM
•Acquisitions to de-risk entry into new markets with significant growth opportunities
•One of few organisations accredited to issue Certificates of Origin in A/NZ
•Cross sales opportunity into the existing customer base
Opportunity for TradeWindow
•Six revenue generating products across two customer segments
•Industry knowledge and data processed existing products provides a
competitive advantage in delivering the next generation of AI-first
solutions
•Competitive landscape is limited with a couple of large incumbents
Products & technology
•Diversified customer base of 534
2
Shippers (aka. Exporters and Importers) and Freight
Forwarders
•Long term relationships with leading brands across dairy, meat, seafood,horticulture,
timber, seed and grain, FCMG, manufacturing and logistics
•Global opportunity – many trade processes are common across jurisdictions
Customers
•Team of 61.7
3
subject matter experts acrossAustralia, New Zealand,
Philippines, China, Indonesia, Singapore, and USA
•Innovation and development division of 21
•Deep domain knowledge in supply chain,technology, finance and
professional services
Employees
•ASX foreign exempt listing provides a low cost and fast-track pathway to the ASX
•Institutional investors: ASB Bank, Quayside Holdings, ACC
•Independent board members with extensive NZX and ASX experience
Governance & investors
•ARR growth of 38%
4
year-on-year
•87%Customer Retention Rate
5

•94% Recurring Revenue
5
•Low revenue concentration – no single customer contributes more than
5.5% of revenue
Operating metrics
•Guidance for financial year ending 31 March 2026: Revenue of $10M to $11M
•Trailing revenue CAGR of 118%
6
•Projected maiden EBITDA profit for FY27
7
Financials
1.Source: Grok AI, 2025
2.Customers at 30September 2025, see the definition of a Customer on Slide #29 – Glossary
3.Full-Time- Equivalent staff at 31 August 2025: AU (5.7); NZ (24.3); PH (29); CH (0.4); IN (0.5); SG (0.8); USA (1)
The opportunity
Our expertise
Our fundamentals
Our offering
4.As at 31 March 2025 compared to 31 March 2025
5.Year ended 31 March 2025
6.CAGR period FY20 to FY25
7.Forward looking financial information should be read in conjunction with key assumptions on Slide #31

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Appendix

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Investor Presentation29
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

COMMERCIAL IN CONFIDENCE
Investor Presentation30
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.
AJ Smith is a founding shareholder
of TradeWindow and has been the
CEO from the company’s inception
in 2018 building on a track record of
innovation and investment in
successful rapid-growth companies
including MediFin, GreenFin and
Bonds Africa (South Africa) and
Commonwealth Finance Group
(Switzerland). With a strong belief in
building high-performance teams,
AJ is an active executive member of
the Young Presidents Organisation.
Deputy Chair PAA.net
Kerry has three decades of financial
management experience. He started
his career with EY Wellington before
following a career across Asia
primarily in the media and
entertainment sector. Kerry has
previously held senior finance
positions with Take-Two Interactive
Software (Singapore), Jupiter TV
(Japan), Bloomberg (Japan) and
News Corporation (Japan). He is a
current director of Northpower and
Northpower Fibre.
Our board of directors

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Investor Presentation31
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

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Investor Presentation32
•As at30 October 2025 TradeWindow has 139,618,909 shares on
issue held by 522shareholders .
•The shareholder number is higher when ‘looking through’ the
broker nominee accounts. The Sharesies nominee account is the
largest with 1,948TradeWindow shareholders
•Management hold ~11% of shares on issue including AJ Smith
and Kerry Friend
•Top shareholders including ASB Bank have supported
TradeWindow over multiple investment rounds since foundation
in December 2018
#Shareholder% Holding
1ASB Bank19.23%
2Quayside Holdings11.03%
3Anna Mowbray5.62%
4AJ Smith5.09%
5Sharesies Nominee4.76%
6Holding Des Mers Du Sud4.66%
7Kerry Friend3.05%
8Forsyth Barr Custodians2.99%
9Rae Capital2.98%
10Stephen Cox2.81%
Total62.22%
Top ten shareholders

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