TradeWindow Investor Update - Quarter 3 FY26

Dear Shareholders,

I hope everyone had an enjoyable and relaxing holiday period. We start the new year re-energized, and laser-focused on
growing TradeWindow into a global leader. Our ASX listing on 19 December 2025 was a major milestone. Since then, our
shares have continued to trade at a premium to the opening, underlining the strong investor interest in our proposition.

For Australian investors, TradeWindow now offers a direct way to gain exposure to the trade and logistics sector through a
proven operator that is already winning market share and growing revenues. We also offer an extensive product
development roadmap ahead in the form of our next generation Freight.AI platform, which promises our customers
opportunities to accelerate automation, deepen customer value and expand our addressable market.

This quarter we delivered solid underlying momentum in revenue growth while managing timing risk associated with
transactional revenue and customer onboarding. The following provides an update on the nine months to 31 December
2025, and an important revision to FY26 guidance.
Unaudited financial and operational metrics as at Q3 FY26 (31 December 2025)

Trading revenue: NZ$7.0 million, up 22% year to date.
Annual Recurring Revenue (ARR): NZ$9.3 million, up 17% on the prior year.
Average Revenue Per Customer (ARPC) (per month): up for both shippers ($2,482) and freight forwarders ($1,128) by
20% and 23% respectively.
Gross Margin: 59%, down two percentage points on FY25.
Customer Retention Rate: 91%, up four percentage points on FY25.
TradeWindow Investor Update
Quarter 3 - FY26
STEADY PROGRESS, REVISION TO FY26 GUIDANCE
30 JANUARY 2026

30 JANUARY 2026
Key Performance Indicators - Nine months ended 31 December 2025 (Q3 FY26) (Unaudited)
Note, all comparisons are against year to date 31 March 2025 (FY25) unless otherwise indicated.
ARR is calculated using subscription revenue for December 2025 and the monthly average of transaction revenue for Q3 FY26 annualised.
Percentage of expenses R&D and commercialisation includes development capitalised to the balance sheet.
Trading
revenue
Down 2 ppt on FY25
Up 22% on YTD FY25
Annual
Recurring
Revenue
Customers
Down 13 on FY25
Up 17% on Dec 25
Customer
retention rate
Up 4 ppt on FY25
Up 20% on FY25
Up 23% on FY25
59%
$7.0m
541
$9.3m
91%
$2,482
33%
$1,128
ARPC (Freight
Forwarders)
% of expenses
R&D and
Commercialisation
Down 3 ppt on FY25
ARPC
(Shippers)
FINANCIAL PERFORMANCE
Our recurring revenue momentum remains intact with ARR of $9.3 million, calculated using subscription revenue for
December 2025 plus the monthly average of Q3 transaction revenue annualised. That ARR growth is driven by a healthy
mix of new sales and price increases, demonstrating both successful customer acquisition and improved monetisation of
our solutions across both the shipper and freight forwarder segments.
Gross
Margin
Trading revenue of $7.0m (up 22% YTD) represents steady underlying activity, although Q3 was softer than expected driven
by weaker volumes from major primary industry exporters and a later export season for many customers. Consequently, we
are revising FY26 trading revenue guidance: the previous range of NZ$10 million to NZ$11 million is updated to NZ$9.6
million to NZ$9.9 million, representing a 7% shift on the midpoint of the prior range.

Over the quarter we continued to deliver strong monthly ARPC momentum, with shippers up 20% and freight forwarders up
23%, driven by both product adoption and customer mix. Shipper ARPC gains were largely the result of improved customer
mix including higher value contracts. The freight forwarder uplift was led by our targeted focus on mid‑market operators.
These customers, which accounted for the majority of ARPC growth, are higher‑quality, valuing transparent pricing and
therefore offer greater revenue growth opportunities to the company. The balance of the uplift came from price revisions
as we re-contracted customers on to our new pricing plans.
Gross margin was 59%, down 2 percentage points on FY25. The decline is marginal and largely reflects customer mix
effects and the cost of deliberate migrating the remaining on‑premise TW Freight customers to a cloud‑hosted solution.
That migration increases near‑term implementation effort and cost, but will deliver a more streamlined update path,
stronger security and lower operating complexity over time.

R&D and commercialisation remained at 33% of total expenses. On a like‑for‑like basis this is down 3 percentage points on
FY25, but the ratio was effectively static this quarter because we incurred one‑off ASX listing costs. We are also capitalising
Freight.AI development costs with NZ$450k of development costs recorded on the balance sheet as at 31 December 2025.
This investment enhances freight forwarder capabilities and provides a future global growth pathway through a highly
scalable solution.
OUTLOOK
We remain confident in the underlying demand story, particularly in Australia, and in our ability to convert customer demand
into recurring revenue. Near-term softness in transactional revenue may resolve in Q4. Notwithstanding, we have revised
FY26 guidance to reflect current visibility.

Our priorities for the remainder of FY26 are clear. We plan to continue to win market share and drive cross‑sales to ensure we
deliver revenue within the revised guidance range.
CLOSING
Thank you to our customers, partners and shareholders for your continued support. The team remains focused on executing
the plan to grow recurring revenue, deepen customer value and drive operating leverage as we scale. I look forward to
providing our next quarterly update in April.
Kind regards,
AJ Smith
Executive Director & CEO
30 JANUARY 2026
Investors
Andrew Balgarnie
Chief Strategy Officer
+64 27 559 4133
NZ Media
Richard Inder
The Project
+64 21 645 643
AU Media
Simon Hinsley
NWR Communications
+61 401 809 653