Trade Window Holdings Ltd. · NZX:TWL
Trade Window — H1 2026 Earnings Presentation
23 slides from Trade Window's earnings presentation, Nov 28, 2025
Slide 1: 1H 26 Financial Results Investor Presentation
1H 26 Financial Results Investor Presentation 28 November 2025 TradeWindow’s ordinary shares trade on the NZX under the ticker TWL
Slide 2: Disclaimer
Disclaimer 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. Information in this presentation: • is for general info
Slide 3: Agenda
Agenda Financial results overview 4 Key Performance Indicators 6 Revenue growth 8 Financial overview 11 Outlook and summary 18 AJ Smith Deidre Campbell CEO & Director Chief Financial Officer 1H 26 Investor Presentation 3
Slide 4: 1H 26: Unlocking the next chapter of growth
1H 26: Unlocking the next chapter of growth Revenue • Delivered unbroken quarter-on-quarter growth since listing on the NZX in $4,595 $4,599 $5,000 November 2021. $4,000 $3,672 $3,708 $3,000 • NZ$(000) 1H25 Trading revenue: $4.6 million, a 25% increase on the $3.7 million in the $2,000 1H26 prior ye
Slide 5: Clearly defined and executable growth strategy
Clearly defined and executable growth strategy Growth from product and international expansion • Broaden usage of TradeWindow software through cross-sell and up-sell Increase spend from existing initiatives customers • Expand features and functionality to increase solution stickiness and value • Inc
Slide 6: 1H 26 Key Performance Indicators show consistent growth
1H 26 Key Performance Indicators show consistent growth $4.6m $8.8m $2,484 $1,097 ARPC (Freight Trading revenue Annual ARPC (Shippers) Forwarders) Recurring Revenue Up 25% 1H25 Up 21% 1H25 Up 20% on FY25 Up 20% on FY25 534 92% 34% 58% % of expenses Customer R&D and Gross Margin Customers retention r
Slide 7: Trusted by over 500 global trade operators across various industries
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 Shippers Freight Forwarders (Importers/Exporters) Note, logos don’t necessarily correspond to top customers. 1H 26 Investor
Slide 8: Trusted by over 500 global trade operators across various industries
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 Country Revenue by Customer Segment $12.0 $12.0 $10.0 $10.0 $8.0 $8.0 NZ$M NZ$M $6.0 $6.0 $4.0 $4.0 $2.0 $2.0 $0
Slide 9: Revenue diversity with low concentration risk and customer churn
Revenue diversity with low concentration risk and customer churn Trading revenues highly predictable with 94% re-occurring Installation Service revenue revenue Transactional revenue • TradeWindow generates transactional revenue each time a customer either creates or shares a set of trade documents 2
Slide 10: Revenue diversity with low concentration risk and customer churn
5 Revenue diversity with low concentration risk and customer churn High quality, diverse and predictable recurring revenues 4.4% 8% 12.4% Customer Customer 7.0% retention1 concentration1 92% 76.2% Retained customers Top Customer Customers 2-5 Ceased customers Customers 6-10 Other Notes: 1) Charts fo
Slide 11: Financial overview
RQ TradeWindow Financial overview /\/\/S\/\
Slide 12: Financial performance
Financial performance Trading revenue up 25% driven by organic growth Inome Statement $000 1H26 1H25 2H25 • Trading revenue up 25% to $4.6m, 6 months 6 months Change % 6 months Change % with sales growth across all core Trading revenue 4,595 3,672 25% 4,359 5% products Other income 4 37 -90% 3 5% To
Slide 13: Revenue by type and country
Revenue by type and country Organic growth underpinning revenue increase • Organic trading revenue growth of 25% driven 1H26 1H25 2H25 Revenue by type $000 by combination of existing customers taking up 6 months 6 months Change % 6 months Change % complementary solutions, a focus on higher- Transact
Slide 14: Average revenue per customer (per month)
Average revenue per customer (per month) ARPC up for both customer segments continues to increase Freight 1H26 FY25 %Change Subscriber1 customer nos. period end 271 296 -8% • Total customers decrease to 534 from 554 in Ave Subscriber customer nos. 283 290 -2% FY 25 reflecting focus on engaging large
Slide 15: Operating expenses / staff numbers
Operating expenses / staff numbers Cost-efficient operating structure maintained 1H26 1H25 2H25 Personnel and employee expense $000 6 months 6 months Change % 6 months Change % Cost of goods sold 1,201 1,014 18% 1,183 2% • Employee costs flat as cost-efficient Research & Development 1,014 905 12% 79
Slide 16: Balance sheet
Balance sheet $000s 1H26 FY25 Change $ Change % Movements Current Assets 1,983 1,548 435 28% Increase in cash Non-Current Assets 9,495 9,873 (378) -4% Intangibles asset amortisation net of internal product development capitalised Total Assets 11,478 11,420 58 1% Current Liabilities 2,519 2,489 31 1%
Slide 17: Cashflow
Cashflow 1H26 1H25 2H25 $000s 6 months 6 months Change % 6 months Change % • Balance date cash and cash equivalents of Operating Activities $1.1m Cash Received from Customers 5,275 4,102 29% 4,739 11% Cash Paid to Suppliers and Employees (5,590) (5,308) 5% (5,061) 10% • Capital raise proceeds net of
Slide 18: FY26 Outlook
8 FY26 Outlook Opportunity to accelerate growth and secure market share • 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 e
Slide 19: Q&A
RQ TradeWindow Q&A /\/\/S\/\
Slide 20: Appendix
RQ TradeWindow Appendix /\/\/S\/\
Slide 21: Projected financials – key assumptions
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 our projections include: SPECIFIC GENERAL • The rate and timi
Slide 22: Glossary
Glossary Annualised Recurring Revenue (ARR) Customs Broker Shipper The recurring revenue for a specified month annualised. A Customs Broker is a licenced individual who acts as A Shipper is an exporter or importer who requires an intermediary for Shippers and Freight Forwarders in carriers to transp
Slide 23: Investor Contact
Investor Contact Andrew Balgarnie Chief Strategy Officer p:+64 275 594 133 e: andrew@tradewindow.io www.tradewindow.io
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