TradeWindow Investor Update - Quarter 4 FY26

Financial Highlights

•     Trading Revenue: NZ$9.6 million, up 20% on FY25 — within revised guidance.

•     Annual Recurring Revenue (ARR): NZ$10.1 million, up 17% on FY25 — crossing NZ$10 million for the first time.

•     Organic Revenue CAGR: 25% since FY23; revenue growth unbroken since NZX listing in November 2021.

•     Gross Margin (Q4): 63%, up 3 percentage points on Q3 FY26, reflecting cloud migration of on-premise TW Freight customers nearing completion.

Customer & Revenue Quality

•     Shipper ARPC: NZ$30,352 p.a., up 22% on FY25. Only 2% of the uplift came from price increases; the remainder reflects higher usage among mid-market and enterprise customers.

•     Freight Forwarder ARPC: NZ$13,904 p.a., up 27%, driven by a focus on mid-market operators and re-contracting onto refreshed pricing plans.

•     Customer Retention Rate: 89%, up 2 percentage points on the prior period.

•     Customer Count: 547, down 7 on FY25 — reflecting deliberate rationalisation of lower-value legacy accounts, consistent with the strategy of prioritising ARPC growth and customer quality over volume.

Product Development

•     Development status: On track. Capitalised R&D expenditure for Freight.AI reached NZ$661 thousand as at 31 March 2026, up 47% quarter-on-quarter.

•     Approach: AI is being embedded across trade workflows, not as a standalone feature, covering document ingestion, job creation, customs preparation and exception handling.

•     Commercial rationale: Higher transaction volumes per customer, a pathway to usage-based pricing, and deeper workflow integration that increases platform switching costs.

•     Rollout: Progressive AI-enabled workflow release from September 2027.

Strategic Priorities for FY27

•     Australia: Accelerate growth — identified as the largest near-term market opportunity.

•     ARPC: Continue driving revenue-per-customer improvement through product adoption and upsell.

•     Freight.AI: Progress development as the primary long-term growth pathway.

•     Annual Results & FY27 Guidance: Scheduled for 30 May 2026. Webinar details to follow.

TradeWindow Investor Hub — Now Live

•     TradeWindow has joined Investor Hub, a direct-to-investor engagement platform for listed companies, reflecting a commitment to more accessible and timely shareholder communication.

•     Two-way engagement: Shareholders can submit questions and participate in Q&A directly with the company.

•     Webinar: Chief Strategy Officer Andrew Balgarnie will host a webinar covering this update, followed by Q&A. Register: investors.tradewindow.io

•     How to join: Visit www.tradewindow.io and click 'Join our Investor Community'.

Leadership Update

•     CEO Resignation: AJ Smith resigned as Chief Executive Officer effective 18 April 2026. AJ remains a Director on the TradeWindow Board. The Board thanks AJ for his service, having led the business from founding through to its dual NZX/ASX listing.