Vista Group Publishes 2023 Group Climate Statement

VISTA GROUP INTERNATIONAL LTD, SHED 12, CITY WORKS DEPOT, 90 WELLESLEY STREET WEST, AUCKLAND 1010, NZ

MARKET ANNOUNCEMENT
30 April 2024, Vista Group International Ltd, Auckland, New Zealand

Vista Group Publishes 2023 Group Climate Statement

Vista Group International Limited (NZX: VGL) advises that today it has published its Group Climate
Statement for the reporting period ended 31 December 2023. This report reflects the first disclosures
prepared in accordance with the Aotearoa New Zealand Climate Standards.
The report seeks to provide stakeholders with an understanding of the actions that Vista Group is taking to
identify and manage climate-related risks and opportunities, and the potential financial implications of
climate change on its business.
Vista Group’s 2023 Group Climate Statement is available in the Investor Centre section of Vista Group’s
website at: vistagroup.co.nz/investor-centre.


For further information please contact:

Kelvin Preston
General Counsel & Company Secretary
Vista Group International Limited
Contact: +64 9 984 4570




About Vista Group
Vista Group International Limited is a global leader in providing technology solutions to the international
film industry. With brands including Vista, Veezi, Movio, Numero, Maccs, Flicks and Powster, Vista Group’s
expertise covers cinema management software; loyalty, moviegoer engagement and marketing; film
distribution software; box office reporting; creative studio solutions; and the Flicks movie, cinema and
streaming website and app.

---

Vista Group
Group Climate Statement
2023

This report is dated 30 April 2024 and signed on behalf of Vista Group
International Limited by Susan Peterson and James Miller.
Susan Peterson

Chair
Vista Group's purpose is to
bring more people together
to share the magic of cinema.
James Miller
Chair Audit and Risk Committee
Contents
About this report 6
Our climate roadmap 8
Governance 10
Strategy 16
Risk management 38
Metrics and targets 42
Other information 48
Glossary of terms 60
Disclaimer
Climate change is an evolving challenge and involves high degrees of uncertainty.
This report reflects Vista Group’s understanding as at 30 April 2024. It sets out our approach to scenario analysis, our
understanding of, and response to, our identified climate-related risks and opportunities, and the current and anticipated
impacts of climate change that we have identified as at that date. This report contains estimates and assumptions about
future external physical and transitional changes driven by climate change and their anticipated impacts on our business
as at that date. The representations in this report are subject to significant uncertainties and assumptions, and it should be
acknowledged that the approach, understanding, responses, estimates and assumptions included in this report will continue
to evolve and develop over time.
This report contains forward looking statements, including climate related scenarios, targets, assumptions, climate
projections, forecasts, statements of Vista Group’s future intentions, estimates and judgements. These statements involve
assumptions, forecasts and projections about Vista Group’s present and future strategies, the industry in which Vista Group
operates, and the environment in which Vista Group will operate in the future, which are inherently uncertain and subject
to limitations, particularly as to inputs, available data and information which may be inaccurate or incomplete and is likely
to change. The risks and opportunities described here, and the strategies identified to achieve any stipulated targets, may
not eventuate or may be more or less significant than anticipated. There are many factors that could cause Vista Group’s
actual results, performance or achievement of climate-related metrics (including targets) to differ materially from that
described, including economic and technological viability, as well as climatic, government, consumer, and market factors
outside of Vista Group’s control. Vista Group has used reasonable efforts to provide a reasonable basis for forward-
looking statements and is committed to progressing its response to climate-related risks and opportunities over time, but
is constrained by the novel and developing nature of this subject matter and the availability and quality of the information
that is available to it at the date of this report. Vista Group remains committed to progressing its response to climate-related
risks and opportunities over time, and to report progress each year, but cautions any person’s reliance on aspects of this
report that are necessarily less reliable than other aspects of Vista Group’s annual reporting. Nothing in this report should
be interpreted as capital growth, earnings or any other legal, financial, tax or other advice or guidance. Unless otherwise
stated, all currency amounts are in NZ dollars.

This report provides information about the actions that Vista
Group is taking to identify and manage climate-related risks
and opportunities.
Vista Group International Limited (Vista Group)
is a climate-reporting entity (CRE) under the
Financial Markets Conduct Act 2013. This
climate report is for the financial year ending 31
December 2023.
While this is Vista Group’s second climate-
related disclosures report, this is our first year
reporting in accordance with Aotearoa New
Zealand Climate Standards (NZ CS). These
climate-related disclosures comply with NZ
CS issued by the External Reporting Board.
In preparing this report, we have applied the
following adoption provisions:
1
• Adoption provision 2: Anticipated financial
impacts
• Adoption provision 3: Transition planning
• Adoption provision 4: Scope 3 GHG emissions
• Adoption provision 5: Comparatives for Scope
3 GHG emissions
• Adoption provision 6: Comparatives for
metrics
• Adoption provision 7: Analysis of trends
Vista Group has obtained external verification of
our operational greenhouse gas (GHG) emissions
calculations through certification under the Toitū
Envirocare carbonreduce programme
2
.
Vista Group is in the early stages of its climate
reporting journey and integrating climate-related
risks and opportunities into its day-to-day
operations. Vista Group’s disclosures will evolve,
as we develop our capability and understanding
of the risks and opportunities that currently
present or may do so in the future.
Vista Group is committed to progressing our
response to climate change and will report our
progress annually to stakeholders as required by
NZ CS.
1 Refer to page 50 for a description of each adoption provision and the
exemption it provides Vista Group.
2 For more information about the Toitū Envirocare carbonreduce programme
please refer to toitu.co.nz
About this report
6

Action202220232024+
Governance
Review and confirm governance roles and responsibilities
Grow climate capability across the business
Establish reporting cadence at Vista Group’s Global Senior Leadership Team level
Consider how climate is incorporated into remuneration policies
Strategy
Define sustainability strategy framework (including climate)
Develop and perform climate-related scenario analysis
Development of transition plan
Identify anticipated financial impacts of climate-related risks and opportunities
Risk Management
Include climate in our Risk Appetite Statement
Integrate climate change into our risk management framework, policies and practices
Undertake a qualitative risk and opportunities assessment (physical and transitional)
Metrics and Targets
Measure and set Scope 1, 2 and selected Scope 3 operational GHG emissions base year
Maintain Toitū Envirocare carbonreduce certification
Set reduction targets for Scope 2 and selected Scope 3 operational emission categories
Measure & set reduction targets across remaining Scope 3 operational emission categories
Reduce Scope 2 and 3 operational emissions in line with science-aligned targets
Our climate roadmap
CompletedOngoing
8Our climate roadmap • 9

Governance

Governance
Board governance
Vista Group’s Board is responsible for setting
our strategic direction and operation and
has overall responsibility for overseeing our
performance (including Vista Group’s response
to climate change).
Vista Group’s Audit and Risk Committee (ARC),
on the formal delegation of Vista Group’s
Board, has responsibility for overseeing,
reviewing, and reporting back to the Board
on compliance with our risk management
framework, including climate-related risks and
opportunities. At the direction of the ARC, the
Global Senior Leadership Team (GSLT) has
developed the process for the preparation of
this report and, with the support of third parties,
prepared the contents of this report, including
the identification, design and implementation
of Vista Group’s climate related strategies,
scenarios and scenario analysis, climate risks
and opportunities, and metrics and targets.
These have been presented to the ARC for
review, feedback and development, before being
recommended by the ARC to Vista Group’s
Board for approval. Climate-related matters
are raised by the GSLT to Vista Group’s Board
through the Chair of the ARC. Climate related
strategies, scenarios and scenario analysis,
climate risks and opportunities, and metrics and
targets are monitored by the GSLT, with progress
regularly reported to the ARC, and by the Chair
of the ARC to Vista Group’s Board.
The ARC had six meetings during the 2023
financial year with climate-related matters
presented at five of those meetings.
Board climate capability
The Board is composed to ensure that as a
collective group it has the skills, experience,
knowledge, diversity and perspective to fulfil
its purpose and responsibilities. The Board’s
Nominations and Remuneration Committee
(NRC), on the formal delegation of Vista Group’s
Board, has responsibility for assessing the skills
of each individual director on Vista Group’s
Board and, with the support of the GSLT,
undertakes a review and updates the Board skills
matrix annually. Since the 2022 financial year,
the skills matrix has included an assessment
of each individual director’s sustainability
capabilities, including climate-related skills. A
summary of the Board skills matrix is available
on page 66 of Vista Group’s 2023 Annual Report.
The Board accesses climate-related expertise
from within Vista Group, and has access to
external experts as required.
Vista Group’s Board
The directors of Vista Group as at the date of this Group Climate Statement are as follows:
Susan Peterson
BCom, LLB
Independent Chair
Kirk Senior
BCom, CA
Non-Independent
Non-Executive Director
Claudia Batten
BCom, LLB (Hons)
Independent Director
James Miller
BCom, FCA
Independent Director
Cristiano (Cris) Nicolli
BMS, FAICD
Independent Director
Murray Holdaway
BSc, BCom
Executive Director
12Governance • 13

Integrating climate into our
strategy
In 2022, Vista Group established its
sustainability strategy and framework to
complement Vista Group’s existing strategy. This
process involved a series of workshops where
the GSLT analysed key material sustainability
topics for the technology industry and feedback
from various stakeholders. The sustainability
framework has been developed around three
pillars:
• People: Stronger together
• Trust: Building greater trust
• Environment: Consuming responsibly and
impactful innovation.
At the direction of the ARC, during 2023,
the GSLT conducted an annual review of the
sustainability framework, including the climate-
related initiatives in that framework, to ensure
it continued to align with Vista Group’s strategy.
The ARC oversees delivery of progress against
those climate-related initiatives through regular
reporting from management.
The sustainability framework is monitored by
the GSLT, with progress regularly reported to
the ARC, and by the Chair of the ARC to Vista
Group’s Board.
Incentivisation and remuneration
The NRC, on the formal delegation of Vista
Group’s Board, has responsibility for Vista
Group’s remuneration framework. Vista Group’s
short-term incentive (STI) scheme includes a
sustainability focused target linked to employee
satisfaction. Historically, Vista Group’s long-
term incentive (LTI) scheme has not contained
specific sustainability targets. The STI and LTI
schemes do not contain specific climate-related
targets.
As Vista Group continues to develop our
climate-related metrics and targets, the NRC will
consider how these may be incorporated into
Vista Group’s remuneration frameworks.
For more information regarding Vista Group’s
STI and LTI schemes please refer to page 53 of
Vista Group’s 2023 Annual Report.
Executive governance
Vista Group’s Board is responsible for setting
Vista Group’s strategy. On the formal delegation
of the Board, Vista Group’s CEO is responsible
for the delivery of the strategy through day-to-
day management of Vista Group. This includes
oversight of the delivery of Vista Group’s
sustainability framework (including climate-
related risks and opportunities) and ensuring
risk management practices continue to be
embedded within Vista Group’s systems and
business processes.
At an operational level, Vista Group’s General
Counsel and Company Secretary and supporting
team members oversee the risk management
and the climate change work programmes,
including weekly progress meetings, leading
the assessment of climate-related risks
and opportunities and coordinating Vista
Group’s response as part of the sustainability
programme.
Our identified climate-related risks and
opportunities are being integrated into our
enterprise risk management framework, so they
will be reported to and reviewed by the GSLT on
a quarterly basis in accordance with our policy.
14

Strategy

Our purpose
Vista Group's purpose is to bring more people
together to share the magic of cinema.
Our vision
Vista Group's vision is for our digital ecosystem
to connect the film industry and power the
moviegoer experience.
Strategy
Vista Group has several brands that provide
software and technology solutions across the
distribution, exhibition and moviegoer sectors of
the film industry. Our people are predominantly
based in New Zealand, United Kingdom,
United States, Mexico, South Africa and the
Netherlands. Our people and solutions provide
services to clients in more than 100 countries
worldwide.
Our purpose drives our team, fuelling our
commitment to innovation. Vista Group’s unified
business model brings together our brands
to provide an innovative range of technology
solutions across the industry. Our solutions
empower industry stakeholders right from a
film’s inception, all the way to its exhibition in
cinemas, and subsequent box office reporting
and moviegoer insights.
Vista Group’s strategy is complemented by our
sustainability framework, developed in 2022 and
built around three pillars:
• People: Stronger together
• Trust: Building greater trust
• Environment: Consuming responsibly
and impactful innovation.
Our focus areas are supported by annual and
short-term initiatives up to 2030.
The sustainability framework informs and guides
how Vista Group manages our business, and
the targets are intended to measure and drive
delivery of the positive impact Vista Group is
seeking to achieve.
Vista Group will continue to evolve the
framework and integration into our strategy as
sustainability practices are further embedded
into our business and support the move towards
a low emissions future.
OUR PEOPLE
—
Stronger together
Vibrant and unified culture,
enabling our people to thrive
Strategy areaObjective
OUR CLIENTS
—
Enable our clients
to thrive
OUR SOLUTIONS
—
Deliver remarkable
cloud solutions
Exceptional service with clients
at the heart of everything we do
Connected, compelling,
reliable, and secure
solutions that our
clients need and value
18Strategy • 19

Our connected ecosystem supports
the entire industry value chain
StudioDistributorExhibitorMoviegoer
Digital creative for movies
Studio marketing & research
Box office reporting
Film booking, content delivery
& revenue management
Movie & cinema information for moviegoers
Independent cinema management system
Enterprise cinema management system
Scalable digital channel enablement
Loyalty, moviegoer engagement & marketing
For further information about Vista Group’s key strategies for
2024 refer to page 18 of Vista Group’s 2023 Annual Report.
20

Current climate-related impactsScenario analysis
Vista Group understands that climate change is a challenge that needs to be navigated today and in
the future. Vista Group recognised the following two climate-related impacts (one physical and one
transition) during the 2023 financial year:
1. Extreme weather event (physical): Vista
Group experienced a minor productivity
impact as an indirect result of the extreme
weather events in New Zealand that
occurred in January and February 2023,
which impacted a small number of our
people. The financial impact of this event
was assessed as not being material for
Vista Group.
2. Our climate journey (transition): Over the
last three years Vista Group has actively
developed its sustainability approach and
climate journey as part of our transition
towards a sustainable future. Our climate
roadmap outlines our initial journey and
the actions we need to take to build our
processes and capabilities. During the 2023
financial year we engaged external advisers
specialising in climate related matters to
support our programme of work and the
development of our capability. The financial
impact of these transition services were
assessed by management as not being
material for Vista Group, with the associated
costs all included within Vista Group’s 2023
financial results.
For more information on the impact of climate-
related matters on Vista Group's financial
statements refer to page 100 of Vista Group's
2023 Annual Report.
Our approach
Climate change presents a global challenge
of unprecedented scope, velocity, complexity,
and interconnectivity. In accordance with
NZ CS 1, Vista Group has used scenario analysis
to test our resilience under uncertain futures.
External advisers from KPMG NZ were engaged
to facilitate the development of three integrated
climate scenarios to enable Vista Group to
test the resilience of our business model and
strategy. These scenarios were created to enable
the identification of climate-related physical
and transition risks and opportunities that might
plausibly emerge between 2023 and 2050. These
scenarios do not present an ideal transition,
instead they each present unique and difficult
challenges for multiple plausible futures.
We believe that the scenarios selected are
relevant and appropriate to test Vista Group’s
business model as they explore a range of
warming scenarios which present varying risks
and opportunities, and the scenarios are tailored
to Vista Group’s drivers of change.
The scenarios are not intended to be
probabilistic predictions about how the future
might unfold, nor are they the inevitable
outcome of a given trajectory. As such, they
should not, and are not intended to, be used
as a lens to determine the most likely future
conditions.
The purpose of the scenarios assist in
identifying and interrogating the assumptions
that underpin critical business decision making.
With the support of advisers from KPMG NZ,
Vista Group’s GSLT developed the scenarios
and identified the climate-related risks and
opportunities. The scenarios and the identified
risks and opportunities were presented to the
ARC and, on the recommendation of the ARC,
adopted by the Board.
The scenarios have a primary focus on
Australasia (Australia and New Zealand),
North and Central America (including Mexico)
and Europe. These geographic regions were
agreed as they are most applicable to Vista
Group’s operational and market footprint.
The scenarios have focused on the following
three time horizons, which were chosen to fit
within Vista Group’s strategic planning cycles:
• Short-term: 2023-2028
• Medium-term: 2029-2039
• Long-term: 2040-2050
The end point of 2050 was selected to be
long enough to capture the range of potential
transition risks and the initiation of physical
risk divergence. This end point also aligns with
international standard frames of reference
(e.g. Net Zero targets).
22Strategy • 23

Overview of Vista Group’s
three climate scenarios
Vista Group provides a summary of each climate scenario developed using publicly available global
references and guidance from NZ CS 1, Network for Greening the Financial System (NGFS) scenario
guidance, and shared socio-economic pathway (SSP) narratives.
Net Zero 2050
(Orderly)
LowModerateHigh
ModerateHigherLow
Immediate & smoothDelayedNone
MediumHighLow
FastSlow then fastSlow
Medium to highLow-mediumLow
<1.5°C
NGFS ‘Net Zero 2050’
IPCC AR6 RCP 1.9
SSP1: Sustainability
Policy Ambition
Scenario
123
Pathways
Severity of physical risk
Severity of transition risk
Policy reaction
Regional policy variation
Technology change
Carbon dioxide removal
Delayed Transition
(Disorderly)
Current Policies
(Hothouse)
<1.6°C>3.0°C
NGFS ‘Delayed Transition’
IPCC AR6 RCP 2.6
SSP2: Middle of the Road
NGFS ‘Current Policy’
IPCC AR6 RCP 6.0
SSP3: Regional Rivalry
24Strategy • 25

The immediate transition generates short-term economic turbulence
but pronounced benefits in the medium and long-term. Physical
impacts of climate change exert measurable but limited downward
pressure on the economy.
Consumers commit to sustainable lifestyles and purchase low-
carbon goods and services. Feeling threatened from the physical
effects of climate change, consumers prioritise products,
experiences and services that promote their wellbeing. The
democratisation and personalisation of content is a core theme of
consumption as users want to define their own experience.
An ambitious, collaborative
and coordinated transition to a
low-emissions, climate-resilient
future. Stringent climate policies,
innovation, investment, consumer
behaviour change, and medium-
high deployment of carbon removal
(including nature-based) solutions
limits warming to less than 1.5°C
by 2100.
Cities are far denser and centred around public transport hubs. The
transition to a lower carbon future has substantially reallocated
labour and skills to ‘green’ jobs in renewable energy and computing.
By 2050 the economy is highly circular and centred around low
consumption. The concept of prosperity has shifted from economic
to human and planetary wellbeing.
Rapid technological innovation has brought new products to market
faster than predicted as money is invested into green technology.
Rapid artificial intelligence (AI) advancements grew AI generated
media and distribution channels.
Macro-economic conditions
Consumption
Society
Economy
Technology
Net Zero
2050
(Orderly)
1
26Strategy • 27

The delayed transition generates sharp economic downturn but
eventually supports economic stability. Physical impacts of climate
change exert moderate downward pressure on the economy.
Some consumers remain committed to sustainable lifestyles and
value low-carbon goods and services. Rapid transition to green
products drives up prices, limiting the consumers ability to afford
non-essential items.
Bold action is delayed until 2030,
followed by an uncoordinated
transformation that causes social,
political and economic turmoil.
Extensive, stringent and punitive
but late government intervention,
in combination with consumer
behaviour change and some
deployment of carbon removal
solutions limits warming to less
than 1.6°C by 2100.
Climate migrant crisis sparks public outrage. Governments
impose drastic policies reshaping our ways of living, travelling and
consuming.
Some businesses invest in low emission technology and practices to
align with a low-emissions future, globally weak regulation means
that business as usual remains a viable option for many sectors.
Governments impose sanctions on trade from countries failing to do
‘their fair share’ in the transition to a sustainable future. Domestic
protection policies reduce exposure to global turmoil and protect
domestic resources.
Business as usual in the 2020s means low investment and
development of sustainable technologies, such as carbon capture
and storage. Drastic policy changes in the early 2030s drive
rapid technology development in an attempt to reduce emissions.
Immature technology fails to meet energy demands.
Macro-economic conditions
Consumption
Society
Economy
Technology
Delayed
Transition
(Disorderly)
2
28Strategy • 29

Physical impacts of climate change exert increasingly significant
downward pressure on economy, potentially growing to destabilise
financial institutions and systems by mid-century.
By 2050, consumption is similar to the early 2020s – it is energy and
material intensive. Soaring food prices have constrained the ability
for consumers to afford non-essential items. Living a sustainable
lifestyle is mostly a luxury choice. Damaged roads from successive
weather events makes it difficult to pursue leisure activities outdoors
and so discretionary leisure activities are targeted towards home or
near home environments.
Current emissions reduction
policies are implemented, and
current socio-economic trends
continue, seeing worsening
inequality. Consumption is
materially intensive, resulting
in irreversible climate change
and environmental degradation.
Nations are distracted by
concerns of resource insecurity.
There is limited technology change
and use of nature-based solutions
to mitigate climate change,
resulting in warming of greater
than 3°C by 2100.
Climate events strain government budgets, investment in education
and healthcare declines, exacerbating present-day inequalities.
Urban sprawl spreads and new infrastructure has resilience
requirements but not low-emissions requirements. Climate migration
intensifies.
Climate events drive economic volatility, including labour
productivity loss during heat events, soaring food prices as entire
crops are destroyed, and insurance retreat causing stranded assets.
Concerns of food and energy insecurity and resulting trade wars
drive a focus on domestic production and limit the free flow of
goods, people and knowledge.
Energy supply is dominated by the economics of energy resource
availability and energy conversion technologies. Carbon capture
and storage technology falters. Investors want ‘safe bets’ and take
immediate cash generation over the chance of long-term returns
from technology investment. Consumers crave technology that helps
them escape from present-day realities.
Macro-economic conditions
Consumption
Society
Economy
Technology
Current
Policies
(Hothouse)
3
30Strategy • 31

Climate-related
risks and
opportunities
During 2023, with the support of KPMG NZ,
Vista Group’s GSLT conducted a climate-related
risk and opportunity workshop. The GSLT
considered the three climate change scenarios,
making note of whether the scenarios felt
plausible, and created a system map of Vista
Group’s key stakeholders which highlighted
that Vista Group’s relationship to its cinema
clients remained critical to our value creation.
This system map was used as a base to explore
the climate-related risks and opportunities
under each scenario and time horizon. The focal
question that guided this process was, ‘How
might climate-related risks and opportunities
plausibly impact Vista Group?’
Placing Vista Group in these three challenging
future scenarios, assisted the GSLT to identify
key themes and a number of climate-related
risks and opportunities. A summary of the
themes and business impacts that could
arise from these climate-related risks and
opportunities is outlined in the table below.
Themes, business impacts and opportunities Time horizon Climate scenarioVista Group’s response
The fast pace of climate-related regulatory change (Transition)
Direct impact - Non-compliance with internationally evolving climate-
related regulations and insufficient capability, capacity or technology
to achieve compliance could result in rising compliance costs (eg.
carbon taxes), and reputational impacts for Vista Group.
Short-term
Medium-term
Net Zero 2050
Delayed Transition
Vista Group monitors international regulatory and
legislative developments in the regions it operates
within. This allows Vista Group to consider any
changes, assess the risks and opportunities for Vista
Group and pro-actively manage a response.
Vista Group has developed a climate-related work
programme to respond to the current disclosure
requirements. In addition, through our annual budgeted
operational expenses, Vista Group engages external
consultants to support internal capability development
and the use of tools to support GHG emissions
measurement.

Rising cost of utilities and commodities (Transition and Physical)
Direct impact – Rising energy costs as jurisdictions decarbonise their
economies could have an impact on Vista Group leading to increased
operational costs.
Short-term
Medium-term
Long-term
Net Zero 2050
Delayed Transition
Current Policies
Vista Group has set an absolute reduction target for
our Scope 2 GHG emissions. Actions Vista Group may
consider in order to achieve this target are:
• Review of capacity and efficiency of leased premises
at contract renewal.
• Evaluate market based electricity options such
as fully renewable energy and renewable energy
certificates for our New Zealand office.
Vista Group is continuing to assess the indirect
impacts to our business to further understand the
uncertainties and potential response as part of the
development of our transition plan.
Indirect impact – The rising cost of utilities and commodities (food
& beverages) for cinemas could have a negative influence on Vista
Group’s revenue if cinemas are unable to offset costs through pricing
or efficiency measures.
Short-term
Medium-term
Long-term
Net Zero 2050
Delayed Transition
Current Policies
Indirect impact – Moviegoers spend less when they attend the cinema
or reduce attendance due to less disposable income. This could
result in reduced revenue for Cinemas and could indirectly impact
Vista Group’s revenue.
Short-term
Long-term
Net Zero 2050
Current Policies
Indirect impact – Rising costs associated with production of movies
shifts the film industry towards more low-budget movies made
for in-home viewing and fewer high budget movies for in-cinema
viewing. Indirectly impacting Vista Group through reduced revenue
and business disruption (where extreme weather events increasingly
disrupt filming.)
Opportunity – Vista Group could develop products to support
cinemas through the transition to a low carbon economy.
Medium-term
Long-term
Delayed Transition
Current Policies

32Strategy • 33

Themes, business impacts and opportunities Time horizon Climate scenarioVista Group’s response
Increasing frequency and intensity of extreme weather events and pandemics (Physical)
Direct impact – Risk of IT service failure or cloud disruption and
damage to property through increasing frequency and intensity of
extreme weather events (heatwaves, flooding, storms). This could
impact Vista Group through increasing costs of insurance to meet all
credit requirements.
Direct impact – Future pandemics causing lockdowns and
business disruption to Vista Group and Cinemas due to increasing
temperature (and the associated spread of various disease vectors)
being one of many factors that can cause pandemics.
Indirect impact – Where cinemas are vulnerable to extreme weather
events this could result in decreased cinema attendance and have
negative impacts on their revenue and capital expenditure.
Long-term Current Policies Vista Group leverages its supplier relationships such
as Microsoft Azure as a major data centre operator,
to build resilience and allow for business continuity in
our data centres against rising temperatures and water
stress.
Disaster management plans are being developed and
tested to respond to events.
Vista Group is continuing to assess the indirect
impacts to our business to further understand the
uncertainties and potential response as part of the
development of our transition plan.

Civil unrest, increasing inequality and geopolitical tensions (Transition)
Direct impact – Vista Group could experience malicious attacks on
IT systems and/or SaaS services as a result of civil unrest, increasing
inequality and geopolitical tensions. This could lead to an increase
in operational costs, an increasing difficulty to obtain insurance,
regulatory or contractual penalties if data loss occurred, reputational
damage and potential client churn.
Indirect impact – Potential for decreased cinema attendance as a
result of civil unrest, increasing inequality and geopolitical tensions,
reducing revenue for cinemas and the potential to indirectly impact
Vista Group revenue.
Medium-term
Long-term
Delayed Transition
Current Policies
Vista Group maintains security controls and processes
to respond to cyber-attacks. A summary of these
mitigation activities are available on page 79 of Vista
Group’s 2023 Annual Report.
Vista Group is continuing to assess the indirect
impacts to our business to further understand the
uncertainties and potential response as part of the
development of our transition plan.

Stakeholder demand for climate action (Transition)
Direct impact – Changing preferences of employees to work for
employers taking climate and sustainability action resulting in lower
attraction and retention of talent if Vista Group's climate change
response does not meet employee expectations.
Opportunity – To be a sustainability leader and maintain social license
to operate through Vista Group's climate change response exceeding
stakeholder expectations.
Short-term
Medium-term
Net Zero 2050
Delayed Transition
Vista Group has developed a sustainability framework
which includes environmental objectives and Vista
Group’s climate disclosures outlines our response to
climate change.

Climate-related
risks and
opportunities
(continued)
34Strategy • 35

Themes, business impacts and opportunities Time horizon Climate scenarioVista Group’s response
Shifting consumer demand to value low-carbon goods and services (Transition)
Indirect impact - Society increasingly perceives moviegoing to be
environmentally-damaging, due to the carbon impact of production,
travel to the cinema, or cinema infrastructure. Potentially resulting
in reduced revenue for cinemas if the experience does not align with
demand for low-carbon goods and services.
Opportunity - Opportunity to expand market offering to be in line with
shifting consumer expectations of low-carbon goods and services.
Short-term
Medium-term
Net Zero 2050
Delayed Transition
Vista Group is continuing to assess the indirect
impacts to our business to further understand the
uncertainties and potential response as part of the
development of our transition plan.

Vista Group will consider the opportunities
and identify those we may progress through
our strategic planning and evolve our risk
management processes to embed the
complexities of climate risk, including
developing strategies for horizon scanning and
methods for risk management that support
climate uncertainty.
Vista Group has elected to apply the adoption
provisions 2 and 3 available under NZ CS 2
(See page 50 for more details) for disclosing
anticipated financial impacts and transition
planning. Vista Group’s initial actions towards
our transition to a low carbon economy has been
to:
• establish our sustainability framework
incorporating environmental objectives and
targets;
• establish the base year for measurement of
our greenhouse gas emissions; and
• set an absolute target for our Scope 2
emissions, consistent with limiting global
warming to 1.5°C above pre-industrial levels.
As Vista Group’s climate change response
journey continues, we will incorporate
anticipated impacts into financial modelling,
and further work through transition planning
to strengthen Vista Group’s business model to
critical uncertainties.
Vista Group’s business model reliance on key
stakeholders (cinemas and exhibition) could be
exacerbated by climate risk leading to other
indirect business risks (as outlined above),
including reduced revenue for cinemas and
fewer direct customers (due to reduced cinema
attendance, increasing utility/commodity prices,
an inability to keep pace with climate-related
regulation), and higher costs of movie production
for studios and distributors.
Viewed through a different lens, the strength
of our relationship with our clients opens up
avenues for collaboration and mutual benefit.
There are opportunities for Vista Group to
consider developing solutions that support
cinemas to reduce operating costs associated
with energy and to support cinemas with
meeting their obligations under relevant climate
regulations. Actions such as this have the
potential to increase the value chain’s resilience
to the impacts of climate change. Additionally,
Vista Group could consider developing low-
carbon market offerings.
Climate-related
risks and
opportunities
(continued)
Next Steps
36Strategy • 37

Risk management

Risk management
Risk management is an integral part of Vista
Group. The Board has established an enterprise
Risk Management Framework (RMF) which
is designed to identify material financial,
strategic and operational risks that may impact
Vista Group’s ability to achieve our strategic
objectives. The ARC is responsible for oversight
of the RMF, monitoring and reporting to the
Board on the adequacy of Vista Group’s risk
management and internal control processes, and
recommending to the Board any areas of focus.
The CEO is responsible for Vista Group’s
compliance with the RMF by ensuring Vista
Group maintains processes to manage material
risks (including climate-related risks) and
promoting a culture of good risk practices across
Vista Group’s operations.
Vista Group’s enterprise risk assessments are
conducted by the GSLT and senior management
annually in accordance with Vista Group’s Risk
Management Policy. This assessment includes
identification of material risks. The risks are
assessed against our risk matrix, based on the
consequence of impact and the likelihood of
occurrence, and consideration of controls and
mitigation measures to achieve a level of residual
risk that is within Board defined tolerances,
based on the Board approved risk appetite
statement.
Management reports to the ARC annually the top
risks across Vista Group.
During 2023, the identification of Vista Group’s
climate-related risks (physical and transition)
and opportunities, was conducted as a stand-
alone exercise through the process of scenario
analysis, as outlined on page 23. The short,
medium and long-term time horizons used
for assessing the climate-related risks are the
same as those used for the scenario analysis. A
system map of key stakeholders was developed
to ensure Vista Group considered all parts of
our value chain during the risk and opportunity
identification workshop undertaken by the GSLT.
The identified climate-related risks and
opportunities were reviewed and approved
by the GSLT, presented to the ARC and
recommended by the ARC for review and
approval by the Board.
These climate-related risks are being integrated
into our existing risk management processes, so
that the risks continue to be assessed, monitored
and prioritised with all other enterprise risks,
relative to the risk exposure for Vista Group.
During 2024, Vista Group will continue to
integrate the climate-related risks into our
existing risk management processes by assigning
operational ownership of the risks, considering
strategies for horizon scanning, assessing the
anticipated financial impacts, and determining
the criteria for refreshing and reviewing scenario
analysis.
40

Metrics and targets

Metrics and targets
Our GHG emissions
Vista Group assesses its operational impact on
the climate by measuring our absolute Scope
1, 2 and 3 GHG emissions. We first started
measuring our emissions in 2022, the base year,
which included Scope 1, 2 and a selected subset
of Scope 3 emission sources relating to business
travel, employee commuting, work from home,
waste generated in our operations, freight and
third-party cloud-hosted data centres. During
2023, Vista Group expanded its boundary to
include capital goods and additional emissions
sources from purchased goods and services. We
also retrospectively measured these new sources
for 2022 and have adjusted our 2022 base year
accordingly.
External verification has been obtained on Vista
Group’s operational GHG emissions calculations
through our certification under the Toitū
Envirocare carbonreduce programme. Through
this programme our operational GHG emissions
were measured and certified in accordance with
the requirements of International Standard ISO
14064-1 Greenhouse gases – Part 1: Specification
with guidance at the organisational level for
quantification and reporting of greenhouse gas
emissions and removals (ISO 14064-1:2018) and
aligned with the GHG Protocol.
In 2023 Vista Group’s total emissions were 3,213
tCO2e, which represents a 13% (490 tCO2e)
decrease on our 2022 base year total emissions.
While we have a 15% reduction in our Scope 2
emissions for the imported energy of our office
premises, we note this was primarily driven
by a change in the calculation methodology
of the emission factor from the Ministry for
Environment for NZ electricity, which reflects
the latest scientific data on carbon emissions.
Our Scope 3 emissions have reduced by 13%,
primarily driven by emissions reductions across
purchased goods and services and capital goods.
Capital goods emissions have reduced as a
result of lower expenditure, which can fluctuate
due to the lifespan of our assets. The reduction
in emissions for purchased goods and services
is primarily due to the variability of spend by
category. The Scope 3 emissions associated with
‘purchased goods and services’ are calculated
by emissions per dollar spent with different
final products and industry services attracting
a different emissions factor. The difference
in goods and services purchased from one
measurement period to the next can result in a
significant variance in the total emissions per
dollar spent across measurement periods.
ScopeEmission Source
2023Adjusted 2022
base year
% change
against
tCO2etCO2e2022 base year
Scope 1Direct emissions and removals---
Scope 2Office electricity
1
104.5123.4(15.3%)
Total gross Scope 1 and 2 emissions104.5123.4(15.3%)
Scope 3Purchased goods and services
Capital goods
Fuel and energy
Waste
Business travel
Employee commuting
Downstream transportation and
distribution
2
1,803.6
63.9
10.2
16.4
955.9
258.8
-
2,148.0
188.9
10.2
13.1
952.1
267.8
-
(16.0%)
(66.2%)
-
25.2%
0.4%
(3.4%)
-
Total gross selected Scope 3 emissions3,108.83,580.1(13.2%)
Total gross emissions3,213.33,703.5(13.2%)
1

Emissions are calculated using the location-based method.
2

Hardware shipping, previously measured and reported within downstream transportation and distribution, required a change to the 2023 calculation methodology. The
emissions relating to this source have been consolidated within purchased goods and services. This is due to the unavailability of data from third party providers. Our
base year has been adjusted to enable comparability in a like for like manner.
See page 52 of this report for more information on the GHG inventory basis of preparation.
Emissions reduction target
During the 2023 financial year, Vista Group set an absolute reduction target for Scope 2 combined
emissions of a 42% reduction by 2030 from our 2022 base year. This target has been set in line with
the requirements of the Toitū Envirocare carbonreduce certification and developed using the Science
Based Targets initiative target setting tool (version 2.2). This target is not validated by the Science Based
Targets initiative.
Next steps
Vista Group’s emissions measurement journey will continue into 2024. During 2024, and following
completion of our transition planning, we will look to further expand our Scope 3 boundary to measure
the current exclusions and, where appropriate, set value chain Scope 3 emissions reduction targets.
44Metrics and targets • 45

Other metrics
Vista Group has selected an economic intensity ratio metric which is suitable when aggregating or
comparing across entities that produce different products. This metric has been set in line with the
requirements of the Toitū Envirocare carbonreduce certification.
MetricType of metric20232022
Operating Revenue
(gross tCO2e per $millions)
GHG emissions intensity22.4927.41
As Vista Group’s climate change response journey continues into 2024, we plan to incorporate
anticipated impacts into our financial modelling, and work through transition planning to seek to
strengthen Vista Group’s business model to critical uncertainties. We expect to also develop additional
metrics relating to our risks and opportunities relating to the following areas:
• Transition risks – amount or percentage of assets or business activities vulnerable to transition risks
• Physical risks – amount or percentage of assets or business activities vulnerable to physical risks
• Climate-related opportunities – amount or percentage of assets, or business activities aligned with
climate-related opportunities
• Capital deployment – amount of capital expenditure, financing, or investment deployed toward
climate-related risks and opportunities
• Internal emissions price.
The industry standards for Vista Group's sector (software and information technology services) are not
widely adopted. Vista Group will continue to monitor the adoption of these standards and we expect to
develop relevant industry based metrics.
46Metrics and targets • 47

Other information

Adoption provision 2:
Anticipated financial impacts
This adoption provision exempts Vista Group from disclosing:
• the anticipated financial impacts of climate-related risks and opportunities reasonably expected by Vista Group;
• a description of the time horizons over which the anticipated financial impacts of climate-related risks and
opportunities could reasonably be expected to occur; and
• an explanation of why Vista Group is unable to disclose quantitative information on the anticipated financial
impacts.
Adoption provision 3:
Transition planning
This adoption provision exempts Vista Group from disclosing:
• the transition aspects of our strategy, including how our business model and strategy might change to address our
climate-related risks and opportunities; and
• the extent to which the transition plan aspects of our strategy are aligned with our internal capital deployment and
funding decision-making processes.
Adoption provision 4:
Scope 3 GHG emissions
This adoption provision exempts Vista Group from disclosing all or a selected subset of our Scope 3 GHG emissions
sources. Vista Group has not disclosed our Scope 3 GHG emissions relating to the following sources:
• use of sold products;
• end-of-life treatment of sold products; and
• investments.
Adoption provision 5:
Comparatives for Scope 3
GHG emissions
This adoption provision exempts Vista Group from disclosing comparative information for Scope 3 GHG emissions
disclosed for the immediately preceding two reporting periods.
Adoption provision 6:
Comparatives for metrics
This adoption provision exempts Vista Group from disclosing comparative information for each metric disclosed for
the immediately preceding two reporting periods.
Adoption provision 7:
Analysis of trends
This adoption provision exempts Vista Group from disclosing an analysis of the main trends evident from a
comparison of each metric from previous reporting periods to the current reporting period.

Adoption provision exemptions
The below table outlines the
adoption provision exemptions
applied by Vista Group in the
preparation of this Climate
Statement.
50Metrics and targets • 51

Scenario analysis limitationsGHG inventory basis of preparation
Our three climate scenarios reference some of the latest scientific research and data as of June 2023
when the scenarios were prepared.
An important limitation to note is that the Network for Greening the Financial System frameworks were
used to frame the context of the global policy direction for emissions under each scenario. NGFS has
modelling data available, however it uses the same shared socioeconomic pathway of SSP2 throughout
the scenarios. In addition, Vista Group’s scenarios draw on SSP1 (‘Net Zero 2050’), SSP2 (‘Delayed
Transition’) and SSP3 (‘Current Policies’).
With regard to scenario design, the options for parameters and granularity were subject to data
availability. As a result, some of the transition risk parameter used is for the OECD region as an
approximation for Australasia (Australia and New Zealand), North and Central America (including
Mexico) and Europe.
Base year
Vista Group’s base year for emissions reporting is the 2022 financial year, which is from 1 January 2022
to 31 December 2022. This base year period was selected because it represents the first year in which
Vista Group had access to a considerably complete set of data records to form the inventory.
Changes to historic base
Historical recalculations of our 2022 base year were conducted in 2023, as a result of expanding our
boundary for Scope 3 emissions categories. Scope 3 now includes full purchased goods and services
and capital goods.
ScopeEmission Source
Previously
reported 2022
base year
Recalculation
adjustments
2
Adjusted 2022
base year
tCO2etCO2etCO2e
Scope 1Direct emissions and removals---
Scope 2Office electricity
1
123.4-123.4
Total gross Scope 1 and 2 emissions123.4-123.4
Scope 3Purchased goods and services
Capital goods
Fuel and energy
Waste
Business travel
Employee commuting
Downstream transportation and distribution
170.0
-
10.2
13.1
952.1
267.8
34.0
1978.0
188.9
-
-
-
-
(34.0)
2,148.0
188.9
10.2
13.1
952.1
267.8
-
Total gross selected Scope 3 emissions1,447.22,132.93,580.1
Total gross emissions1,570.62,132.93,703.5
1

Emissions are calculated using the location-based method.
2

Hardware shipping, previously measured and reported within downstream transportation and distribution, required a change to the 2023 calculation methodology. The
emissions relating to this source have been consolidated within purchased goods and services. This is due to the unavailability of data from third party providers. Our
base year has been adjusted to enable comparability in a like for like manner.
Operational boundaries
Scope 1 – Direct emissions
Vista Group’s direct emissions have been assessed as de minimis, see page 59 for Scope 1 sources
excluded.
Scope 2 – Office electricity
Vista Group’s consumption of purchased electricity.
Scope 3 – Other indirect emissions sources
Other direct value chain emissions. Vista Group is making progress towards full value chain emissions
reporting, and we expanded our Scope 3 inventory to include purchased goods and services and capital
goods for the reporting period and base year. Excluded Scope 3 items are now use of sold products,
end-of-life treatment of sold products and investments. See page 50 which details the adoption
provision exemptions applied by Vista Group in the preparation of this Group Climate Statement.
52Metrics and targets • 53

Organisational
boundaries
Vista Group uses a financial control
consolidation approach, as defined in the ISO
14064-1: 2018 standard and GHG protocol.
This approach aligns with Vista Group’s
organisational boundaries for financial reporting.
It has been selected as this is where we have
the greatest ability to direct the financial and
operating policies of entities within Vista Group
and gain access to information. A description
of our financial reporting basis of consolidation
is available on page 100 of Vista Group's 2023
Annual Report.
The diagram shows the subsidiaries that have
been included in the context of our emissions
inventory.
Vista Group subsidiaries that are inactive or
holding companies are excluded as they have no
emissions from their operations.
For the consolidated list of subsidiaries please
refer to page 136 of Vista Group's Annual
Report.
54Metrics and targets • 55

ScopeEmission sourceCalculation methodData sourceAssumptions and estimatesEmissions factor
1
Scope 1Direct emissions and removalsDe minimisN/AN/AN/A
Scope 2 Office electricityLocation-based methodInvoices from electricity retailersWhere data was unavailable at the time of collection,
historical data and average increases were used to estimate
kWh usage.
MfE, NZ
IEA, France
Scope 3Purchased goods and services –
data centre usage
Supplier-specific pre-calculated
tCO2e
GHG emissions reports from
suppliers
GHG emissions usage was obtained directly from supplier
provided data.
Where data was unavailable at the time of collection,
historical data and average increases were used to estimate.
tCO2e provided by suppliers
Purchased goods and services – all
remaining
Spend-based method usedFinancial accounting spend by
category
Spend by category sourced from internal financial records
and converted to NZ dollars, with NZ emissions factors
assigned based on the category of the spend.
High level of assumptions based on final product, changes in
assumptions could significantly impact the measurement of
these emissions.
Auckland Council, NZ
MOTU, NZ
Capital goodsSpend-based method usedFinancial accounting spend by
category
Spend by category sourced from internal financial records
and converted to NZ dollars, with NZ emissions factors
assigned based on the category of the spend.
High level of assumptions based on final product, changes in
assumptions could significantly impact the measurement of
these emissions.
Auckland Council, NZ
Fuel and energy (T&D Losses)Location-based method usedInvoices from electricity retailersWhere data was unavailable at the time of collection,
historical data and average increases were used to estimate
kWh usage.
MfE, NZ
IEA, France

Data collection
and quantification
The table below provides detail on the methodologies and assumptions used in data collection and
quantification of Vista Group’s GHG emissions inventory:
56Metrics and targets • 57

ScopeEmission sourceCalculation methodData sourceAssumptions and estimatesEmissions factor
1
Scope 3WasteWaste weightSupplier provided waste weight
records
Waste weights by category provided by supplier.
Average kilogram of waste per employee is applied at office
locations where usage data is unavailable.
Where data was unavailable at the time of collection,
historical data and average increases were used to estimate.
MfE, NZ
DESNZ, UK
Business travel – transportation Distance-basedInvoices from travel providers and
employee expense claims
Where data was unavailable at the time of collection,
historical data and average increases were used to estimate.
MfE, NZ
DESNZ, UK
EPA, US
Business travel – accommodation Hotel-nightsInvoices from travel providers and
employee expense claims
Where data was unavailable at the time of collection,
historical data and average increases were used to estimate.
MfE, NZ
DESNZ, UK
Employee commutingDistance-basedResults from a survey of our
people’s commuting and working
from home habits
Survey response data extrapolated for full year based on the
headcount of our people.
MfE, NZ
DESNZ, UK
Toitū Envirocare, NZ

1

The emission factors used are drawn from a variety of sources, primarily: Government published emission factors (such as the NZ Ministry for the Environment); other
government publications or data; industry publications or data; international bodies; technical reports; peer-reviewed journals or literature; the IPCC; supplier-specific
data (from providers).
Full details of the sources and GWP (Global Warming Potential) are outlined below:
MfE, NZNew Zealand Ministry for the Environment – MfE Guidance for
Voluntary Greenhouse Gas Reporting (2023)
AR5
IEA, FranceInternational Energy Agency – IEA Emission Factors – France
(2022)
AR4
Auckland
Council, NZ
Auckland Council – Consumptions Emissions Modelling 2023AR4
MOTU, NZMOTU – Greenhouse Gas Emissions in New Zealand: A
preliminary Consumption-Based Analysis (2014)
AR2
DESNZ, UKUK Department for Energy Security and Net Zero – Government
greenhouse gas conversion factors for company reporting (2023)
AR4, AR5
EPA, USU.S. Environmental Protection Agency – Emission Factors for
Greenhouse Gas Inventories (2023)
AR4, AR5
Toitū Envirocare,
NZ
Toitū Envirocare - Emission factor derived internally - New
Zealand
AR4, AR5
Exclusions: There are a number of identified emissions sources that have been excluded from our
inventory due to being de minimis
1
or limitations in the availability or quality of the requisite data. These
sources include Scope 1 direct emissions from refrigerants, mobile combustion from the single petrol
vehicle leased by Vista Group and stationery combustion office gas usage.
As noted previously, Vista Group has also utilised the adoption provision under the climate standards
and has not disclosed the full extent of our Scope 3 emissions. Sources excluded for 2023 are:
• Use of sold products;
• End-of-life treatment of sold products; and
• Investments.
Over the coming year we will expand our Scope 3 inventory to cover these remaining categories and
include in our 2024 inventory if the sources are considered material to our inventory.
1

These de minimis sources form less than one percent of the total scope or category, and total emissions and removals (classified as de minimis) do not exceed five
percent of our total inventory.
58Metrics and targets • 59

Glossary of terms
2022The financial year ended 31 December 2022.
2023The financial year ended 31 December 2023.
2024The financial year ended 31 December 2024.
ARCVista Group’s Audit and Risk Committee.
BoardVista Group's Board of Directors.
CO2Carbon dioxide.
CO2eCarbon dioxide equivalent.
CREClimate-reporting entity.
GHGGreenhouse Gas.
GHG ProtocolThe Greenhouse Gas Protocol: A Corporate Accounting and Reporting Standard (2004).
GWPGlobal Warming Potential.
GSLTVista Group’s Global Senior Leadership Team.
IPCC
Intergovernmental Panel on Climate Change – the United Nations body for assessing the science
related to climate change.
ISO 14064-1:2018
International Standard ISO 14064-1 Greenhouse gases – Part 1: Specification with guidance at the
organisational level for quantification and reporting of greenhouse gas emissions and removals
(2018).
LTIVista Group’s long-term incentive scheme.
NGFSNetwork for Greening the Financial System.
NRCVista Group’s Nominations and Remuneration Committee.
NZ CSThe Aotearoa New Zealand Climate Standards.
NZ CS 1The Aotearoa New Zealand Climate Standard 1 - Climate-related Disclosures
NZ CS 2
The Aotearoa New Zealand Climate Standard 2 - Adoption of Aotearoa New Zealand Climate
Standards
RCPRepresentative Concentration Pathway.
RMFVista Group’s risk management framework.
SSPThe shared socioeconomic pathway.
SSP1The ‘Sustainability (Taking the green road)’ climate change scenario.
SSP2The ‘Middle of the road’ climate change scenario.
SSP3The ‘Regional rivalry (A rocky road)’ climate change scenario.
STIVista Group’s short-term incentive scheme.
TCFDTaskforce On Climate Related Financial Disclosures.
tCO2eTonnes of carbon dioxide equivalent.
Vista GroupVista Group International Limited (NZX & ASX: VGL).
XRBNew Zealand External Reporting Board.
60Glossary of terms • 61

Vista Group International Limited
Shed 12, City Works Depot

90 Wellesley St West
Auckland 1010
New Zealand
+64 9 984 4570

info@vistagroup.co.nz
vistagroup.co