Vista Group Publishes 2024 Group Climate Statement

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

MARKET ANNOUNCEMENT
11 April 2025, Vista Group International Ltd, Auckland, New Zealand

Vista Group Publishes 2024 Group Climate Statement
Vista Group International Limited (NZX & ASX: VGL) advises that today it has published its Group Climate
Statement for the reporting period ended 31 December 2024. This report reflects the second disclosure
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 2024 Group Climate Statement is available in Vista Group’s Investor Centre:
vistagroup.co.nz/investor-centre.
ENDS
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 Ltd (Vista Group) is a public company, founded in New Zealand in 1996 and listed
on both the New Zealand and Australian stock exchanges in 2014 (NZX & ASX: VGL). Vista Group is a global
leader in providing tech 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.

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Vista Group
Group Climate Statement
2024

This report is dated 10 April 2025 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 5
Governance 7
Strategy 11
Risk management 29
Metrics and targets 31
Other information 35
Glossary of terms 54
Disclaimer
Climate change is an evolving challenge and involves high degrees of uncertainty.
This report reflects Vista Group’s understanding as at 10 April 2025. 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,
we, us, our) is a climate-reporting entity (CRE)
under the Financial Markets Conduct Act 2013.
This climate report is for the financial year
ending 31 December 2024.
This is Vista Group’s second 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 (XRB). In preparing this
report, we have applied the following adoption
provisions:
1
• Adoption provision 2: Anticipated financial
impacts
• Adoption provision 4: Scope 3 GHG emissions
• Adoption provision 7: Analysis of trends
• Adoption provision 8: Scope 3 GHG emissions
assurance
In preparing this report, Vista Group has
obtained a limited assurance opinion in
respect of our Scope 1 and Scope 2 (location-
based) greenhouse gas (GHG) emissions and
additional required disclosures and the gross
GHG emissions methods, assumptions and
estimation uncertainty through an assurance
engagement with the New Zealand firm of
PricewaterhouseCoopers (PwC).
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 35 for a description of each adoption provision and the
exemption it provides Vista Group.
About this report
5

Governance
Board governance
Vista Group’s board of directors (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 our compliance with our risk management
framework, including climate-related risks
and opportunities. At the direction of the ARC,
Vista Group's 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 (including the transition plan),
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 the 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 the Board.
During 2024, and in the preparation of this
report, the ARC was engaged in climate-related
matters relating to the review of Vista Group’s
material risks, review and recommendation of
the 2023 and 2024 Group Climate Statements
for Board approval, review and endorsement
of GHG emissions related policies, updates
on Vista Group’s readiness for assurance,
and review of Vista Group’s sustainability
framework, including progress against climate-
related metrics and targets.
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
(Retiring 21 May 2025)
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
7Governance • 8

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 the Board
and, with the support of the GSLT, undertakes
a review and updates the Board skills matrix
annually. The Board skills matrix includes
an assessment of each individual director’s
sustainability capabilities, including climate-
related skills. A summary of the Board skills
matrix is available on page 54 of Vista Group’s
2024 Annual Report.
The Board accesses climate-related expertise
from within Vista Group and has access to third
party expertise as required.
Incentivisation and remuneration
The NRC, on the formal delegation of the Board,
has responsibility for oversight of Vista Group’s
remuneration framework and recommending any
changes to the Board. Vista Group’s short-term
incentive (STI) scheme includes a sustainability
focused target linked to employee satisfaction.
Historically, and due to the nature of the
business, Vista Group’s long-term incentive (LTI)
scheme has not contained specific sustainability
targets. During 2024, the NRC conducted their
annual review of the STI and LTI schemes,
and no changes were made to introduce specific
climate-related targets. As Vista Group continues
to develop our climate-related metrics and
targets, the NRC will consider the extent to
which these may be best incorporated into
Vista Group’s remuneration frameworks.
For more information regarding Vista Group’s
STI and LTI schemes please refer to page 42
of Vista Group’s 2024 Annual Report.
Executive governance
The 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
leading the assessment of climate-related risks
and opportunities and coordinating our response
as part of the sustainability programme.
Governance (cont.)
Figure 1: Governance structure
Vista Group Board of Directors
Audit and Risk Committee (ARC)
Nominations and Remuneration
Committee (NRC)
Group Chief Executive Officer
Reports to
Provides updates to
Global Senior Leadership Team (GSLT)
Includes the General Counsel and Company Secretary responsible
for overseeing the climate response work programme
9Governance • 10

Our purpose
Vista Group’s purpose is to bring more people
together to share the magic of cinema.
Our vision
Our solutions sit at the heart of a connected
film industry and enable exceptional cinematic
experiences.
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 80 countries
worldwide.
Our purpose drives our team, fuelling our
commitment to innovation and delivering
significant value to the film industry. Vista
Group’s unified client-centred business model
brings together our solutions to provide an
integrated and innovative range of technology
solutions across our 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.
OUR CLIENTS
Our focus is providing exceptional service with clients
at the heart of everything we do. We are committed to
continuously enhancing our client experiences and their
adoption of our innovation, strengthening our client
relationships, and contributing to the overall success
of the industry.
Enable our clients to thrive
OUR SOLUTIONS
Our focus is on continuing to design and deliver
remarkable solutions that our clients value, with an
emphasis on security, scalability, and innovation that
boosts our clients’ operational efficiency and enhances
moviegoer experiences.
Deliver remarkable cloud
solutions
OUR PEOPLE
Stronger together
We are dedicated to fostering a vibrant and unified
culture that enables our people to thrive. We are
focused on initiatives to evolve our employee
experience, enhance engagement and performance,
and promote learning and growth.
Strategy • 1211

Integrating climate into our strategy
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 sustainability focus areas are supported
by annual and short-term initiatives up to 2030.
In 2023, Vista Group commenced the process
to integrate sustainability practices into our
strategy by incorporating the key focus area of
Our people – Stronger together. Our transition
planning will further assist the integration of
those practices into our strategy as sustainability
practices continue to be embedded into our
business and support the transition towards a
low emissions future.
For further information about Vista Group’s key
focus areas for 2025 refer to page 20 of Vista
Group’s 2024 Annual Report.
Our transition planning
Vista Group’s 2023 climate roadmap outlined
our initial journey and set the foundations to
transition towards a sustainable future through
the continued development of our processes
and capabilities. While we continue to develop
and refine this enabling infrastructure, our
current focus is on continuing to progress our
sustainability journey and integrate climate
considerations into our business and decision making.
Our ambition to 2030
Based on the material risks and opportunities
identified, Vista Group currently plans to
maintain its growth strategy and business
model through to 2030. The business is already
taking significant steps towards mitigating
and responding to the short-to medium-term
identified risks and opportunities and will
continue to develop and refine these actions.
However, many of the identified risks and
opportunities for Vista Group are anticipated
to emerge over a longer-term horizon. Vista
Group’s initial response will be to concentrate
on establishing indicators and measures that
will allow us to monitor the extent to which
certain risks and opportunities are emerging and
evolving, and to inform Vista Group’s response
to the emerging risks and opportunities through
an adaptive approach.
Vista Group believes continuing its current
strategic growth trajectory through to 2030 and
continuing to focus on transforming Vista Group
into a Software-as-a-Service (SaaS) company,
is the appropriate approach to maximise value
for clients and shareholders alike. Vista Group
will continue to take steps to better understand
the likely actions required to best position Vista
Group to respond to any anticipated longer-term
climate-related risks and opportunities.
How we will get there
Having identified Vista Group’s climate-related
risks and opportunities, in 2024 we have focused
on refining and prioritising these to inform our
initial response. We have identified where we
can easily embed risks and responses into our
existing enterprise risk management framework,
(outlined in Vista Group's 2024 Annual Report),
by undertaking an exercise to map our climate-
related risks and opportunities against our
key risks. This included assigning operational
ownership to those risks and has clarified that
many of our climate-related risks are already
captured by our business-as-usual mitigation
activities.
Therefore, unless specified otherwise, there
is currently no separation of the initiatives
to outline capital deployment to mitigate the
climate aspect of the risks specifically, and
we have not separately quantified resourcing
or capital deployment to our identified
climate-related risks and opportunities.
By merging our climate-related risks and
opportunities into our existing approaches,
we have developed a stronger view of where
existing processes can be utilised, refinements
made, or where new actions may be needed.
Vista Group anticipates this work to be ongoing
as we expect these risks and opportunities to
emerge and evolve over a longer time horizon
and as we develop a deeper understanding.
Strategy (cont.)
13Strategy • 14

Vista Group’s high level
transition plan priority actions
Climate-related risk(s)
Target or interim target
Actions
Anticipated impact(s)
Key risk mapping
Time horizon
Building on Vista Group’s disclosed
climate-related risks and opportunities
in our 2023 Climate Statement,
we have prioritised risks for our transition
plan and developed targets (or interim
targets) and key actions we are undertaking
to manage and mitigate these risks.
The impacts remain unchanged from
those included in our 2023 Group Climate
Statement but, in some instances, we have
grouped risks to reflect where actions
overlap.
OUR PLATFORM
Malicious attacks on IT systems and/or SaaS services
(Transition)
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.
Cybersecurity is a constantly evolving space, so
we aim to continually mature our security posture
to detect, respond to, and mitigate emerging
cybersecurity threats, including those resulting from
or arising out of climate activism.
Our 2024 Annual Report provides more detail on our
progress during 2024 and our Cybersecurity Roadmap
which will better position us to react to emerging
climate-related security attacks.
Key actions:
• Report on cybersecurity at every Board meeting.
• Establish monitoring to track the volume of climate
activism-related cyber threats to better understand
the scale and nature of this risk.
Platform stability and data security
Medium to long-term
OUR STAKEHOLDERS
Reputational or financial risk of non-compliance with internationally
evolving climate-related regulations (Transition)
Social license to operate from Vista Group’s climate change
response (Transition)
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. Non-compliance with
internationally evolving climate-related laws and regulations and
insufficient capability, capacity or technology to achieve compliance
could results in rising compliance costs (e.g. carbon taxes) and
reputational impacts for Vista Group.
Explore how we proactively share our sustainability journey with
our employees, investors, and other stakeholders and ensure
compliance with applicable climate reporting requirements and
regulation.
Key actions:
• Monitor changes in climate-related laws and regulations in the
jurisdictions in which we operate.
• Undertake gap analysis of the requirements of the Australian
climate reporting regime against Vista Group’s current reporting.
• Actively participate in third-party ESG corporate ratings
to assess and communicate our performance and enable
comparison in the market.
Regulatory compliance, Environmental and Attract and retain talent
Short to medium-term
OUR CLIENTS
Risks impacting cinema attendance, costs for
cinemas, and shifting market trends (Physical and
Transition)
Potential for reduced cinema attendance having
a negative impact on Vista Group’s revenue as a
result of: rising costs of utilities and commodities for
cinemas; society increasingly perceiving moviegoing to
be environmentally damaging; civil unrest, increasing
inequality and geopolitical tensions; or cinema
vulnerability to extreme weather events. Potentially
resulting in reduced revenue for cinemas.
A core pillar of our strategy is supporting clients’
business sustainability, so monitoring and responding
to client needs is integral to our business. In the
near term, our target is to onboard 100% of direct
enterprise clients to cloud solutions by 2030.
Key actions:
• Ongoing monitoring of market and industry trends
and projections to understand how our client base
is impacted.
• Regularly review product roadmap to align with
client needs and expectations.
• Pursue a strategy of diversification in location and
solutions to build our resilience.
Film and cinema industry disruptions
All time horizons
15Strategy • 16

OUR FOOTPRINT
Rising energy costs leading to increased operational
costs (Transition and Physical)
Rising energy costs as jurisdictions decarbonise their
economies could have an impact on Vista Group
leading to increased operational costs.
We want to better understand and reduce Vista
Group’s office energy consumption, and build
resilience to volatility in utility prices. We have set
a target to reduce Scope 2 GHG emissions (market-
based) by 42% by 2030.
Key actions:
• Regularly refresh our financial forecast and long-
range planning to understand how our costs may
change over time, including utilities.
• Start monitoring kilowatt hours (kWh) of office
electricity usage to track our progress.
• Explore how to incorporate considerations such
as sustainable building certificates and renewable
energy capability in our facilities decision making.
• Invest in measurement and baselining of Scope 3
emission categories, to set targets as appropriate.
Environmental and Adverse global events
All time horizons
OUR BUSINESS CONTINUITY
Increasing frequency and intensity of extreme weather
events and pandemics (Physical)
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. 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.
Complete an annual test of our Business Continuity Plan.
Our flexible working policy and global workforce has
proven to provide us with agility in our response to local
events and responses.
Key actions:
• Maintain sufficient capital reserves as part of broader
risk mitigation strategies.
• Update or refine Business Continuity Plan for learnings
from annual test.
• Integrate physical climate risk to our broader
management of risks arising from adverse global
events.
Adverse global events
Long-term
Key targets and metrics:
Measure remaining Scope 3
GHG emissions categories
Achieve SOC2 Type 2
compliance for Vista Cloud and
movieXchange in 2025
Reduce Scope 2 GHG
emissions (market-based)
by 42% by 2030
from our 2022 base year
Aim for 100% of direct
enterprise clients on cloud
solutions by 2030
As at 2024
1

15% on cloud journey
2
Amount of electricity
consumed (Scope 2) annually at
our global premises (kWh)
2024
766,680 kWh
As at 2024
26.9%
1

Client transition to cloud solutions commenced in 2022.
2

Clients using Digital Enablement, Moviegoer Engagement and Operational Excellence.
Strategy • 1817

Climate-related risks
and opportunities
During 2024, Vista Group’s GSLT did not
identify any additional climate-related risks and
opportunities from those identified and disclosed
in Vista Group’s 2023 Group Climate Statement.
As previously detailed in this report, Vista
Group’s transition plan incorporates the
prioritised risks and opportunities that were
identified, the actions Vista Group is taking
in response to the risks and the monitoring
activities to enable us to evaluate how these
risks may be emerging.
Vista Group’s climate-related risks and
opportunities were initially identified when
the GSLT considered the three climate change
scenarios, making note of whether the scenarios
appeared 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.
Vista Group has elected to apply adoption
provision 2 under NZ CS 2 for disclosing
anticipated financial impacts. As Vista Group
continues to assess its risks and opportunities,
we will incorporate anticipated impacts into
financial modelling to strengthen Vista Group’s
business model to critical uncertainties.
Current climate-related impacts
Vista Group has not recognised any material
climate-related impacts (physical or transition)
during the 2024 financial year. We have 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 2024 financial
results.
Scenario analysis
Our approach
Vista Group has not changed its standalone
scenario analysis approach adopted in 2023,
nor updated the scenarios outlined in our
2023 Group Climate Statement. During 2023,
Vista Group 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.
Vista Group believes that the scenarios selected
remain 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 developed in 2023 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. During 2023, 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).
19Strategy • 20

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)
Low
Moderate
Immediate & smooth
Medium
Fast
Medium to high
<1.5°C
NGFS ‘Net Zero 2050’
IPCC AR6 RCP 1.9
SSP1: Sustainability
Policy Ambition
Scenario
1
Pathways
Severity of physical risk
Severity of transition risk
Policy reaction
Regional policy variation
Technology change
Carbon dioxide removal
ModerateHigh
HigherLow
DelayedNone
HighLow
Slow then fastSlow
Low-mediumLow
23
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
21Strategy • 22

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.
Macro-economic conditions
Consumption
Society
Economy
Technology
Net Zero
2050
1
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.
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.
23Strategy • 24

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.
Macro-economic conditions
Consumption
Society
Economy
Technology
Delayed
Transition
2
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.
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.
25Strategy • 26

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.
Macro-economic conditions
Consumption
Society
Economy
Technology
Current
Policies
3
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.
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.
27Strategy • 28

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 our compliance with
the RMF by ensuring we maintain processes
to manage material risks (including climate-
related risks) and promote a culture of good risk
practices across our operations.
Vista Group’s enterprise risk assessments are
conducted by the GSLT annually in accordance
with our Risk Management Policy. In line with
our RMF, climate-related risks are identified by
reviewing previously identified climate-related
risks and considering changes to both the
internal and external environment. 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.
The short, medium and long-term time horizons
used for assessing the potential impact to Vista
Group for the climate-related risks are the same
as those used for the scenario analysis.
Vista Group’s climate-related risks and
opportunities assessment considers our direct
operations and impacts, as well as upstream and
downstream impacts within our value chain.
Management reports to the ARC annually the
top risks across Vista Group and any risk that is
outside the defined risk appetite.
During 2024, the climate-related risks and
opportunities were mapped against our
enterprise key risks. The risks were reviewed by
the GSLT and assigned operational ownership,
integrating the risks so that they continue to
be assessed, monitored and prioritised with
all other enterprise risks, relative to the risk
exposure for Vista Group. This exercise guided
our prioritisation and formed the basis of our
transition plan outlined on page 15-17.
29

Metrics and targets
Our GHG emissions and performance
Vista Group assesses our impact on the
climate by measuring our Scope 1, 2 and 3
GHG emissions. Our base year for emissions
measurement is 2022. Since then, Vista Group
has continued to expand the categories of
emissions sources we have chosen to report
on and improve our data collection practices
and calculation methodologies. As we continue
to refine our practices, historical restatements
may be necessary to ensure our GHG inventory
remains consistent with our base year and
comparable over time.
In 2024, Vista Group chose to include our
previously excluded Scope 1 direct emissions,
for completeness. Additionally, we improved our
calculation methodologies in other categories
and have retrospectively adjusted the prior
comparative year and the base year accordingly.
Detailed restatements are outlined on page 38-39.
In 2024, Vista Group’s total gross emissions
were 2,856.0 tCO2e, which represents a 6.7%
(204.3 tCO2e) reduction on prior year, and a
16.9% (582.7 tCO2e) reduction on our 2022 base
year total emissions.
Our Scope 1 direct emissions reduced by 24.0%
compared to 2023, which is due to the vacancy
of the property leased by Vista Group in Owosso
and a reduction in the annual kilometres
contracted for our leased vehicle.
Our Scope 2 office electricity (location-based)
emissions reduced by 12.6% compared to 2023,
which is due to several factors, including:
the sublease of a portion of our Los Angeles
office, our exit from the lease of the premises
in Owosso, our relocation to a smaller office in
London, and the exit from our Auckland office
of another lessee with whom we shared the
electricity meter. Additionally, the energy usage
in our South Africa office increased because
a full year of data was available following our
relocation to larger premises in mid-2023.
Our Scope 3 emissions reduced by 6.4%
(187.7 tCO2e) compared to 2023, which
was due to several factors. We observed an
increase in participation in our employee
commuter survey, resulting in enhanced data
on commuting and work from home patterns.
Capital goods emissions 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
was due to lower expenditure and our change in
approach by applying country specific emission
factors to the relevant spend categories.
The increase in emissions for business travel
aligns with our global client base and growth
strategy. In 2024, we updated our travel policy
to include guidelines on travel class, which
will assist us in minimising our travel-related
emissions.
SCOPEEMISSION SOURCE
2024
(tCO2e)
2023
(tCO2e)
PERFORMANCE
AGAINST 2023
2022
BASE YEAR
(tCO2e)
PERFORMANCE
AGAINST BASE
YEAR
Scope 1Direct emissions 5.77.5-24.0%10.3-44.7%
Scope 2 Office electricity (location-based)102.7117.5-12.6%132.4-22.4%
Total gross Scope 1 and 2 emissions

(location-based)
108.4125.0-13.3%142.7-24.0%
Scope 3Purchased goods and services
1
Capital goods
Fuel and energy related activities
Waste generated in operations
Business travel
Employee commuting
1,428.4
37.8
7.8
16.5
1,030.9
226.2
1,629.6
63.9
10.7
16.4
955.9
258.8
-12.3%
-40.8%
-27.1%
0.6%
7.8%
-12.6%
1,863.0
188.9
11.0
13.1
952.2
267.8
-23.3%
-80.0%
-29.1%
26.0%
8.3%
-15.5%
Total gross selected Scope 3 emissions2,747.62,935.3-6.4%3,296.0-16.6%
Total gross emissions2,856.03,060.3-6.7%3,438.7-16.9%
Scope 2 Office electricity (market-based)105.4144.6-27.1%144.2-26.9%
1 The emissions relating to Category 4 (Upstream transportation and distribution) and Category 9 (Downstream transportation and distribution) are consolidated within
Category 1 (Purchased goods and services) due to the freight data being unable to be separated from the invoice of the purchased goods.
2

The Scope 1 Direct emissions and Scope 2 Office electricity (location based) for 2024 (tCo2e) have been subject to independent limited assurance by PwC. The Scope 3
emissions data for 2024, and the Scope 2 Office electricity (market-based) are not subject to assurance. The 2022 and 2023 emissions data for Scope 1, Scope 2, and
Scope 3 have not been subject to independent assurance by PwC.
See page 37-38 of this report for more information on the GHG basis of preparation. In FY24, PwC
issued a limited assurance report on Scope 1 Direct emissions and Scope 2 Office electricity (location-
based) emissions as set out in their Independent Assurance Report on pages 51-53.
Emissions reduction target
In 2023, Vista Group set an absolute reduction target for Scope 2 emissions (market-based) 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 near term target setting tool (version 2.2). This target is not validated by the Science Based
Targets initiative.
Our Scope 2 office electricity (market-based) emissions reduced by 26.9% compared to our base year.
This is primarily due to our two offices in London. Our Powster London office is powered by zero carbon
electricity provided by our energy supplier. This supplier uses a mix of renewable electricity, backed by
Guarantees of Origin, and nuclear energy declarations. In 2024, we relocated to a smaller property in
London powered by 100% renewable energy. This was due to initiatives implemented by the building owner
and complemented by our decision to renew alternative, more sustainable, lease options in London at the
time of contract.
31Metrics and targets • 32

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 accordance with
the requirements of the Toitū Envirocare carbonreduce certification.
METRICTYPE OF METRIC20242023
1
2022
1
Total Revenue
(gross tCO2e per $millions)
GHG emissions intensity19.0421.4025.45
1 2022 and 2023 metrics have been adjusted to reflect the restatements described on page 38-39.
As Vista Group’s climate change response journey continues, we plan to incorporate anticipated
impacts into our financial modelling to strengthen Vista Group’s business model against 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 – There is currently no separation of the transition plan initiatives to outline
capital deployment in mitigating the climate aspect of the risks specifically. Vista Group has not
separately quantified resourcing or capital deployment to our climate-related risks and opportunities.
• Internal emissions price – Vista Group does not currently use an internal emissions price. Vista Group
will continue to review this as initiatives for reduction are considered.
• Industry based metrics – The industry standards for Vista Group’s sector (software and information
technology services) are not widely adopted. The topics and metrics primarily relate to the
environmental footprint of hardware infrastructure, in particular energy and water consumed,
and managing systemic risks from technology disruptions. As part of Vista Group’s transition plan
initiatives, we have established a metric to monitor the energy consumption (kWh) of our global
leased premises. This metric tracks the electricity usage associated with our internal computer
hardware. However, this metric does not account for the energy consumption of our cloud-hosted
services through Microsoft Azure.
33Metrics and targets • 34

Other information
The following table outlines the adoption
provision exemptions applied by Vista Group
in the preparation of this Group
Climate Statement.
Adoption provision 2:
Anticipated financial impacts
This adoption provision exempts Vista Group from disclosing in its second reporting period:
• 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 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 applicable sources:
• use of sold products;
• end-of-life treatment of sold products; and
• investments.
A comprehensive list of excluded sources, including those that do not rely on this provision, are outlined on page 50.
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 8:
Scope 3 GHG emissions assurance
This adoption provision allows Vista Group to exclude its Scope 3 GHG emissions disclosures from the scope of the
assurance engagement for FY24.
Adoption
provision
exemptions


35Other information • 36

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 NGFS
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.
Measurement standards applied
During 2024, Vista Group began using the GHG
Protocol as our methodology for measuring
GHG emissions. Our usage of the GHG protocol
includes: The Greenhouse Gas Protocol: A
Corporate Accounting and Reporting Standard
(revised edition); GHG Protocol Scope 2
Guidance: An Amendment to the GHG Protocol
Corporate Standard; The Greenhouse Gas
Protocol: Corporate Value Chain (Scope 3)
Accounting and Reporting Standard. Vista Group
has complied with NZ CS for the purpose of
GHG emissions disclosure.
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
an adequately complete set of data records to
form the inventory.
GHG emissions assurance
Selected GHG disclosures included within
this Climate Statement are assured by the
New Zealand firm of PwC, who have given a
limited assurance conclusion on Scope
1 Direct emissions and Scope 2 Office electricity
(location-based) emissions on page 32
and
additional required disclosures and the
gross
GHG emissions methods, assumptions and
estimation uncertainty, included in this GHG
inventory basis of preparation.
See PwC’s assurance report on pages 51 to
53. Vista Group has applied NZ CS Adoption
Provision 8, which allows us to exclude the
Scope 3 emissions disclosures from the scope
of the assurance engagement of this Climate
Statement.
Restatements and recalculations
Vista Group may update or recalculate prior
year information to improve consistency,
comparability, completeness or relevance
of our emissions. This may occur due to
changes in calculation methodologies, errors
or improvements in the accuracy of emission
factors or data, or significant structural changes
in our organisation.
Historical recalculations of Vista Group’s 2022
base year (Table 1) and the 2023 comparative
year (Table 2) were conducted in 2024 and are
outlined as follows:
• Scope 1 Direct emissions - the mobile
combustion of one leased vehicle and the
purchased gas for the leased premises in
Owosso, were previously excluded. These
emissions have now subsequently been
included in our 2022 and 2023 inventories for
completeness.
• Scope 2 Office electricity (location-based)
– due to the unavailability of data, the
electricity usage for the leased premises
in Groningen required a change to the
calculation methodology in 2024. We have
applied this methodology to the comparative
years and adjusted for 2023 (an increase
of 7.6 tCO2e) and 2022 (an increase of 9
tCO2e). Additionally, emission factors were
inconsistently applied in the 2023 calculations
for office electricity relating to the leased
asset in New Zealand and this resulted in a
restatement increase of 5.4 tCO2e. These
emission adjustments were made to allow for
consistency and comparability.
• Scope 3 Purchased goods and services – In
prior years, we measured the emissions based
on the consolidated expense accounts in
NZD and applied NZ emission factors. This
approach assumed that the spend originated
from New Zealand. In 2024, we enhanced our
approach by apportioning spend on a regional
basis (NZ, UK, USA and Other) and applied the
country specific emission factors. The ‘Other’
region consists of smaller subsidiaries based in
the Netherlands, Romania, South America and
South Africa. We have applied US emission
factors to the ‘Other’ region as the highest
proportion of spend is from South America. We
recalculated the data sets for 2023 and 2022,
which resulted in emission reductions, and we
have restated these accordingly.
Scenario
analysis
limitations
GHG
inventory
basis of
preparation
37Other information • 38

1

No assurance by PwC is provided for emissions relating to 2022.
2

The explanation on page 38 relating to Scope 1 and Scope 2 base year GHG emissions restatements is assured by PwC.
3

The previously reported 2022 Scope 2 Office electricity (location-based) and Scope 3 GHG emissions have been verified by Toitū Envirocare in accordance with ISO
14064-3:2019 Part 3: Specification with guidance for the verification and validation of greenhouse gas statements.

4

No assurance by PwC is provided for emissions relating to 2023.
5

The previously reported 2023 Scope 2 Office electricity (location-based) and Scope 3 GHG emissions have been verified by Toitū Envirocare in accordance with ISO 14064-
3:2019 Part 3: Specification with guidance for the verification and validation of greenhouse gas statements.
Table 1 – 2022 Recalculations
Table 2 – 2023 Recalculations
SCOPEEMISSION SOURCE
AS PREVIOUSLY
REPORTED 2022
3
ADJUSTMENTS AS RESTATED
Scope 1Direct emissions-10.310.3
Scope 2 Office electricity (location-based) 123.49.0132.4
Total gross Scope 1 and 2 emissions
2
123.419.3142.7
Scope 3Purchased goods and services
Fuel and energy related activities
Other categories
2,148.0
10.2
1,422.0
(285.0)
0.8
-
1,863.0
11.0
1,422.0
Total gross selected Scope 3 emissions3,580.2(284.2)3,296.0
Total gross emissions
1
3,703.6(264.9)3,438.7
SCOPEEMISSION SOURCE
AS PREVIOUSLY
REPORTED 2023
5
ADJUSTMENTS AS RESTATED
Scope 1Direct emissions-7.57.5
Scope 2 Office electricity (location-based) 104.513.0117.5
Total gross Scope 1 and 2 emissions104.520.5125.0
Scope 3Purchased goods and services
Fuel and energy related activities
Other categories
1803.6
10.2
1295.0
(174.0)
0.5
-
1,629.6
10.7
1295.0
Total gross selected Scope 3 emissions3,108.8(173.5)2,935.3
Total gross emissions
4
3,213.3(153.0)3,060.3
39Other information • 40

Organisational
boundaries
(Assured by PwC)
Vista Group uses a financial control consolidation
approach, as defined in the GHG
Protocol
Corporate Accounting and Reporting Standard.
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 policies
of entities within Vista Group, apply generally
acceptable accounting practices, and gain
access to information.
A description of our financial reporting basis of
consolidation is available on page 88 of our
2024 Annual Report.
Vista Group reports all of the GHG emissions
from the subsidiaries within its financial control,
irrespective if Vista Group holds an equity share
that is less than 100 percent. By reporting all
GHG emissions from all subsidiaries within its
financial control, Vista Group can closer align its
GHG accounting and financial accounting.
The diagram shows the subsidiaries that have
been included in the context of our emissions
inventory.
Vista Group subsidiaries that are inactive, a
distributor of intellectual property or holding
companies are excluded, as they have no
emissions from their operations.
For the consolidated list of subsidiaries please
refer

to page 122 of our 2024 Annual Report.
Maccs International B.V.
Netherlands

Flicks Limited
Vista Group (US), Inc.
USA
Share Dimension B.V.
Netherlands
Vista International
Solutions (NL) B.V.
Netherlands
S.C.Share Dimenison S.R.L.
Romania
New Zealand
International
Vista Group International Limited
Vista Group (NZ) LimitedNumero Limited
Numero (Aust) Pty Ltd
Australia
Vista Group
International (UK) Limited
United Kingdom
Vista Entertainment
Solutions (Asia) Sdn.Bhd.
Malaysia
Vista InternationalEntertainment
Solutions South Africa (Pty) Limited
South Africa
Powster Limited
United Kingdom
Powster, Inc
USA
Vista Latin America,

S.A. de C.V.
Mexico
Senda DO Brasil Serviços de

Tecnologia LTDA.

Brazil
50%
60%
99.75%
100% ownedLess than 100% owned
100%
41Other information • 42

Operational boundaries
The categories of GHG emissions sources included in this inventory were identified with reference to the
GHG Protocol Corporate Accounting and Reporting Standard and the Corporate Value Chain (Scope 3)
Accounting and Reporting Standard.
GHG Protocol emissions sourceScope 3 categoryInclusions
Direct GHG emissions (Scope 1)
- Assured by PwC
GHG emissions from sources that are
owned or controlled by the Group
Purchased natural gas

Fuel usage for leased vehicle
Indirect GHG emissions (Scope 2)

- Assured by PwC
GHG emissions from the generation of
purchased electricity, heat and steam
consumed by the Group
1
Please refer to the footnote on our
treatment of leased assets within Scope
2 and our application in respect of the
financial control approach.
Purchased energy
Indirect GHG emissions (Scope 3)

- Not assured by PwC
GHG emissions that occur as a
consequence of the activities of the
Group but occur from sources not
owned or controlled by the Group
Category 1
Purchased goods & services
Data centre hosting
Catch-all category for emissions not
captured elsewhere in the included
categories
Category 2
Capital goods
Property, plant and equipment including
software development and purchased
software licenses
Category 3
Fuel and energy-related
activities
Electricity T&D losses (Transmission &
Distribution)
Category 4
2
Upstream transportation and
distribution
Freight from suppliers to Vista Group
Category 5
Waste generated in operations
Waste generated from Vista Group
offices
Category 6
Business travel
Air travel, taxis and rideshare,
employee mileage claims, rental cars,
accommodation
GHG Protocol emissions sourceScope 3 categoryInclusions
Category 7
Employee commuting
Employee commuting and working
from home emissions
Category 9
2
Downstream transportation
and distribution
Freight from Vista Group to clients
1

The current GHG Protocol guidance suggests leases that have the characteristics of operating leases are reported as Scope 3 Category 8 Upstream leased assets for
reporting entities with a financial control approach. However, consistent with the principles of NZ IFRS 16 Leases and Vista Group’s application to capitalise lease
assets in the statement of financial position as a right of use asset, we have determined that during the lease period, Vista Group has the right to control the use of the
asset as well as the right to substantially all of the related economic benefits and therefore we have included the related emissions in Scope 2.
2

The emissions relating to Category 4 (Upstream transportation and distribution) and Category 9 (Downstream transportation and distribution) are consolidated within
Category 1 (Purchased goods and services) due to the freight data being unable to be separated from the invoice of the purchased goods.
43Other information • 44

Data collection
and quantification
Scope/categoryCalculation methodData sourceAssumptions and estimation uncertaintyEmissions factor
1
Scope 1 - Assured by PwC
Purchased
natural gas
Invoices from gas retailerIt is assumed that Vista Group’s gas consumption for the leased building
space is proportional to the percentage of the total building’s square
footage it occupies. Where data was unavailable at the time of collection,
an estimate was made using the monthly average of historical data to
estimate gas usage in mcf (one thousand cubic feet).
EPA, US (2023)
Mobile combustion vehicleAverage-data methodLease agreementFor mileage, the contracted annual km usage for the vehicle was used, and it
was assumed the vehicle is exclusively used for business related activities.
DESNZ, UK (2024)
Scope 2 - Assured by PwC
Office electricity Location-based methodInvoices from electricity retailers
and usage data from landlords
or property managers
It is assumed that supplier invoices and electricity usage data from
landlords contain an accurate record of usage information.
Where data was unavailable at the time of collection, an estimate was
made using the monthly average of historical data to estimate kWh usage.
Due to unavailable data, the Groningen office energy consumption was
estimated using the office floorspace, and the US Department of Energy's
2018 office building estimation factor (published in 2022).
For one office location in the United Kingdom, usage data was unavailable
for the five month period prior to vacating the premises. An estimate was
made based on the kWh usage from the same period historical data.
MFE, NZ (2024)
IEA, France
Scope 3 - Not assured by PwC
Category 1: Purchased goods
and services – Data Centre
usage
Supplier-specific
pre-calculated tCO2e
GHG emissions reports from
supplier dashboards
GHG emissions usage was obtained directly from suppliers (Azure and AWS)
emission dashboards.
Where data was unavailable at the time of collection, an estimate was made
using the monthly average of the historical data to estimate usage.
There is some uncertainty in the information because the usage is not
traceable to the invoice issued by the supplier.
tCO2e provided
by suppliers
Category 1: Purchased goods
and services – all remaining
2
Spend-based method Vista Group’s operating expense
management system - spend by category
Spend by expense category sourced from internal financial records and
converted to NZ Dollars with NZ, UK and USA spend-based emission factors
assigned based on the high-level category of the spend.
The assumption applied in the spend-based methodology calculation is
that all transactions contained within the expense category are of the same
nature as the final product selected.
Auckland Council,
NZ
Thinkstep-anz
EPA, US (2021)
The table below provides detail on the methodologies and assumptions used in data collection and
quantification of Vista Group’s GHG emissions inventory for 2024. GHG emission quantification
is inherently uncertain due to the necessity to estimate and apply judgements, and because of
incomplete scientific knowledge used to determine emission factors and the values needed to
combine emissions of different gases.
45Other information • 46

Scope/categoryCalculation methodData sourceAssumptions and estimation uncertaintyEmissions factor
1
Category 2: Capital
goods
Spend-based methodFinancial accounting spend by categorySpend by category sourced from internal financial records and converted to
NZ Dollars, with NZ emissions factors assigned based on the category of the
spend.
The assumption applied in the spend-based methodology calculation is that
all transactions contained within the category are of the same nature as the
final product selected.
Auckland Council,
NZ
Category 3: Fuel and
energy related activities
(T&D Losses)
Location-based method Invoices from electricity retailers and
usage data from landlords or property managers
Electricity transmission and distribution losses are estimated based on the
gas and electricity usage collected for Scope 1 and Scope 2 as above.
MFE, NZ (2024)
IEA, France
Category 5: Waste
generated in operations
Waste weightSupplier provided waste weight recordsWaste weights by category provided by supplier (NZ) or property manager
(UK).
Average kilogram of waste per employee is applied at other office locations
where usage data is unavailable.
MFE, NZ (2024)
DESNZ, UK (2024)
BEIS (2021)
Turner et al.
Category 6: Business
travel – transportation
Distance-based
Spend-based (taxi and rideshare)
Invoices from travel providers and
employee expense claims
Business travel includes flight itineraries, rail, taxi and rideshare, fuel and
mileage reimbursements.
Where rail data was unavailable due to the use of travel cards, an uplift was
applied to the km travelled based on the percentage of the related spend.
Where data was unavailable at the time of collection, an estimate was made
using the monthly average of the prior two months data to estimate distance
travelled.
MFE, NZ (2024)
DESNZ, UK (2024)
EPA, US (2023)
Toitū Envirocare,
NZ
Category 6: Business
travel – accommodation
Hotel-nightsInvoices from travel providers
and employee expense claims
Number of room nights and country of stay is sourced from internal financial
records.
Where accommodation information was unavailable, an uplift was applied to
the number of nights based on the percentage of the related spend.
Where data was unavailable at the time of collection, an estimate was made
using the monthly average of the prior two months data to estimate room
nights.
MFE, NZ (2024),
(2023)
DESNZ, UK (2024)
BEIS (2023)
Category 7: Employee
commuting (includes
emissions associated
with working from
home)
Distance-based
Average data method
Results from a survey of our people’s
commuting and working from home habits
Employee commute kilometres by transport mode was obtained through
a survey and extrapolated for the full year based on the headcount of our
people.
Employee work from home days are calculated based on survey response
and extrapolated based on headcount. It is assumed an employee works 46
weeks a year and has 4 weeks of annual leave and 2 weeks public holiday
leave.
MFE, NZ (2024)
DESNZ, UK (2024)
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).
2

The emissions relating to Category 4 (Upstream transportation and distribution) and Category 9 (Downstream transportation and distribution) are consolidated
within Category 1 (Purchased goods and services) due to the freight data being unable to be separated from the invoice of the purchased goods.
47Other information • 48

Full details of the sources and Global Warming Potential (GWP) are outlined below:
MFE, NZ (2024)
2
New Zealand Ministry for the Environment – MfE Guidance for Voluntary
Greenhouse Gas Reporting (2024)
AR5
MFE, NZ (2023)New Zealand Ministry for the Environment – MfE Guidance for Voluntary
Greenhouse Gas Reporting (2023)
AR5
IEA, France
2
International Energy Agency – IEA Emission Factors – France (2024)AR6
Auckland Council,
NZ
Auckland Council – Consumptions Emissions Modelling, March 2023AR4
DESNZ, UK
2
UK Department for Energy Security and Net Zero – Government greenhouse
gas conversion factors for company reporting (2024)
AR5
EPA, US (2023)
2
U.S. Environmental Protection Agency – Emission Factors for Greenhouse Gas
Inventories (2023)
AR4
EPA, US (2021)USEPA, 2021: Supply Chain Greenhouse Gas Emission Factors for US
Industries and Commodities.
AR4
Toitū Envirocare, NZToitū Envirocare - Emission factor derived internally - New ZealandAR4, AR5
Turner et al.Turner et al 2015AR4
Thinkstep-anz, NZEmission Factors for New Zealand: Greenhouse Gas Emissions Intensities for
Commodities and Industries (2024)
AR4
BEIS (2023)
1
UK Department for Energy Security and Net Zero – Government greenhouse
gas conversion factors for company reporting (2023)
AR5
BEIS (2021)
1
UK Department for Energy Security and Net Zero – Government greenhouse
gas conversion factors for company reporting (2021)
AR4
1

Formally the Department for Business, Energy & Industrial Strategy until 2023.
2

Assured by PwC.
There are a number of identified emissions sources that have been excluded from our inventory due to
limitations in the availability or quality of the requisite data or because they are not applicable to Vista
Group.
As noted previously, Vista Group has also utilised adoption provision 4 under NZ CS 2 and has not
disclosed the full extent of our Scope 3 emissions. Sources excluded under this provision for 2024 are:
• Category 11: Use of sold products;
• Category 12: End-of-life treatment of sold products; and
• Category 15: Investments.
During 2024, we commenced a review of the above excluded Scope 3 categories and will include these
in our 2025 inventory, if the sources are considered material to our inventory.
Additionally, the following categories have been excluded from Vista Group’s operational boundary as
they are not applicable:
• Category 8: Upstream leased assets;
• Category 10: Processing of sold products – Vista Group is not a producer of intermediate products;
• Category 13: Downstream leased assets – Vista Group does not own or lease assets; and
• Category 14: Franchises – Vista Group is not a franchisor.
GHG emissions
source exclusions
Data collection
and quantification (cont.)
49Other information • 50

Independent Assurance Report
To the Directors of Vista Group International Limited

Limited Assurance Report on Vista Group International Limited’s Greenhouse
Gas (GHG) Disclosures
Our conclusion
We have undertaken a limited assurance engagement on the gross GHG emissions, additional
required disclosures of gross GHG emissions, and gross GHG emissions methods, assumptions and
estimation uncertainty (the GHG Disclosures), within the Scope of our Limited Assurance Eng
agement
section below, included in the Group Climate Statement of Vista Group International Limited (the
Company) and its subsidiaries (Vista Group) for the year ended 31 December 2024.
Based on the procedures we have performed and the evidence we have obtained, nothing has come
to our attention that causes us to believe that the GHG Disclosures are not fairly presented and are
not prepared, in al
l material respects, in accordance with the Aotearoa New Zealand Climate
Standards (NZ CSs) issued by the External Reporting Board (XRB), as explained on page 37 of the
Group Climate Statement.
Scope of our Limited Assurance Engagement
We have undertaken a limited assurance engagement over the GHG Disclosures on page 32 of the
Group Climate Statement for the year ended 31 December 2024:
● gross GH
G emissions:
○ Scope 1 Direct emissions on page 32; and
○ Scope 2 Office electricity (location based) on page 32;
● additional required disclosures of gross Scope 1 and Scope 2 GHG emissions on pages 41 - 44,
46 and 49; and
● gross Scope 1 and Scope 2 GHG emissions methods, assumptions and estimation uncertainty on
pages 38, 45-46.
Our assurance engagement does not extend to any other information
included, or referred to, in the
Group Climate Statement on pages 3 to 40 and 43 to 50. The comparative information for the years
ended 31 December 2023 and 31 December 2022 (base year) disclosed in the Group Climate
Statement is not covered by our assurance conclusion. We have not performed any procedures with
respect to the excluded information and, therefore, no conclusion is expressed on it.
E
mphasis of matter
We draw attention to the disclosure in footnote 1 on page 44 which explains how Vista Group has
classified certain emissions from leased assets in Scope 2. In our judgement, this disclosure is of such
importance that it is fundamental to the users’ understanding of the GHG Disclosures. Our assurance
conclusion is not modified in respect of this matter.
Other matter - comparative
information
The comparative GHG Disclosures (that is, GHG Disclosures for the years ended 31 December 2023
and 31 December 2022 (base year) have not been subject to assurance. As such, these disclosures
are not covered by our assurance conclusion.
Directors’ responsibilities
The Directors of the Company are responsible on behalf of the Company for the preparation and fair
presentation of the GHG
Disclosures in accordance with NZ CSs. This responsibility includes the
design, implementation and maintenance of internal controls relevant to the preparation of GHG
Disclosures that are free from material misstatement whether due to fraud or error.

PricewaterhouseCoopers, 15 Customs Street West, Private Bag 92162, Auckland 1142, New Zealand
T: +64 9 355 8000, pwc.co.nz

Inherent Uncertainty in preparing GHG Disclosures
As discussed on page 46 of the Group Climate Statement, the GHG quantification is subject to
inherent uncertainty because of incomplete scientific knowledge used to determine emissions factors
and the values needed to combine emissions of different gases.
Our independence and quality management
This assurance engagement was undertaken in accordanc
e with NZ SAE 1 Assurance Engagements
over Greenhouse Gas Emissions Disclosures, issued by the External Reporting Board (XRB). NZ SAE
1 is founded on the fundamental principles of independence, integrity, objectivity, professional
competence and due care, confidentiality and professional behaviour.
We have also complied with the following professional and ethical standards and accreditation body
r
equirements:
● Professional and Ethical Standard 1: International Code of Ethics for Assurance Practitioners
(including International Independence Standards) (New Zealand);
● Professional and Ethical Standard 3: Quality Management for Firms that Perform Audits or
Reviews of Financial Statements, or Other Assurance or Related Services Engagements; and
● Professional and Ethical Standard 4: Engageme
nt Quality Reviews.
In our capacity as auditor and assurance practitioner, our firm also provides audit services relating to
the audit of the financial statements. The firm has no other relationship with, or interests in, the Group.
Assurance practitioner’s responsibilities
Our responsibility is to express a conclusion on the GHG Disclosures based on the procedures we
have performed and the eviden
ce we have obtained. NZ SAE 1 requires us to plan and perform the
engagement to obtain the intended level of assurance about whether anything has come to our
attention that causes us to believe that the GHG Disclosures are not fairly presented and are not
prepared, in all material respects, in accordance NZ CSs, whether due to fraud or error, and to report
our conclusion to the Directors of the Co
mpany.
As we are engaged to form an independent conclusion on the GHG Disclosures prepared by
management, we are not permitted to be involved in the preparation of the GHG information as doing
so may compromise our independence.
Summary of work performed
Our limited assurance engagement was performed in accordance with NZ SAE 1, and ISAE (NZ) 3410
Assurance Engagements on Greenhouse Gas Emissions
. This involves assessing the suitability in the
circumstances of Vista Group’s use of NZ CSs as the basis for the preparation of the GHG
Disclosures, assessing the risks of material misstatement of the GHG Disclosures whether due to
fraud or error, responding to the assessed risks as necessary in the circumstances, and evaluating the
overall presentation of the GHG Disclosures.
A limited assuranc
e engagement is substantially less in scope than a reasonable assurance
engagement in relation to both the risk assessment procedures, including an understanding of internal
control, and the procedures performed in response to the assessed risks.
The procedures we performed were based on our professional judgement and included enquiries,
observation of processes performed, inspection of documents,
analytical procedures, evaluating the
appropriateness of quantification methods and reporting policies, and agreeing or reconciling with
underlying records. In undertaking our limited assurance engagement on the GHG Disclosures, we:
● Obtained, through enquiries, an understanding of Vista Group’s control environment, processes
and information systems relevant to the preparation of the GHG Disclos
ures. We did not evaluate
the design of particular control activities, or obtain evidence about their implementation;
PwC
51Independent Assurance Report • 52

Glossary of terms
2022
The financial year ended 31 December 2022.
2023
The financial year ended 31 December 2023.
2024
The financial year ended 31 December 2024.
ARC
The Audit and Risk Committee of Vista Group.
Board
The Board of Directors of Vista Group.
CO2
Carbon dioxide.
CO2e
Carbon dioxide equivalent.
CRE
Climate-reporting entity.
GHG
Greenhouse Gas.
GHG Protocol
The Greenhouse Gas Protocol: A Corporate Accounting and Reporting Standard (Revised Edition).
GWP
Global Warming Potential.
GSLT
The Global Senior Leadership Team of Vista Group, comprising the people that report directly to
Vista Group’s CEO.
IFRS
International Financial Reporting Standards.
IPCC
Intergovernmental Panel on Climate Change – the United Nations body for assessing the science
related to climate change.
LTI
Vista Group’s long-term incentive scheme.
NGFS
Network for Greening the Financial System.
NRC
The Nominations and Remuneration Committee of Vista Group.
NZ CS
The Aotearoa New Zealand Climate Standards.
NZ CS 1
The 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.
PwC
Vista Group’s independent assurance provider, PricewaterhouseCoopers (New Zealand).
RCP
Representative Concentration Pathway.
RMF
Vista Group’s risk management framework.
SaaS
Software as a Service, which allows users to connect to and use cloud-based software over the
internet.
SSP
The shared socio-economic pathway.
SSP1
The ‘Sustainability (Taking the green road)’ climate change scenario.
SSP2
The ‘Middle of the road’ climate change scenario.
SSP3
The ‘Regional rivalry (A rocky road)’ climate change scenario.
STI
Vista Group’s short-term incentive scheme.
tCO2e
Tonnes of carbon dioxide equivalent.
Vista Group
Vista Group International Limited (NZX & ASX: VGL) and its subsidiaries (collectively Vista Group).
XRB
New Zealand External Reporting Board.

● Evaluated whether Vista Group’s methods for developing estimates are appropriate and had been
consistently applied. Our procedures did not include testing the data on which the estimates are
based or separately developing our own estimates against which to evaluate Vista Group’s
estimates;
● Tested a limited number of items to, or from, supporting records, as appropriate;
● Assessed a limited number of emission factor sources and reperformed a limited number of
emissions calculations for mathematical accuracy;
● Performed scanning analytical procedures of Vista Group’s owned and leased asset registers to
assess the completeness of the emissions sources;
● Performed analytical procedures on particular emission categories by comparing the expected
GHGs emitted to actual GHGs emitted and made enquiries of management to obtain explanations
for any significant differences we identified; and
● Assessed the presentation and disclosure of the GHG Disclosures.
The procedures performed in a limited assurance engagement vary in nature and timing from, and are
less in extent than for, a reasonable assurance engagement. Consequently, the level of assurance
obtained in a limited assurance engagement is substantially lower than the assurance that would have
been obtained had we performed a reasonable assurance engagement and does not enable us to
obtain assurance that we would become aware of all significant matters that we otherwise might
identify. Accordingly, we do not express an assurance opinion on these GHG Disclosures.
Inherent limitations
Because of the inherent limitations of an assurance engagement, together with the internal
control structure, it is possible that fraud, error or non-compliance with the compliance
requirements may occur and not be detected.
Who we report to
This report is made solely to the Company’s Directors, as a body. Our work has been undertaken so
that we might state those matters which we are required to state to them in our assurance report and
for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility
to anyone other than the Company and the Company’s Directors, as a body, for our procedures, for
this report, or for the conclusions we have formed.
The engagement partner on the engagement resulting in this independent assurance report is Victoria
Ashplant.

For and on behalf of:




PricewaterhouseCoopers Auckland
10 April 2025


PwC
53Glossary of terms • 54

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