2025 Annual Meeting of Shareholders

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

MARKET ANNOUNCEMENT
21
st
May 2025, Vista Group International Ltd, Auckland, New Zealand

_____________________________________________________________

Chair’s Address and CEO’s Address – 2025 Annual Shareholders’ Meeting

Chair’s Address (Susan Peterson)
Tēnā koutou, tēnā koutou, tēnā koutou katoa. Nga mihi nui ki a koutou katoa. Nau mai, haere mai ki
tenei hui a tau. Ko Susan Peterson toku ingoa.
Good afternoon, my name is Susan Peterson, Chair of the Board of Directors of Vista Group
International Limited. On behalf of the Board and Vista Group’s Global Senior Leadership Team, it
is my pleasure to welcome you to our Annual Shareholders’ Meeting for 2025.
Thank you to our share registrar, MUFG Corporate Markets, for hosting us at their offices today, and
for providing the virtual meeting platform for those joining online.
The past year for Vista Group might best be described as one of strong performance in a challenging
environment. The economic conditions provided a demanding operating environment for our clients,
our team and wider communities across the world.
At Vista Group, our commitment to helping more clients to be successful sits at the heart of
everything that we do. This year, our team has supported a growing number of clients to successfully
transition to our cloud-based offerings and enabled greater value to be realised by them and their
customers. Vista Cloud provides our clients with greater operational efficiency, systems resilience
and security, greater ability to scale for blockbuster moments and faster access to innovation and
new revenue opportunities. Stuart will talk some more shortly about some of the great work we have
done with our clients.
We remain relentlessly focused on continuous improvement and generating accelerated operating
performance, and our team delivered a stand-out financial performance for 2024.
Our focus on lifting the operational efficiency of our business resulted in an EBITDA margin of 14.4%
(or 15.5% excluding foreign exchange), which exceeded our first half market guidance. In parallel,
we have focused on growing our recurring revenue, which is up 9% on 2023. Our Total Revenue of

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

$150m represents a Vista Group record. The impact of these strategies has seen us delivering
positive free cash flow for the second half of 2024.
The execution of our cloud strategy is now making Vista Group’s outlook more predictable. This
growing confidence has been reflected in the share price appreciation of 88% in the 2024 calendar
year, the third highest for NZX50 companies.
We remain in a growth phase as we transition to the cloud and find more ways to support our clients
to thrive. Our aspiration remains to be a world class global SaaS company connecting more clients
to software and platform solutions that generate the greatest value for them.
Best practice corporate governance remains a priority, and the Board is steadfastly committed to
acting in the best interests of all shareholders.
The Board has focused on ensuring market transparency at a time of significant change in the
shareholder register. I am proud of the Board’s efforts to both support Stuart and the management
team to remain focused on executing on the strategy, while also doing what was required to preserve
the collective interests of our shareholders during this time.
Over the past year, we have engaged extensively with our stakeholders to ensure that our
governance decisions took their thoughts into account so that we could be confident that any
decisions reflected the best interests of all our shareholders.
During March, Cris Nicolli and I undertook our annual Governance Roadshow. We held meetings
with a number of Vista Group’s institutional investors and shareholder representative groups, and all
shareholders would have seen a copy of that presentation on the exchanges. It was great to hear
more from our shareholders about their thoughts on the opportunities ahead, how they assess our
performance and how we are thinking about Board succession planning. We have an established
Board succession process, including an evaluation of candidates against our published Board Skills
Matrix.
While this was necessarily paused in the second half of 2024, the Board has recommenced our
director succession processes to ensure that Vista Group continues to have the requisite governance
capability and experience to support the successful execution of the strategy. The process is well
progressed, and the Board expects to be in a position to provide further information regarding the
outcome of this process in the coming months.

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

Under the oversight of the Nomination and Remuneration Committee, further changes have been
made to our executive compensation structures in 2024 in response to market feedback and to also
provide greater transparency around how reward and recognition is linked to performance. The
Nomination and Remuneration Committee has led the benchmarking work that supports the
proposed increase in the Director fee pool under Resolution 4.
Now, I would like to turn to acknowledge our friend Kirk Senior.
Today is Kirk’s last AGM as a director, as he formally retires at the conclusion of this meeting. Kirk
has a long history with, and has been instrumental in shaping the success of, Vista Group.
In the period prior to Vista Group’s initial public offering, during his tenure with Village Roadshow
and following, Kirk has been a client, joint venture partner and consultant to Vista Group. In 2014, at
the time of listing, Kirk led the Board as Chair and in his executive capacity was also responsible for
expanding Vista Group’s global market share and establishing and acquiring additional businesses
within the film vertical, including Powster, Movio, Numero and Maccs. Throughout, Kirk has brought
a strong connection to and understanding of the film industry and the clients that our solutions
support to be successful.
In 2021 when Kirk stepped down as Chair, we were delighted to be able to retain Kirk’s experience
and connection at the Board table as he agreed to continue on as a Non-Executive Director.
Kirk, as you step down from your role as Director, on behalf of the Board, and all of our team, I want
to extend our thanks for all that you have contributed and wish you all the very best in your future
endeavours.
I would also like to express my sincere gratitude to my fellow Directors for their continued
commitment and support through what has been an extremely demanding year. A warm thanks to
Stuart and everyone in our team for their hard work and enduring commitment to the success of our
clients. We can be proud of what we have achieved together.
Finally, I would like to personally thank you, our shareholders, for so generously giving your time
throughout the past year and standing with us during the more challenging moments. We look
forward to delivering more value to you in the year ahead.
Nō reira, tēnā koutou, tēnā koutou, tēnā tatou katoa.
I will now hand over to Stuart.

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

CEO’s Address (Stuart Dickinson)
Thank you, Susan.
Nau mai. Haere mai. Good afternoon and welcome to everyone here today.
The presentation includes a video that was first presented at CinemaCon in March of this year, and
it’s a great demonstration of the strength of Vista Group’s ecosystem and how that benefits the entire
film industry value chain.
Our vision is to place our solutions at the heart of a connected film industry, enabling exceptional
cinematic experiences, and driving continuous innovation through the delivery of outstanding
software. I think that video also exemplifies the momentum we are continuing to demonstrate as a
business.
Our primary focus is to accelerate this progress by scaling the Cloud onboarding process as we
welcome existing and new clients to our cloud solutions.
A strong and sustainable business and financial performance is also important and in 2024 we saw
the benefits of our simplified business model as we achieved positive free cash flow for the entire
second half of the year, improved our operating leverage, and surpassed our EBITDA margins target
with an improved 15.5%, after adjusting for foreign exchange.
Additionally, we introduced several exciting innovations that have enhanced experiences and
reduced service costs for our clients.
The Vista Cloud journey illustrated in the presentation will be familiar for some of you, and it
continues to represent our progress as we work towards our ARR aspiration.
The journey to Vista Cloud is designed to help our clients improve their cinema businesses.
When we announced our cloud strategy to the market in 2022, we laid out these proof points: 2023
was about us proving product market fit; 2024 was about proving delivery at scale – which we have
done with 15% of clients on Digital Solutions at the end of the 2024 year.
Now into 2025, our commitment to propel our onboarding work is unyielding, as we support our
clients to get the full benefit of Vista Cloud solutions.
Balancing free cash flow and client onboarding targets remains a key focus, particularly amid a softer
than expected Domestic box office, currency headwinds, and ongoing global trade volatility. These

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

competing pressures will require careful monitoring as they continue to shape the business
environment throughout the year.
As I mentioned earlier, having 15% of our clients across Vista Cloud digital solutions at the end of
2024 was a pleasing result.
Now with our 2025 proof point being to deliver at pace, we project to have approximately 35% of our
enterprise sites on digital solutions by the end of this year.
With respect to the different capabilities of the cloud journey, this will translate to approximately two-
thirds of our clients being on the first step of the journey, with Data Empowerment; one-third on our
digital solutions capabilities of Digital Enablement and Moviegoer Engagement; and one-sixth to
have completed their full journey to Operational Excellence.
We believe this progress sufficiently validates our 100% platform strategy.
I’ve touched on client momentum and, as you can see in the presentation, we have some really great
clients coming on the cloud journey.
Over the past few months, we have been pleased to announce continued progress in client signings
to Vista Cloud, including Odeon with 309 sites, and Village in Australia with 20 cinema sites.
US-based Cinergy Entertainment Group, a leader in the Family Entertainment Centre space, has
also signed to Vista Cloud and they will leverage our integrated solutions and extensive platform
capabilities to help streamline their operations.
Along with signings, we have also made steady delivery progress, with significant projects due to go
live in the second half of this year. As I said at our annual result presentation, our cloud onboardings
will likely always track towards the end of the year as we navigate the north American and European
summers and movie release windows.
To go into a bit more detail on the client experience, our announcement that Odeon had signed to
Vista Cloud was a significant milestone earlier this year.
The quote in the presntation from Odeon’s Group Chief Technology Officer shows how Vista Cloud
will enhance the moviegoer journey, with Odeon’s move to Cloud being driven by their commitment
to provide every guest with an inspiring entertainment experience.

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

We were pleased to complete the final part of transitioning Pathé over to Operational Excellence,
with their remaining sites in Switzerland and Africa going live at the start of the year. This followed
on from Pathé Belgium, Netherlands and France’s successful migrations in 2024.
Enterprise software projects are never simple, and it is a testament to the Pathé and Vista Group
teams who worked so well together to deliver this great outcome.
Pathé shared their positive experience with the migration, further underscoring our commitment to
delivering robust and reliable cloud solutions that meet the diverse needs of our clients.
This success story is just one example of how Vista Cloud is transforming the way our clients operate
and thrive in a competitive market.
We recently completed a case study with Fat Cats, a US-based Family Entertainment Centre, and
heard directly from them about how Vista Cloud has supported their digital capabilities and greatly
improved on their previous solution.
They told us Vista Cloud has proven robust scalability of traffic, provided seamless experiences for
staff and moviegoers, and our ongoing innovation is supporting their success.
It is great to hear these client experiences as we continue to improve and accelerate Vista Cloud
growth through client success and efficient onboarding.
As our momentum accelerates, we are also exploring adjacencies that capitalise on our strengths to
increase our total addressable market and sustain growth beyond the Vista Cloud transition.
Our future is more predictable, and as we continue to make progress through this transformation,
we are now considering other opportunities outside of cinema, specifically looking at how we develop
our ecosystem.
As we look to expand opportunities into broader based areas, the most immediate option available
to us is by adding an embedded payments functionality into our solution, leveraging and delivering
more value to our clients who are already established.
We will obviously continue to support clients as they broaden their operations into different SaaS
verticals, such as Family Entertainment. With our platform already being used in this vertical by some
of our cinema clients, there is an opportunity to build out a go-to-market strategy to increase focus
in this area.

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

Finally, we are also exploring the potential that our technology has to resolve some of the long-
standing challenges in the Film Distribution market.
It is very rare that you get an opportunity in your career to help support the transformation of an
industry, let alone one as storied and as culturally significant as our collective experience with great
theatrical movies.
The team and I remain incredibly excited by this and the other opportunities we have ahead of us. I
also want to take this chance to thank each and every one of them for their tireless work as we
deliver on this mission.
Our business operates from the edge of the world, but with a 46% global market share, to which we
are delivering our innovative cloud solution at pace, the investment proposition for Vista Group is
clear.
Our ARR ambition of $300 million at 100% platform will provide substantial growth, meanwhile we
are improving our cash flows and margins, and turning our focus to delivering to the Rule of 40.
We are not going to be satisfied by just achieving our platform ambitions; we want to harness new
opportunities on the horizon that open up fruitful possibilities and take the business into an exciting
future.
Thank you.
ENDS
For further information please contact:

Stuart Dickinson
Chief Executive Officer
Vista Group International Limited
Contact: +64 9 984 4570

Matthew Thompson
Chief Financial Officer
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.

---

Annual Shareholders' Meeting
21 May 2025

Important Notice
This presentation has been prepared by Vista Group International Limited and its
related companies(collectively referred to as Vista Group).This notice applies to this
presentation and the verbal or written comments of any persons presenting it.
Information in this presentation:
•is provided for general information purposes only, does not purport to
becomplete or comprehensive, and is not an offer or invitation or subscriptionor
purchase of, or solicitation of an offer to buy or subscribe for, financialproducts in
Vista Group;
•does not constitute a recommendation or investment or any other typeof advice
and may not be relied upon in connection with any purchaseor sale of financial
products in Vista Group.The presentation is not intended as investment, legal,
tax, financial advice or recommendation to any person.Independent professional
advice should be obtained prior to making any investment or financial decisions;
•should be read in conjunction with, and is subject to, Vista Group’sfinancial
statements, market releases and information available on Vista Group’s website
(vistagroup.co.nz) and on NZX Limited’s website (nzx.com) under ticker code VGL;
•may contain forward-looking statements about Vista Group and the environments
in which it operates.Forward-looking statements can include words such as
“expect”, “intend”, “believe”, “continue” or similar words in connection with
discussions of future operating or financial performance or conditions.Such
forward-looking statements are based on significant assumptions andsubjective
judgements which are inherently subject to risks, uncertaintiesand contingencies
outside of Vista Group’s control;
•although VistaGroup’smanagement may indicate and believe theassumptions
underlying the forward-looking statements are reasonable,any assumptions
could prove inaccurate or incorrect and, therefore, therecan be no assurance that
the results contemplated in the statements will be realised. Vista Group’s actual
results or performance may differ materially from any such forward looking
statements; and
•may include statements relating tothepast performanceofVista Group,
whichare not, andshould not be regarded as,a reliable indicatoroffuture
performance.
While all reasonable care has been taken in compiling this presentation, Vista Group,
and their respective directors, employees,agents and advisers accept no
responsibility for any errorsor omissions. Neither Vista Group or any of its respective
directors, employees, agents or advisers makes any representation or warranty,
express orimplied, as to the accuracy or completeness of the information in this
presentation or as to the existence, substance or materiality of any information
omitted from this presentation.No person is under any obligation to update this
presentation at any time after its release.
Unless otherwise stated, all information in this presentation is expressed at the
date of this presentation and all currency amounts are in NZ dollars.
2

Agenda
01
Introduction and Chair's Address
Susan Peterson
02
CEO Address
Stuart Dickinson
03
Resolutions
04
General Business
3

Chair’s Address
4

2024 was a year of strong performance in a challenging
environment
5
Sites live on Digital Solutions
3%
4%
15%
35%
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
Dec 23Jun 24Dec 24Dec 25
Operational Excellence
Digital Enablement and Moviegoer Engagement
% of Total Exhibition Clients
•Innovation continues to drive client success
•Cloud delivery acceleration – 15% of clients on Digital
Solutions by the end of 2024
•Relentless focus on improving operating performance

6
•All-time record revenue
•EBITDA margins of 15.5%
(excluding foreign exchange)
•Free cash flow positive
achieved for 2H24
•2024 share price
appreciation of 88%
6
$150.0m
Total Revenue
$150.0m
$143.0m
2024
2023
2022
$135.1m
$134.6m
Recurring Revenue
2024
2023
2022
9%
$134.6m
$124.0m
$112.3m
$55.7m
SaaS Revenue
2024
2023
2022
21%
$55.7m
$45.9m
$38.4m
$145.6m
ARR
2024
2023
2022
15%
$145.6m
$126.3m
$118.0m
$21.6m
EBITDA
2024
2023
2022
62%
$21.6m
$13.3m
$10.6m
$1.8m
Net Profit Before Tax
2024
2023
2022
110%
$1.8m
5%
$16.8m
Operating Cashflow
87%
$16.8m
$9.0m
$12.4m
2024
2023
2022
-$17.5m
-$22.5m
A stand-out financial performance

Corporate governance remains a priority
•2024 required extensive stakeholder engagement
•Steadfastly committed to acting in the best interests of all shareholders
•Continuedrefinement of ourexecutive remuneration framework and related disclosures
•2024 Group Climate Statement demonstrated a year-on-year reduction in total GHG emissions
•Governance Roadshow completed in March 2025
7

Vista Group's Board
•Board succession process established, including an evaluation
of candidates against the published Board Skills Matrix
•Process necessarily paused to resolve the requisition for a
special meeting
•Process recommenced; outcome expected in coming months
•Independent review of Director fees
Susan Peterson
Independent Chair
Murray Holdaway
Non-Independent
Executive Director
Claudia Batten
Independent Director
James Miller
Independent Director
Cris Nicolli
Independent Director
Kirk Senior
Non-Independent
Non-Executive
Director
8

Thank you and farewell to Kirk Senior
•Vista Group connection extends back over 30 years
•Originally a Vista Group client (as CEO of Village Cinemas)
•Executive Chair from 2010, Director from 2020
•Instrumental in Vista Group’s IPO in 2014
•Led the growth of Vista Group’s market share and expansion
into industry verticals
9

CEO Address
10

11
11
Free cash flow positive
Exceeded guidance by achieving FCF+ for the second half of 2024
Improved operating leverage
Surpassed EBITDA margins target with 15.5% (excluding foreign exchange losses)
Client growth and onboarding
Achieved significant momentum with 17 clients signed during the year and almost 700 sites
now using Vista Cloud
Software delivery
Over 45 new features released on our Vista Cloud and Movio EQ client-facing roadmap
2024 was a year of significant progress

The Vista Cloud platform value proposition is now proven
2023
Proving product-market fit
2024
Proving delivery at scale
2025
Accelerating delivery at scale,
and at pace
12
~35% of clients live on
Digital Solutions

Our aspiration of $300m ARR at 100% Platform remains unchanged
FY24 Revenue
$150m
100% Platform ARR
aspiration $300m
Platform Breadth
Time
*Graph not to scale
3%
4%
15%
35%
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
Dec 23Jun 24Dec 24Dec 25
Operational Excellence
Digital Enablement and Moviegoer Engagement
% of Total Exhibition Clients
Accelerated Vista Cloud adoption
Vista Cloud Platform Aspirations
13

14
And we have been pleased to announce more client signings in 2025

Odeon Cinemas Group signs for Operational Excellence
for 309 sites across seven territories
“Our purpose is to make movies
better: more immersive, more
memorable, more delicious,
and more seamless, and we
believe that leveraging Vista
Group’s market leading
technology will be a vital part of
delivering on that purpose.”
Ian Chapple
Group Chief Technology Officer,
Odeon Cinemas Group
15

Pathé Cinemas are live on Operational Excellence
with all 130 sites across five territories
“With enhanced operational
efficiency, innovation, and new
opportunities to explore, we are
excited to maximise the benefits
that will come from having all
our sites live on Operational
Excellence.”
Jean-Christophe Désire
Chief Information Officer, Pathé.
16

Our clients are seeing substantial benefits to being on
the cloud journey
Then
•Previous solution had traffic issues
•Seeking robust, reliable, secure app and
web solutions
Now
•Robust scalability of traffic
•Effortless interactions for both staff and moviegoers
•Seamless, best-in -class digital experiences
•Opportunity to embrace ongoing innovation without
a resource drain
Location
USA
Size
8 Sites | 58 Screens
Capability
Digital Enablement
Cory Hernandez,
Director of Operations
“It feels like there is a
partnership, and Vista
wants us to succeed
just as much as we
want to succeed.”
17

As our momentum accelerates, we turn our focus to adjacencies that augment
Vista Cloud’s platform breadth
FY24 Revenue
$150m
100% Platform ARR
aspiration $300m
Ecosystem and adjacent
expansion opportunities
Includes potential ecosystem and
adjacent areas such as..
•Payments
•Family Entertainment Centres
•Film Distribution
Platform Breadth
Time
18
*Graph not to scale

Summary
Strong ARR
2
, forecast togrow by
15%+ per annumfrom 2025 as
clients move to Vista Cloud
Growing FCF
3
and EBITDA
4
as we
aspire to deliver a ‘Rule of 40’
Competitive advantagethrough
46% global marketshare in the
enterprisecinema market
1
Increasing total addressablemarket
as cloud transitionbrings a greater
shareof client technologyspend
Expansion opportunities
within the film industry andadjacent
entertainmentindustry
Increasing industry demandfor
technology solutions to drive growth
and operating efficiency
1
Percentage of the world market for Cinema Exhibition Companies with 20+ screens, excluding China and India.
2
ARR or Annualised Recurring Revenue is calculated as trailing 3 month Recurring Revenue multiplied by four.
3
FCF or Free Cash Flow is a non-GAAP measure calculated using the net movement in cash held, less cash applied to business acquisitions / earn-outs, movements in borrowings, and less cash used to settle exceptional items
included within “other gains and losses” (see section 2.3 of the 2024 Annual Report).
4
EBITDA is a non-GAAP measure and is defined as earnings before net finance costs, income tax, depreciation, amortisation and “other gains and losses” (see section 2.3 of the 2024 Annual Report).
19

Resolutions
20

Resolution 1
That the Board is authorised to fix the fees and expenses of
PricewaterhouseCoopers as auditor for the ensuing year.
Proxies and Postal Votes:
NumberPercentage
For140,83127099.23%
Proxy Discretion1,083,3000.76%
Against8,9020.01%
Abstain563,535-

Resolution 2
That James Miller be re-elected as a Director of Vista Group.
Proxies and Postal Votes:

NumberPercentage
For141,286,84799.18%
Proxy Discretion1,083,3000.76%
Against79,9630.06%
Abstain36,897-

Resolution 3
That Cris Nicolli be re-elected as a Director of Vista Group.
Proxies and Postal Votes:

NumberPercentage
For138,130,80897.40%
Proxy Discretion1,083,3000.76%
Against2,597,2371.83%
Abstain675,662-

Resolution 4
That the maximum aggregate annual remuneration payable to non-
executive Directors be increased by $265,000, from $725,000 to $990,000
(plus GST as appropriate), for six Directors.
Proxies and Postal Votes:
NumberPercentage
For138,614,50198.10%
Proxy Discretion1,051,7760.74%
Against1,636,2641.16%
Abstain729,194-

Questions

Thank You
Thank You