VGL upgrades aspirations, accelerates to meet client demand

Interim Report
Vista Group
2025

Management commentary
The following consolidated unaudited interim financial
statements for Vista Group International Limited (Company)
and its subsidiaries (collectively, Vista Group) are for the six
months ended 30 June 2025 (1H25) and represent the half
year results for Vista Group. Comparisons are to the first six
months of 2024 (1H24).
Vista Group delivered a strong performance during 1H25
showcasing strong revenue growth, expanding margins, and
continued momentum in client signings. The results reflect
Vista Group’s strategic focus on scaling Vista Cloud as the
company expands its efforts to accelerate progress across its
growth adjacencies.
Vista Group reported improved operating leverage and
EBITDA
1
margins, driven by sustained and growing demand
for Vista Cloud. The company also achieved its second
consecutive half of being Free Cash Flow
2
positive, and
is significantly increasing its resourcing in technology and
delivery capabilities to meet client needs and fast-track its
100% Platform
3
ambitions.
The half year saw strong signing momentum with multiple
clients committing to Vista Cloud. Among those announced
are Odeon Cinemas Group and Village Cinemas Australia who
signed to Vista Cloud’s Operational Excellence capability
4
.
With key client transitions expected to go live in the second
half of the year, Vista Group is well-positioned to capitalise
on a robust film slate and positive box office outlook.
In addition to core platform growth, Vista Group accelerated
progress across its strategic adjacencies. Notably, Embedded
Payments launches with select clients in 2H25.
Financial overview
Vista Group delivered a strong financial performance in
1H25, reflecting continued momentum in cloud adoption and
improved operating leverage:
•Total revenue of $77.0m (up 11% on 1H24), with
Recurring Revenue
5
of $70.4m (up 11% on 1H24) and
SaaS Revenue
5
of $31.6m (up 24% on 1H24)
•ARR
6
of $145.8m (up 13% on 30 June 2024)
•EBITDA
1
of $10.0m (up 39% on 1H24), with EBITDA
1
margin of 13% up from 10% at 1H24
•Loss before tax of $1.3m (a 64% improvement on 1H24)
•Operating cashflow of $14.1m (up $11.1m on 1H24).
Strategic update
•Embedded Payments pilot expected to launch with select
clients in 2H25, targeting $15.0m ARR
6
at full deployment
•Accelerating adoption of technology (enhancing scalability
and performance), AI tooling (driving automation and smarter
solutions) and expanding delivery capacity (meeting excess
client demand and speeding up 100% Platform
3
)
•Free Cash Flow
2
positive remains in focus, but we will
prioritise meeting client demand.
Outlook
•100% Platform
3
aspirations upgraded: $315.0m ARR
6
and
33-37% EBITDA
1
margin 
•On track to achieve full year revenue guidance at $167.0m
and EBITDA
1
margin of between 16-18% 
•Good progress towards 1,600+ sites on the Vista Cloud
Platform
7
by year’s end, however a significant proportion of
sites from one key client could be delayed to 2026
•ARR
6
of $175.0m+ now expected in 2026.
Operational overview
•Strong client demand with Odeon Cinemas Group (309
sites) and Village Cinemas Australia (20 sites) committing to
Operational Excellence
4
this year
•747 sites live on the Vista Cloud Platform
7
at 30 June 2025,
with the second half expected to land at 1,600 with work
focused on delivering key client projects
•An estimated ~US$2.2b of Annualised GTV processed through
the Vista Cloud Platform
8
in 1H25.
Industry overview
•Lilo & Stitch and Mission: Impossible – The Final Reckoning
set an all-time record Memorial Day Weekend, previously
held by
Top Gun: Maverick
9
•1H25 domestic box office of US$4.1b, with the full year now
projected by Omdia to be US$9.4b
9
•2H25 box office is supported by more tentpole titles, including
Avatar: Fire and Ash, Wicked: For Good, Jurassic World:
Rebirth, F1: The Movie, Superman, The Naked Gun and
Zootopia 2.
• Vista Group Interim Report 20252

Group results
Vista Group reported a strong financial performance for the
half year ended 30 June 2025, with total revenue reaching
$77.0m, an increase of 11% on 1H24. This growth was
driven by a solid 11% rise in Recurring Revenue
5
and a 24%
increase in SaaS Revenue
5
. EBITDA
1
rose 39% to $10.0m,
with EBITDA
1
margin improving to 13%, up from 10% in the
prior period. Vista Group continues to invest significantly in
accelerating the conversion of clients to Vista Cloud, as the
company responds to strong client demand and delivers its
second successive half of Free Cash Flow
2
positive. 
In addition to its financial results, Vista Group has unveiled its
Embedded Payments strategy, which is designed to deliver
substantial benefits to clients already using Vista Cloud,
Vista Classic, and Veezi platforms. This strategic initiative
enables Vista Group’s ARR
6
ambition at 100% Platform
3
to be
upgraded to $315.0m.
Vista Group’s balance sheet remains sound with cash of
$21.9m, or $3.1m net of borrowings (up from $1.1m at
31 December 2024). At 30 June 2025, Vista Group had
$45.1m of cash and bank facilities available for use ($3.1m
net cash and $42.0m bank facilities).
Vista Group generated $14.1m cashflow from operating
activities, a significant uplift from the $3.0m achieved
in 1H24.
Segmental results
Cinema
Vista Group’s largest reporting segment ‘Cinema’, which
accounts for approximately 80% of Vista Group’s revenue,
reported total revenue of $60.5m, up 9% on 1H24. Within
this segment, Recurring Revenue
5
increased by 11% and SaaS
Revenue
5
surged by 29%, while Non-SaaS Revenue
5
kept at
the same level year on year. The segment’s contribution
margin
10
remained steady at $17.2m, as efforts continue to
focus on transitioning clients to Vista Cloud.
Recent client signings from Odeon Cinemas Group and
Village Cinemas Australia underscore the growing demand
for Vista Cloud’s Operational Excellence
4
capability. To
meet this growing demand, Vista Group is accelerating
its adoption of technology, AI tooling, and expanding its
delivery capacity, enabling progress toward its upgraded
ARR
6
ambition of $315.0m.
Film
Vista Group’s ‘Film’ segment, which accounts for approximately
20% of Vista Group’s revenue, reported total revenue of $16.5m,
up 16% on 1H24. Within this segment, Recurring Revenue
5
rose by
12%, and SaaS Revenue
5
grew by 11%. The segment’s contribution
margin
10
also saw strong growth, up 22% to $6.7m.
Vista Group’s Powster creative studio business, which had
previously been impacted by content delays stemming from
the 2023 writers’ and actors’ strikes, experienced a notable
rebound with revenue up 52% on 1H24. Meanwhile, Vista Group’s
box office reporting and film distribution products - including
Maccs, Numero, and Movio Research - continued to perform
well, with revenue increasing 6% year-on-year. This growth was
primarily driven by the ongoing geographic expansion of the
Numero platform.
Guidance and aspirations
Vista Group’s 2025 guidance is based on a number of
assumptions, including box office performance, foreign exchange,
and the timing of key client signings and transitions. Guidance
assumes there are no material adverse macro-economic
and / or market condition impacts, and there are no major
accounting adjustments, other unforeseen circumstances, or
future acquisitions or divestments. Aspirations are not financial
forecasts or guidance.
1
EBITDA is defined in section 1.
2
Free Cash Flow is defined in section 1.
3
100% Platform – 6,000 sites on Operational Excellence (aka “Vista Cloud”).
4
Operational Excellence (aka “Vista Cloud”) – The final Vista Cloud capability, marking the completion of an exhibitor’s cloud journey.
5
Recurring Revenue, SaaS Revenue and Non-Recurring Revenue are defined in section 1. 
6
ARR – Annualised Recurring Revenue, which is a non-GAAP measure calculated as trailing 3 month Recurring Revenue multiplied by four. 
7
Vista Cloud Platform – An aggregation of all clients using a Vista Cloud capability, including Digital Enablement, Moviegoer Engagement or Operational Excellence. 
8
Annualised GTV processed through the Vista Cloud Platform – Management’s estimate of the annualised GTV processed through Operational Excellence, Digital Enablement and
Moviegoer Engagement in 1H25 using data from Vista Group’s Horizon data warehouse solution. To normalise for box
office seasonality, the first half GTV is assumed to be 43.1% of
FY25 GTV, which is based on a proportion of the FY25 Domestic box office (1H25 Actual: US$4.1b per boxofficemojo, FY25 Forecast: US$9.4b per Omdia).
9
Box Office Sources – Box Office Pro, Variety.
10
Contribution Margin is defined in section 1.
Financial Statements • 3

Income statement
For the six months ended 30 June 2025
30 June 202530 June 2024
CONTINUING OPERATIONSNote
NZ$m
Unaudited
NZ$m
Unaudited
Total revenue2.1, 2.277.069.6
Cost to serve2.3(33.0)(28.9)
Gross profit44.040.7
Sales and marketing costs2.3(5.6)(4.9)
Research and development costs2.3(14.5)(13.2)
Contribution margin
1
2.223.922.6
General and administration costs2.3(14.7)(14.6)
Foreign currency gains / (losses)2.30.8(0.8)
EBITDA
2
2.210.07.2
Amortisation4.3(7.4)(6.7)
Depreciation(2.8)(3.0)
Finance costs(1.2)(1.3)
Finance income0.10.2
Loss before tax(1.3)(3.6)
Taxation benefit5.10.10.9
Loss for the period(1.2)(2.7)
Loss for the period is attributable to:
Owners of the parent(1.5)(2.4)
Non-controlling interests0.3(0.3)
Loss for the period(1.2)(2.7)
Basic and diluted earnings per share (dollars)6.2($0.01)($0.01)
1Contribution margin is a non-GAAP measure which is calculated as total revenue, less cost to serve, sales & marketing costs, and research & development costs. It is the profit
measure that the Chief Operating Decision Maker (CODM) and Board use to monitor operating segment performance.
2EBITDA is a non-GAAP measure which is defined as earnings before net finance costs, income tax, depreciation, amortisation, and "other gains and losses" (see section 2.3).
The above statement should be read in conjunction with the accompanying notes.
• Vista Group Interim Report 20254

Statement of other comprehensive income
For the six months ended 30 June 2025
30 June 202530 June 2024
Note
NZ$m
Unaudited
NZ$m
Unaudited
Items that may be reclassified subsequently to the income statement
1
Translation of foreign operations(2.5)1.8
Items that will not be reclassified to the income statement
Income tax benefit on share-based payments6.10.30.3
Total other comprehensive (loss) / income(2.2)2.1
Loss for the period(1.2)(2.7)
Total comprehensive loss for the period(3.4)(0.6)
Total comprehensive loss for the period is attributable to:
Owners of the parent(3.6)(0.3)
Non-controlling interests0.2(0.3)
Total comprehensive loss for the period(3.4)(0.6)
1Items of other comprehensive income will be reclassified to the income statement when specific conditions are met.
The above statement should be read in conjunction with the accompanying notes.
Financial Statements • 5

Statement of changes in equity
For the six months ended 30 June 2025
ATTRIBUTABLE TO THE OWNERS OF THE PARENT
2025 (Unaudited)
Contributed
Equity
NZ$m
Retained
Earnings
NZ$m
Foreign
Currency
Reserve
NZ$m
Share-
based
Payment
Reserve
NZ$m
Total Equity
Attributable
to Owners
NZ$m
Non-
Controlling
Interests
NZ$m
Total
Equity
NZ$m
Balance at 1 January 2025143.4(13.0)11.12.3143.82.1145.9
Total comprehensive income movement:
(Loss) / profit for the period-(1.5)--(1.5)0.3(1.2)
Other comprehensive income / (loss)
1
0.3-(2.4)-(2.1)(0.1)(2.2)
Total comprehensive income / (loss)0.3(1.5)(2.4)-(3.6)0.2(3.4)
Transactions with owners:
Share-based payments2.0--(1.4)0.6-0.6
Dividends paid to NCIs-----(0.4)(0.4)
Balance at 30 June 2025145.7(14.5)8.70.9140.81.9142.7
2024 (Unaudited)
Balance at 1 January 2024140.5(12.0)4.52.8135.81.5137.3
Total comprehensive income movement:
Loss for the period-(2.4)--(2.4)(0.3)(2.7)
Other comprehensive income
1
0.3-1.8-2.1-2.1
Total comprehensive income / (loss)0.3(2.4)1.8-(0.3)(0.3)(0.6)
Transactions with owners:
Share-based payments2.4--(1.3)1.1-1.1
Balance at 30 June 2024143.2(14.4)6.31.5136.61.2137.8
1Items of other comprehensive income will be reclassified to the income statement when specific conditions are met.
The above statement should be read in conjunction with the accompanying notes.
• Vista Group Interim Report 20256

Statement of financial position
As at 30 June 2025
30 June 202531 December 2024
Note
NZ$m
Unaudited
NZ$m
Audited
Current assets
Cash21.921.8
Trade and other receivables4.136.141.0
Contract assets4.17.56.9
Net investment in sublease0.60.6
Income tax receivable0.60.1
Total current assets66.770.4
Non-current assets
Contract assets4.13.31.5
Property, plant and equipment1.72.1
Lease assets3.45.6
Net investment in sublease0.10.4
Goodwill4.260.261.2
Other intangible assets4.361.059.0
Deferred tax asset5.225.624.1
Total non-current assets155.3153.9
Total assets222.0224.3
Current liabilities
Borrowings3.20.31.0
Trade and other payables26.422.2
Lease liabilities5.06.4
Deferred revenue27.025.8
Provisions4.40.20.3
Income tax payable1.30.3
Total current liabilities60.256.0
Non-current liabilities
Borrowings3.218.519.7
Lease liabilities0.42.4
Deferred revenue0.10.1
Provisions4.40.10.2
Total non-current liabilities19.122.4
Total liabilities79.378.4
Net assets142.7145.9
Equity
Contributed equity6.1145.7143.4
Retained earnings(14.5)(13.0)
Foreign currency reserve8.711.1
Share-based payment reserve0.92.3
Total equity attributable to owners of the parent140.8143.8
Non-controlling interests1.92.1
Total equity142.7145.9
For, and on behalf, of the Board who approved these interim financial statements for issue on 13 August 2025.
Susan Peterson
Chair
James Miller
Chair, Audit and Risk Committee
The above statement should be read in conjunction with the accompanying notes.
Financial Statements • 7

Statement of cashflows
For the six months ended 30 June 2025
30 June 202530 June 2024
Note
NZ$m
Unaudited
NZ$m
Unaudited
Cashflows from operating activities
Receipts from clients81.975.3
Payments to suppliers and employees(66.9)(70.4)
Exceptional items2.30.5(0.5)
Taxes received / (paid)0.1(0.2)
Interest paid(1.5)(1.2)
Net cash inflow from operating activities3.114.13.0
Cashflows from investing activities
Purchase of property, plant and equipment(0.3)(0.2)
Purchase of internally generated software and other intangibles4.3(8.7)(9.2)
Interest received0.10.4
Contingent consideration paid-(0.5)
Net cash applied to investing activities(8.9)(9.5)
Cashflows from financing activities
Lease payments - principal elements(3.3)(3.0)
Loan drawdown - ASB revolving credit & overdraft facilities-2.7
Loan repayment - ASB revolving credit & overdraft facilities-(1.9)
Loan drawdown - RDTI loan-0.2
Loan repayment - RDTI loan3.2(0.7)-
Loan repayment - related party loans-(0.2)
Dividends paid to non-controlling interests(0.4)-
Net cash applied to financing activities(4.4)(2.2)
Net increase / (decrease) in cash0.8(8.7)
Cash at beginning of period21.828.5
Foreign exchange differences(0.7)0.2
Cash at period end21.920.0
The above statement should be read in conjunction with the accompanying notes.
• Vista Group Interim Report 20258

Notes to the financial statements
1 Basis of preparation
The consolidated interim financial statements of Vista Group have been prepared in accordance with Generally Accepted
Accounting Practice in New Zealand (
NZ GAAP). Vista Group is a for-profit entity for the purposes of complying with NZ GAAP. The
consolidated interim financial statements comply with NZ IAS 34 Interim Financial Reporting, and are not required to include all the
notes presented in the Annual Report. Accordingly, this report is to be read in conjunction with the 2024 Annual Report.
The accounting policies and methods of computation and presentation adopted in the consolidated interim financial statements are
consistent with those described and applied in the 2024 Annual Report.
Taxes on income in the interim periods are accrued using the tax rate that would have been applicable in respect of the total annual
profit or loss.
Impact of climate-related matters on these financial statements
Vista Group continues to assess the impact of climate change on its business along with plans to set targets and to reduce its
emissions. The current commitments made by Vista Group are detailed within the 2024 Group Climate Statement, located at
vistagroup.co.nz/investor-centre. The main emission commitments include:
1.An absolute reduction for Scope 2 GHG emissions of 42% by 2030, from the 2022 base year;
2.Measuring all applicable Scope 3 GHG emission categories; and
3.Setting reduction targets for Scope 3 GHG emissions aligned with science-based targets.
To the best of our knowledge, when preparing this interim report, Vista Group determined there were no material impacts from
climate-related matters on these financial statements, including sources of estimation uncertainty or significant judgements.
Non-GAAP financial measures
Vista Group’s CODM (being Vista Group’s CEO) and Board use the following non-GAAP financial measures to evaluate the financial
performance of Vista Group and its reporting segments:
•
Recurring and Non-Recurring Revenues: Recurring revenue is the portion of revenues that are expected to give rise to
recurring cash receipts that will continue until the service is cancelled. Unlike non-recurring revenues, these revenues are
predictable, stable and can be expected to occur at regular intervals going forward with a relatively high degree of certainty.
This classification of revenue is also expected to help investors understand the nature of Vista Group’s revenue.
•
SaaS Revenues: are those derived from subscription-based cloud-hosted software, with the software located on externally
provided servers.
•
Non-SaaS Revenues: are those derived from recurring revenue streams that are not cloud-hosted software.
•
Contribution margin: which closely correlates to the operating cashflows of each reporting segment that the business leads
can control. It is calculated as total revenue, less cost to serve, sales & marketing costs, and research & development costs. A
reconciliation by reporting segment is provided in section 2.2.
•
EBITDA: which closely correlates to operating cashflows, and therefore is considered useful to investors. It is defined as
earnings before net finance costs, income tax, depreciation, amortisation, and "other gains and losses" (see section 2.3). A
reconciliation is provided on the income statement.
•
Free Cash Flow: is calculated using the net movement in cash held, less cash applied to business acquisitions / earn-outs,
movements in borrowings, and cash used to settle exceptional items within "other gains and losses" (see section
2.3).
Non-GAAP financial information does not have a standardised meaning prescribed by NZ GAAP and therefore may not be
comparable to similar financial information presented by other entities.
Notes to the financial statements • 9

2 Financial performance
This section outlines further details of Vista Group’s financial performance by building on information presented in the
income statement.
2.1 Revenue
Vista Group recognises revenue when performance obligations have been settled. A performance obligation is settled when the
client has received all the benefits associated with the performance obligation.
Revenue by category
30 June 202530 June 2024
NZ$m
Unaudited
%
Unaudited
NZ$m
Unaudited
%
Unaudited
SaaS revenue31.625.4
Non-SaaS revenue38.838.0
Recurring revenue70.491%63.491%
Perpetual software0.91.4
Hardware1.10.9
Services & development - one off4.53.7
Other revenue0.10.2
Non-recurring revenue6.69%6.29%
Total revenue
1
77.0100%69.6100%
1No individual client exceeded 10% of revenue in either the current or prior comparative year.
Revenue process and policy
The following details Vista Group’s approach to categorising revenue:
REVENUE
CATEGORYREVENUE TYPESEGMENTDESCRIPTIONTIMING OF REVENUE RECOGNITION
SaaS revenue
Recurring
revenue 
Cinema segment
cloud-hosted
subscriptions -
platform fee
Cinema
A subscription for the right to
access Vista or Movio cloud-
hosted software.
Over time
Benefits are simultaneously received
and consumed; revenue is
recognised over the contract term.
Cinema segment
cloud-hosted
subscriptions -
variable fee
Cinema
Variable revenue based on the
gross transactional value
processed, number of tickets
sold, number of active
members managed, or number
of promotional messages sent
during a given period.
Point in time
Variable fees are recognised at the
end of each month once usage-
based quantities are known.
Cinema segment -
implementation fee
Cinema
Fees associated to the
implementation of Vista or
Movio software.
Over time
Revenue is recognised over
the initial contract term as
the implementation services
are not distinct from the
software subscription.
Maccs - platform feeFilm
A subscription for the right to
access the Maccs platforms,
including Maccs Box, DCHub
and Theatrical Distribution
Services.
Over time
Platform fees are recognised over
time as benefits are simultaneously
received and consumed.
• Vista Group Interim Report 202510

REVENUE
CATEGORYREVENUE TYPESEGMENTDESCRIPTIONTIMING OF REVENUE RECOGNITION
SaaS revenue
Recurring
revenue 
Maccs - variable feeFilm
Variable revenue based on the
use of Maccs platforms,
including Maccs Box, DCHub
and Theatrical Distribution
Services.
Point in time
Variable fees are recognised at the
end of each month once usage-
based quantities are known.
Numero - platform feeFilm
A subscription for the right to
access cloud-hosted regular
box office reporting.
Over time
Platform fees are recognised over
time as benefits are simultaneously
received and consumed.
Movio Research -
platform fee
Film
A subscription for the right to
access the Movio Research
cloud-hosted data, marketing
and analytics platform.
Over time
Platform fees are recognised over
time as benefits are simultaneously
received and consumed.
Non-SaaS
revenue
Recurring
revenue
On-premise
subscription fees
Cinema
A subscription for the right to
access on-premise software
(i.e. not hosted in the cloud).
This service includes the right
to basic support and any
enhancements or upgrades in
the software.
Over time
Benefits are simultaneously
received and consumed; revenue
is recognised over the
subscription term.
Maintenance feesCinema &
Film
Basic support and any
enhancements or upgrade to
the software.
Over time
Benefits are simultaneously
received and consumed; revenue
is recognised over the
maintenance term.
Services &
development -
recurring fees
Cinema &
Film
Annually committed bespoke
development of software.
Over time
Recognised when the service or
development is complete or on a
stage of completion basis.
Powster Showtimes -
platform fee
Film
Website and marketing
platform for feature films,
incorporating Showtimes data.
Point in time
Recognised when the platform is
made available to the client.
Non-recurring
revenue
Perpetual softwareCinema &
Film
Perpetual ERP software license
targeted at larger cinema
circuits.
Point in time
Recognised when the software is
made available to the client.
Powster digital
creative development
Film
Digital creative marketing
platforms targeted at the film
and entertainment industry.
Point in time
Recognised when the development
has been delivered to the client.
Services &
development - one off
fees
Cinema &
Film
Fees charged for one off
value-add services and
bespoke development of
software.
Over time
Recognised when the service or
development is complete or on a
stage of completion basis.
Hardware salesCinema
Revenue from the one off sale
of hardware.
Point in time
Recognised at a point in time when
delivery has been made.
Notes to the financial statements • 11

2.2 Reporting segments
The table below provides a breakdown of financial performance for each of Vista Group's reporting segments. The CODM does not
regularly review assets and liabilities for each reportable segment.
Reporting segment performance
30 June 2025 (Unaudited)30 June 2024 (Unaudited)
Cinema
NZ$m
Film
NZ$m
Total
NZ$m
% of
revenue
Cinema
NZ$m
Film
NZ$m
Total
NZ$m
% of
revenue
SaaS revenue25.16.531.619.55.925.4
Maintenance revenue19.12.321.419.42.521.9
Other non-SaaS revenue12.25.217.412.04.116.1
Recurring revenue56.414.070.450.912.563.4
Hardware revenue1.1-1.10.9-0.9
Other non-recurring revenue3.02.55.53.61.75.3
Non-recurring revenue4.12.56.64.51.76.2
Total revenue60.516.577.055.414.269.6
Cost to serve (ex-hardware)(26.9)(5.2)(32.1)
42%
(23.9)(4.5)(28.4)
41%
Hardware cost of sales(0.9)-(0.9)(0.5)-(0.5)
Cost to serve(27.8)(5.2)(33.0)(24.4)(4.5)(28.9)
Gross profit32.711.344.031.09.740.7
Gross profit %54%68%57%56%68%58%
Sales and marketing costs(3.4)(2.2)(5.6)
7%
(2.9)(2.0)(4.9)
7%
Research and development costs(12.1)(2.4)(14.5)
19%
(11.0)(2.2)(13.2)
19%
Contribution margin
1
17.26.723.917.15.522.6
Contribution margin %28%41%31%31%39%32%
General and administration costs(14.7)
19%
(14.6)
21%
Foreign currency gains / (losses)0.8(0.8)
EBITDA
2
10.07.2
EBITDA margin %13%10%
1Contribution margin is a non-GAAP measure which is calculated as total revenue, less cost to serve, sales & marketing costs, and research & development costs.
2EBITDA is a non-GAAP measure which is defined as earnings before net finance costs, income tax, depreciation, amortisation, and "other gains and losses" (see section 2.3).
• Vista Group Interim Report 202512

Revenue by domicile of entity
Vista Group recognises revenue within entities across several jurisdictions. Revenue is allocated to geographical regions based on
where the sale is recorded by each operating entity within Vista Group. Independent resellers are used to promote Vista Group’s
products in multiple jurisdictions. The revenues recognised via these independent resellers are not allocated geographically, rather
they are shown within jurisdictions based on the location of the transacting Vista Group entity.
30 June 202530 June 2024
NZ$m
Unaudited
NZ$m
Unaudited
New Zealand10.612.3
United States26.925.2
United Kingdom25.918.9
Mexico5.75.3
Other
1
7.97.9
Total revenue77.069.6
1The other category includes entities in Australia, Brazil, Malaysia, Netherlands, Romania and South Africa.
Non-current assets by domicile of entity
Non-current operating assets
2
by location of the reporting entity are presented in the following table.
30 June
202531 December 2024
NZ$m
Unaudited
NZ$m
Audited
New Zealand73.672.0
United States19.320.3
United Kingdom9.59.7
Mexico12.613.6
Other
1
14.714.2
Non-current assets
2
129.7129.8
1The other category includes entities in Australia, Brazil, Malaysia, Netherlands, Romania and South Africa.
2As required by NZ IFRS 8 Operating Segments, non-current assets in the table above exclude deferred tax assets.
2.3 Expenses and other income
Classification of expenses on the income statement
Cost to serve: are the incremental direct costs incurred in deriving Vista Group’s revenue. Examples of such costs include hosting,
people costs (account management, services, support, platform delivery), transaction fees and the cost of hardware.
Sales and marketing costs: are those costs incurred by Vista Group in directly selling or marketing its products, including associated
personnel costs, sales commissions, trade shows and client conferences.
Research and development costs: include staffing and supplier costs directly associated with researching, developing and
maintaining Vista Group’s software platforms. These costs are net of development costs which meet the criteria of being capitalised
as an intangible asset.
General and administration costs: are the overhead costs incurred by Vista Group that are not directly associated with cost to
serve, sales and marketing costs, or research and development costs. Amortisation and depreciation are separated from this
category as they are non-cash costs, and it also enables Vista Group’s non-GAAP financial measure, EBITDA (as defined in section
1) to be presented clearly on the income statement.
Notes to the financial statements • 13

Costs categorised within EBITDA
The table below provides a breakdown of the various types of expenditure incurred within EBITDA.
30 June 202530 June 2024
Note
NZ$m
Unaudited
NZ$m
Unaudited
Direct cost of sales (excl. hardware and personnel)10.98.1
Hardware cost of sales0.90.5
Personnel costs47.244.0
Share-based payment expense0.61.1
Defined contribution plans and employee insurances5.34.7
Capitalised development4.3(9.5)(8.8)
Deferred implementation costs(3.3)(0.7)
Amortisation of deferred implementation costs0.40.2
Government grants2.3(0.1)(0.6)
Computer equipment and software4.13.0
Marketing costs1.01.1
Travel related costs1.31.0
ECL (benefit) / expense4.10.10.5
Foreign currency (gains) / losses(0.8)0.8
Remuneration of group audit firms (including non-audit services)0.30.3
Other operating expenses8.67.2
Total costs categorised within EBITDA67.062.4
!
Government grants (significant accounting judgement)
Government grants are recognised when there is reasonable assurance that the grant will be received, and all attached conditions
will be complied with. Government grants are recognised in the income statement on a systematic basis over the periods in which
Vista Group recognises the related costs that the grants are intended to compensate. Grants relating to capitalised development are
included within the cost of the developed intangible asset recognised.
Total Government grants recognised in the income statement during the period were $0.1m (30 June 2024: $0.6m), attributable to:
•
Employee Retention Credit (ERC): In prior periods, Vista Group made ERC claims with the US Government to refund up to
US$2.0m of pandemic related wage costs. The full ERC claim was recognised in the income statement in 2024. During the
current period, $1.0m of the ERC claims inclusive of interest were received (31 December 2024: $0.6m, including Dutch
Government grants detailed in the 2024 Annual Report). The remaining $2.1m is expected to be received by the end of the year.
•
New Zealand Research & Development Tax Incentive (RDTI): Vista Group recognised $0.3m of Government grants associated to
the RDTI during the current period (30 June 2024: $0.5m). The amount recognised in the income statement was $0.1m (30 June
2024: $0.1m) and the amount recognised as an offset to capitalised intangible asset costs was $0.2m (30 June 2024: $0.4m).
During the current period, $1.0m of RDTI claims were received. Vista Group determines claims under the RDTI are reasonably
probable when a general approval has been received by the Inland Revenue.
Other gains and losses
The following unusual transactions have had an impact on the current period:
•
Pandemic related Government subsidies: See detail in the Government grants section above, where $1.0m of cash was received.
•
Business transformation costs: At 31 December 2024, Vista Group recognised $0.5m of accruals and provisions associated to
completing the 2023 business transformation. These amounts were paid in cash during the current period.
While neither of the above items impact the income statement in the current period, a $0.5m cash inflow has been presented
separately on the statement of cashflows to enable a more appropriate calculation of Vista Group's underlying free cash flows.
• Vista Group Interim Report 202514

3 Cash flows and borrowings
This section outlines further details of Vista Group’s cash flows and liquidity.
3.1 Reconciliation of net profit to operating cash flows
30 June 202530 June 2024
Note
NZ$m
Unaudited
NZ$m
Unaudited
Loss for the period(1.2)(2.7)
Non-cash items:
Amortisation4.37.46.7
Depreciation2.83.0
Share-based payment expense0.61.1
Deferred tax benefit5.1(2.0)(1.9)
Non-cash finance charges(0.3)0.3
Unrealised foreign currency losses0.20.3
Movement in ECL provision through the income statement4.1(0.1)0.4
Movement in revenue provisions4.1(0.1)(0.2)
Movement in other provisions4.4-(0.9)
Net non-cash items8.58.8
Movements in working capital:
Increase / (decrease) in trade and other payables4.6(8.2)
Decrease in trade and other receivables, net of deferred revenue1.74.8
Decrease in net taxation receivable0.50.3
Net change in working capital6.8(3.1)
Net cash inflow from operating activities14.13.0
Notes to the financial statements • 15

3.2 Borrowings
Borrowings are initially recognised at fair value less directly attributable transaction costs and subsequently measured at amortised
cost using the effective interest method. Borrowing costs are expensed as incurred.
The table below details the movement in borrowings during the period:
30 June 202531 December 2024
NZ$m
Unaudited
NZ$m
Audited
Balance at 1 January20.718.6
Repayments during the period(0.7)(2.1)
Drawdowns during the period-2.0
Movement in foreign exchange(1.2)2.2
Total borrowings at period end18.820.7
Represented by:
Current portion0.31.0
Non-current portion18.519.7
Total borrowings at period end18.820.7
A schedule of all debt facilities is shown below:
Current
Limit
(NZ$m)
Interest RateDebt Drawn (NZ$m)
Facility ProviderReason for LoanExpiry Date30-Jun-2531-Dec-2430-Jun-2531-Dec-24
ASB - revolving credit
General commercial /
Future acquisitions
Jan 2028
40.06.32%7.18%18.519.7
ASB - overdraftWorking capitalOn demand2.07.85%10.13%--
Related partiesWorking capitalOn demand0.34.00%4.00%0.30.3
RDTI loansGovernment grantsMay 2025----0.7
Total borrowings at period end18.820.7
ASB facilities
A line fee of 1.10% is paid on the credit limit of the ASB revolving credit facility, and a line fee of 1.03% is payable on the
overdraft facility.
ASB facilities are secured by an interest in Vista Group's tangible assets and are not linked to any climate-related targets. Agreed
covenants include:
•Gearing ratio of not greater than 2.5 times;
•Interest cover of equal or greater than 3.0 times; and
•A rolling 12 month normalised EBITDA of the charging group not being less than 80% of Vista Group.
Vista Group has been compliant with all ASB covenants for both the current and prior reporting periods.
Other borrowings
The related party loan has been provided by the co-shareholder of Powster. This is unsecured, incurs interest at 4% per annum and
is likely to be repaid within the next 12 months.
The New Zealand Government provided Vista Group with a $0.7m RDTI loan in prior years, which is linked to the RDTI Government
grant (see section 2.3). This loan was repaid during May 2025, in accordance with the terms and conditions of the RDTI claim.
• Vista Group Interim Report 202516

4 Assets and liabilities
This section outlines details of Vista Group’s financial performance by building on information presented in the statement of
financial position.
4.1 Trade and other receivables
Carrying value of trade and other receivables
30 June 202531 December 2024
NZ$m
Unaudited
NZ$m
Audited
Trade receivables28.731.2
Sundry receivables3.65.7
Prepayments3.84.1
Total trade and other receivables36.141.0
Contract assets
Contract assets primarily relate to Vista Group’s rights to consideration for performance obligations completed but not billed at the
reporting date.
Vista Group also recognises contract assets for ‘costs to fulfil a contract’ (i.e. Vista Cloud implementation costs), where direct costs
are incurred with the performance obligations being settled over time. These costs are spread on a straight-line basis over the same
period that the revenue is recognised within cost to serve.
The movement in contract assets during the period was as follows:
30 June
202531 December 2024
NZ$m
Unaudited
NZ$m
Audited
Balance at 1 January8.44.6
Amounts included in opening balance released in the current period(5.6)(3.8)
Additional contract assets recognised during the period8.27.0
Exchange movements(0.2)0.6
Contract assets at period end10.88.4
Represented by:
Current portion7.56.9
Non-current portion3.31.5
Contract assets at period end10.88.4
Notes to the financial statements • 17

!
ECL provisioning (significant estimation uncertainty)
For trade receivables and contract assets, Vista Group applies the simplified approach permitted by NZ IFRS 9 Financial
Instruments, which requires expected lifetime losses to be recognised from initial recognition of the receivables.
Trade receivables and contract assets are written off when there is no reasonable expectation of recovery. Indicators that there is
no reasonable expectation of recovery include, amongst others, the failure of a debtor to engage in a repayment plan with Vista
Group and a failure to make contractual payments for a period of greater than 180 days past due.
To measure ECL, trade receivables and contract assets have been grouped and reviewed based on the number of days past due.
The ECL has been calculated by considering the impact of the following characteristics:
•The baseline characteristic considers the age of each invoice and applies an increasing ECL estimate as the trade
receivable ages.
•The aging and write off characteristics consider the history of write off related to the specific client and the relative size of aged
debt to current debt. If the trade receivable aged over 180 days makes up more than 45% of the total trade receivable for a
specific client, a further provision for ECL is added.
•The country, client and market characteristics consider the relative risk related to the country and / or region within which the
client resides and assesses the financial strength of the client and the market position that Vista Group has achieved within
that market.
Vista Group applied additional judgement in determining the ECL provision:
•
Specific provision: All client invoices and contract assets have been reviewed with a specific provision made for clients that
are known to have liquidity / solvency issues, or where the debt is older than 180 days. Vista Group takes into account any
forward-looking information (such as macro-economic variables) when applying the provision to each specific client.
•
General provision: Vista Group applies an ECL matrix to its trade receivables and contract assets revenues to determine its
general ECL provision. This matrix was prepared using historical loss rates, updated to also include both the current and future
economic environment (both of which are largely unknown).
The movement in the ECL provision during the period was as follows:
30 June
202531 December 2024
NZ$m
Unaudited
NZ$m
Audited
Balance at 1 January2.11.5
Bad debts written off(0.2)(0.1)
Movement in provision through the income statement0.10.8
Exchange differences(0.2)(0.1)
ECL provision at period end1.82.1
• Vista Group Interim Report 202518

The table below illustrates how the carrying value of the ECL has been derived:
30 June 2025 (Unaudited)
0-90
Days
NZ$m
91-180
Days
NZ$m
181-270
Days
NZ$m
271-360
Days
NZ$m
361+
Days
NZ$m
Total
NZ$m
Trade receivables and contract assets37.91.80.90.30.441.3
Baseline0.1----0.1
Aging, write offs and collection0.1----0.1
Country, client and market0.1----0.1
ECL - general provision0.3----0.3
ECL - specific provision0.70.10.20.10.41.5
Total ECL provision1.00.10.20.10.41.8
General provision effective rate0.8%0.0%0.0%0.0%0.0%0.7%
31 December 2024 (Audited)
Trade receivables and contract assets38.91.00.70.50.541.6
Baseline0.1----0.1
Aging, write offs and collection0.1----0.1
Country, client and market0.1----0.1
ECL - general provision0.3----0.3
ECL - specific provision0.80.10.10.30.51.8
Total ECL provision1.10.10.10.30.52.1
General provision effective rate0.8%0.0%0.0%0.0%0.0%0.7%
4.2 Goodwill
Testing for indicators of goodwill impairment
Vista Group reviewed the carrying value of its goodwill for indicators of impairment at 30 June 2025. No such indicators were
noted. In accordance with NZ IAS 36 Impairment of Assets, no impairment review was performed at 30 June 2025.
Details of the significant estimates Vista Group applied in the 2024 annual impairment testing of goodwill, along with sensitivity
disclosures, are included in section 4.3 of the 2024 Annual Report. The 2025 annual impairment testing of goodwill will be
performed at
31 August 2025 (same month as prior year reviews).
Notes to the financial statements • 19

4.3 Other intangible assets
!
Development costs and internally generated software (significant accounting judgement)
Capitalised development: Internally developed software is capitalised as an intangible asset when it meets the recognition criteria
of NZ IAS 38
Intangible Assets. This requires Vista Group to establish that the expenditure can be reliably measured, and the
development is:
•technically feasible;
•likely to be completed and then used or sold;
•likely to generate probable future economic benefits; and
•Vista Group will have adequate technical, financial and other resources available to complete the development.
Carrying amount of other intangible assets
30 June 2025 (Unaudited)
Internally
Generated
Software
NZ$m
Software
Licences
NZ$m
Intellectual
Property
NZ$m
Client
Relationships
NZ$m
Total
NZ$m
Gross carrying amount
Balance at 1 January98.74.72.615.3121.3
Additions9.5---9.5
Exchange differences0.6-0.1(0.6)0.1
Balance at period end108.84.72.714.7130.9
Accumulated amortisation
Balance at 1 January(46.8)(4.1)(2.3)(9.1)(62.3)
Current period amortisation(7.0)(0.1)-(0.3)(7.4)
Exchange differences(0.2)(0.1)(0.1)0.2(0.2)
Balance at period end(54.0)(4.3)(2.4)(9.2)(69.9)
Intangible assets at 30 June 202554.80.40.35.561.0
31 December 2024 (Audited)
Gross carrying amount
Balance at 1 January80.94.62.514.0102.0
Additions17.2---17.2
Exchange differences0.60.10.11.32.1
Balance at period end98.74.72.615.3121.3
Accumulated amortisation
Balance at 1 January(33.9)(3.5)(2.1)(7.7)(47.2)
Current period amortisation(12.7)(0.5)(0.1)(0.7)(14.0)
Exchange differences(0.2)(0.1)(0.1)(0.7)(1.1)
Balance at period end(46.8)(4.1)(2.3)(9.1)(62.3)
Intangible assets at 31 December 202451.90.60.36.259.0
Internally generated software additions of $9.5m (31 December 2024: $17.2m) do not align to the $8.7m (31 December 2024:
$17.6m) recognised in the statement of cashflows as there is a timing difference of when Vista Group receives RDTI Government
grants. See section
2.3 for more details.
Impairment of intangible assets
Vista Group reviewed the carrying value of its internally generated software for indicators of impairment at 30 June 2025. As no
such indicators were noted, in accordance with NZ IAS 36 no impairment review was performed at 30 June 2025.
• Vista Group Interim Report 202520

4.4 Provisions
A provision is a liability of uncertain timing or amount and is recognised when Vista Group has a present obligation (legal or
constructive) as a result of a past event; it is probable that an outflow of resources embodying economic benefits will be required to
settle the obligation; and a reliable estimate can be made of the amount of the obligation.
Carrying amount of provisions
30 June 202531 December 2024
Note
NZ$m
Unaudited
NZ$m
Audited
Business transformation and other constructive obligations2.3-0.2
Lease dilapidations0.30.3
Total provisions at period end0.30.5
Represented by:
Current0.20.3
Non-current0.10.2
Total provisions at period end0.30.5
Movement in provisions
30 June 202531 December 2024
Note
NZ$m
Unaudited
NZ$m
Audited
Balance at 1 January0.51.3
Business transformation and other constructive obligations2.3(0.2)(0.6)
Lease dilapidations-(0.2)
Total provisions at period end0.30.5
Notes to the financial statements • 21

5 Taxation
This section outlines details of the income tax expense incurred by Vista Group and the deferred taxes recognised on the statement
of financial position.
5.1 Income tax expense
The income tax expense for the period comprises current and deferred tax. Taxation is recognised in the income statement,
except when it relates to items recognised directly in equity (in which case the income tax is recognised in the statement of other
comprehensive income). Income tax expense is based on tax rates and regulation enacted, or substantively enacted at the balance
date, in the jurisdiction in which the respective entity operates.
Composition of income tax expense
30 June 202530 June 2024
Note
NZ$m
Unaudited
NZ$m
Unaudited
Current tax expense1.91.0
Deferred tax benefit5.2(2.0)(1.9)
Total taxation benefit(0.1)(0.9)
Reconciliation of income tax expense
The relationship between the expected tax expense based on the domestic effective tax rate of the Company at 28% (30 June 2024:
28%) and the reported tax expense in the income statement can be reconciled as follows:
30 June
202530 June 2024
NZ$m
Unaudited
NZ$m
Unaudited
Loss before tax(1.3)(3.6)
Domestic tax rate for Vista Group International Limited28%28%
Expected taxation benefit(0.4)(1.0)
Foreign subsidiary company tax(0.1)(0.1)
Non-assessable income / non-deductible expenses0.20.2
Excess foreign tax credits0.2(0.1)
Other-0.1
Total taxation benefit(0.1)(0.9)
Effective tax rate8%25%
Imputation credits
Vista Group has no imputation credits available for future use at 30 June 2025 (31 December 2024: nil), following significant
changes in the share register in prior periods that affected shareholder continuity requirements.
• Vista Group Interim Report 202522

5.2 Deferred tax assets and liabilities
Deferred tax is recognised for temporary differences between the carrying amounts of assets and liabilities for financial reporting
purposes and the amounts used for taxation purposes. The amount of deferred tax is based on the expected manner of realisation
of the carrying amount of assets and liabilities, using tax rates enacted or substantially enacted at the end of the period. A deferred
tax asset is recognised only to the extent that it is probable that future taxable profits will be available for the asset to be utilised.
!
Recognition of deferred tax assets (significant estimation uncertainty)
Deferred tax at period end includes temporary timing differences and income tax losses available to carry forward against future
profits. A deferred tax asset is recognised on losses, only when it is considered probable that sufficient taxable profits will be
available to utilise the losses in the near future. Vista Group applies judgement when reviewing current business plans and forecasts
to ascertain the likelihood of future taxable profits. The financial forecasts used in this assessment are the same as those used in the
annual impairment review of goodwill and other assets (see section 4.3 of the 2024 Annual Report).
Deferred taxes can be summarised as follows:
30 June
2025 (Unaudited)
Opening
Balance
NZ$m
Reclass (to) /
from current tax
NZ$m
Other
comprehensive
income
NZ$m
Income
statement
NZ$m
Closing
Balance
NZ$m
Trade and other receivables0.9--0.61.5
Property, plant and equipment(4.9)--(0.7)(5.6)
Lease assets(1.4)--0.6(0.8)
Employee benefits3.2-0.3(1.2)2.3
Lease liabilities1.9--(0.9)1.0
Available tax losses24.6--3.528.1
Other(0.2)(0.8)-0.1(0.9)
Deferred tax net asset at 30 June 202524.1(0.8)0.32.025.6
31 December 2024 (Audited)
Trade and other receivables1.0--(0.1)0.9
Property, plant and equipment(3.3)--(1.4)(4.9)
Lease assets(2.2)--0.8(1.4)
Employee benefits2.9-0.6(0.3)3.2
Lease liabilities3.1--(1.2)1.9
Available tax losses21.3--3.324.6
Other0.70.1-(1.0)(0.2)
Deferred tax net asset at 31 December 202423.50.10.60.124.1
Deferred tax on tax losses
The deferred tax asset of $28.1m recognised for available tax losses relate to the New Zealand ($27.6m), United Kingdom
($0.2m) and Netherlands ($0.3m) tax jurisdictions. As none of these jurisdictions impose an expiry date on tax losses, and due to
management prepared 5-year business models projecting a return to profitability, Vista Group applied judgement in determining
that it is probable that these tax losses will be utilised.
Vista Group had $3.1m (31 December 2024: $3.1m) of unused tax losses for which no deferred tax asset has been recognised, as
they did not meet the required recognition criteria.
Notes to the financial statements • 23

6 Capital structure
This section outlines Vista Group’s capital structure, earnings per share and share-based employee incentives which have an impact
on Vista Group’s equity.
6.1 Contributed capital
At 30 June 2025, there were 238,834,381 shares in issue (31 December 2024: 237,676,202). The following reflects where these
shares were allocated:
Millions of sharesNZ$m
30 June 202531 December 202430 June 202531 December 2024
UnauditedAuditedUnauditedAudited
Shares issued and fully paid:
Balance at 1 January237.7236.2143.4140.5
Ordinary shares issued during the period:
Employee incentives1.11.52.02.3
Income tax benefit on share-based payments--0.30.6
Total contributed equity at period end238.8237.7145.7143.4
No dividends were paid to Vista Group shareholders during the year (31 December 2024: $nil).
6.2 Earnings per share
Vista Group presents basic and diluted earnings per share (EPS) data for its ordinary shares.
Basic EPS is calculated by dividing the profit or loss attributable to owners of the parent by the weighted average number of
ordinary shares in issue during the period.
Diluted EPS is determined by adjusting the profit or loss attributable to owners of the parent and the weighted average number of
ordinary shares in issue during the period for the effects of all dilutive potential ordinary shares, which for Vista Group comprise
share rights and performance rights. Potential ordinary shares are treated as dilutive when their conversion to ordinary shares
would decrease EPS or increase the loss per share.
Earnings per share calculation
Number of shares (millions)
30 June 202530 June 2024
NZ$m
Unaudited
NZ$m
Unaudited
Weighted average ordinary shares for basic EPS (millions)238.2236.8
Effect of dilution:
Share options and awards (millions)2.73.1
Weighted average ordinary shares adjusted for the effect of dilution (millions)240.9239.9
Loss for the period attributable to owners of the parent (NZ$m)(1.5)(2.4)
Basic and diluted EPS (dollars)($0.01)($0.01)
• Vista Group Interim Report 202524

7 Other disclosures
7.1 Financial instruments by category
30 June 202531 December 2024
Financial assets at
amortised cost
Financial liabilities at
amortised cost
Financial assets at
amortised cost
Financial liabilities at
amortised cost
NZ$m
Unaudited
NZ$m
Unaudited
NZ$m
Audited
NZ$m
Audited
Cash21.9-21.8-
Trade receivables28.7-31.2-
Sundry receivables3.6-5.7-
Net investment in sublease0.7-1.0-
Total financial assets54.9-59.7-
Borrowings-18.8-20.7
Trade payables-9.5-3.5
Sundry payables-6.0-6.6
Lease liabilities-5.4-8.8
Total financial liabilities-39.7-39.6
Vista Group’s financial instruments that are measured after initial recognition at fair value are grouped into levels based on the
degree to which the fair value is observable:
Level 1
Fair value measurements derived from quoted prices in active markets for identical assets.
Level 2
Fair value measurements derived from inputs other than quoted prices included within level 1 that are observable for
the asset or liability, either directly or indirectly.
Level 3
Fair value measurements derived from valuation techniques that include inputs for the asset or liability which are not
based on observable market data.
During the current period, there have been no transfers between fair value measurement levels.
7.2 Related parties
Related parties are materially consistent with those disclosed in the 2024 Annual Report. There have been no transactions with any
associate companies during the period.
7.3 Capital commitments
There were no significant capital commitments for Vista Group at 30 June 2025 (31 December 2024: $nil).
7.4 Events after balance date
There were no significant events between the balance date and the date that these financial statements were authorised for issue.
Notes to the financial statements • 25

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

---

2025 Half YearResults
14 August 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 market announcement
platform (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.
Capitalised terms not defined in the body of this presentation have the
meanings give to those terms in the glossary provided in the appendix or in the
2024 Annual Report. Unless otherwise stated, all information in this
presentation is expressed at thedate of this presentation and all currency
amounts are in NZ dollars.
2

Agenda
01
Highlights
Stuart Dickinson | Chief Executive Officer
02
Financial Results
Matt Thompson | Chief Financial Officer
03
Cloud Migration
Stuart Dickinson | Chief Executive Officer
04
Growth Opportunities
Matt Thompson | Chief Financial Officer
05
Outlook
Stuart Dickinson | Chief Executive Officer
06
Questions
3

Vista Group’s solutions sit at the
heart of a connected film industry and
enable exceptional cinematic experiences
4

Highlights

6
Strong momentum continues, as operating leverage and
EBITDA margins improve
•Strong growth across all key
metrics
•Operating leverage expands,
13.0% EBITDA margin, up from
10.3% in the prior year
•FCF+ achieved for the second
consecutive half
•Loss before tax narrows to $1.3m
$77.0m
To t a l Revenue
$77.0m
$69.6m
1H25
1H24
1H23
$69.7m
$70.4m
Recurring Revenue
1H25
1H24
1H23
11%
$70.4m
$63.4m
$60.5m
$31.6m
SaaS Revenue
1H25
1H24
1H23
24%
$31.6m
$25.4m
$21.1m
$145.8m
ARR
1H25
1H24
1H23
13%
$145.8m
$129.4m
$118.3m
$10.0m
EBITDA
1H25
1H24
1H23
39%
$10.0m
$7.2m
$2.5m
-$1.3m
Loss Before Tax
1H25
1H24
1H23
64%
-$1.3m
6
11%
$14.1m
Operating Cashflow
370%
$14.1m
$3.0m
$6.2m
1H25
1H24
1H23
-$3.6m
-$9.9m

Key contracted signings reinforce ongoing client confidence in Vista Cloud
•309 sites across UK, Ireland and continental Europe
•Signed to Operational Excellence, with a multi-year roll out (Finland
17 sites in 2H25, UK and Ireland 117 sites in 2026, continental Europe
175 sites to be confirmed)
7
7
•20 sites in Australia
•Signed to Operational Excellence and is now live with Digital
Enablement

First half box office rebounded in second quarter,
setting new records
•A soft first quarter to the Domestic
Box Office of US$1.4b
1
•Second quarter Domestic Box
Office of US$2.7m
1
anchored by
significantly more movie content
•Lilo & Stitch sets a record
US$183m Memorial Day Weekend
record, surpassing Top Gun:
Maverick
2
•Memorial Day weekend the
biggest of all time
2
•Strong 2H25 pipeline, with F1,
Superman, Wicked and Avatar
8
1.Source: Boxofficemojo
2.Source: The Hollywood Reporter
Worldwide Box Office: >US$1.0b
1
Worldwide Box Office: ~US$1.0b
1

Financial Results

Income statement: Strong revenue growth and
improved operating leverage
•SaaS Revenue up 24%
•Recurring Revenue up 11%
•ARR of $145.8m up 13%
•Strong contribution margin and
EBITDA

growth
•Implementation costs of $3.3m
deferred as delivery scales
•Loss before tax narrows to $1.3m
10
NZ$m (Six month – Unaudited)1H251H24% Change
Total revenue77.069.6+11%
Total segmental expenditure(53.1)(47.0)-13%
Contribution margin23.922.6+6%
General and administrative expenses(14.7)(14.6)-1%
Foreign exchange gains / (losses)0.8(0.8)
EBITDA10.07.2+39%
EBITDA Margin
EBITDA Margin (excluding exchange)
13.0%
11.9%
10.3%
11.5%
+2.7%
+0.4%
Depreciation and amortisation(10.2)(9.7)
Net finance costs(1.1)(1.1)
Loss before tax(1.3)(3.6)+64%

SaaS P&L: Revenue and margins all improving on
prior comparative period
•Continued solid cost management
•Operating leverage keeps
improving, with annual pay review
effective 1 Jan 25
•SaaS revenues climb substantially,
while non-SaaS are higher than
1H24 despite cloud migration
NZ$m(Six months – Unaudited)1H232H231H242H241H25
SaaS revenue21.124.825.430.331.6
Non-SaaS revenue39.438.738.040.938.8
Recurring revenue60.563.563.471.270.4
Non-recurring revenue9.29.86.29.26.6
Total revenue69.773.369.680.477.0
Cost to serve25.325.428.430.632.1
Hardware cost of sales1.11.50.50.80.9
Gross profit43.346.440.749.044.0
Gross profit %62%63%58%61%57%
Sales and marketing7.77.64.94.95.6
Research and development14.613.813.214.514.5
Contribution margin21.025.022.629.623.9
Contribution margin %30%34%32%37%31%
General and administration17.615.214.614.314.7
EBITDA (excluding exchange)3.49.88.015.39.2
EBITDAmargin (excluding exchange)5%13%11%19%12%
Foreign exchange losses / (gains)0.9(1.0)0.80.9(0.8)
EBITDA2.510.87.214.410.0
EBITDA margin4%15%10%18%13%
0
10
20
30
40
50
60
70
1H232H231H242H241H25
SaaSNon-SaaS
11
Recurring revenue seasonality

12
Seasonality of Revenue: Strong first half growth
First half seasonality drivers:
•Project completion: Work focused
on delivering key client projects to
go live in the second half
•Box Office: Northern hemisphere
summer and end of year holiday
season
62.469.769.677.0
72.7
73.3
80.4
90.0
7.4%
9.2%
15.5%
17.0%
0.0%
5.0%
10.0%
15.0%
20.0%
0
20
40
60
80
100
120
140
160
180
2022202320242025
NZ$m
1H2HFY EBITDA Margin (ex FX)
7.3% CAGR
1.2H25 represents the updated guidance, with revenue at the lower end of the $167-$173m range, and EBITDA margin at the middle of the 16-18%
range.
1

Segments: All parts of the business are succeeding
Cinema
•SaaS Revenue up 29%, supporting
overall 11% Recurring Revenue
growth on 1H24
•Contribution margin reflects timing
of large second half projects
Film
•SaaS Revenue up 10%, supporting
overall 12% Recurring Revenue
growth on 1H24
•Contribution expands on 1H24
through Powster’s rebound from the
writers' and actors' strike
13
Cinema Segment – NZ$m(Unaudited)1H232H231H242H241H25
SaaS revenue16.219.319.524.125.1
Non-SaaS revenue32.631.731.433.131.2
Recurring revenue48.851.050.957.256.4
Non-recurring revenue6.77.74.57.24.1
Total revenue55.558.755.464.460.5
Contribution margin16.519.817.123.117.2
Contribution margin %30%34%31%36%28%
Film Segment – NZ$m(Unaudited)1H232H231H242H241H25
SaaS revenue4.95.55.96.26.5
Non-SaaS revenue6.87.06.67.87.5
Recurring revenue11.712.512.514.014.0
Non-recurring revenue2.52.11.72.02.5
Total revenue14.214.614.216.016.5
Contribution margin4.55.25.56.56.7
Contribution margin %32%36%39%41%41%

Cashflow: Resourcing scaled to meet client demand
Highlights include:
•Operating cash up 370%, or 289%
excluding exceptional items
•Second successive half where
FCF+ has been achieved
Other notes:
•Continued strong client
collections, 106% of revenue
•Capitalised development offset by
$1.0m RDTI grant
14
NZ$m (Six months – Unaudited) 1H251H24% Change
Receipts from clients81.975.3+9%
Payments to suppliers & employees(66.9)(70.4)-5%
Exceptional items
1
0.5(0.5)
Tax & interest(1.4)(1.4)
Operating cash flow14.13.0+370%
Capitalised development (net of RDTI)(8.7)(9.2)-5%
Retriever earn-out-(0.5)
Lease payments(3.3)(3.0)
Loan (repayments) / drawdowns(0.7)0.8
Other(0.6)0.2
Net movement in cash held0.8(8.7)+109%
Opening cash21.828.5
Foreign exchange differences(0.7)0.2
Closing cash21.920.0+10%
1.Exceptional items represent the cash outflow relating to transactions classified as “other and gains and losses” (see section 2.3 of the
2025 Interim Report).

Financial Position: A stable balance sheet
•Net Cash Position up $2.0m
•Additional bank facilities of $23.5m
available
•Reduction in bank borrowings due
to movements in foreign exchange
•Improved trade receivables due to
annual billing cycle and strong
collections
15
NZ$m(Unaudited)Jun 2025Dec 2024% Change
Cash21.921.8n/c
Borrowings – Bank (18.5)(19.7)
Borrowings – Related Parties + RDTI(0.3)(1.0)
Net Cash Position3.11.1+182%
Trade receivables28.731.2-8%
Other current assets16.117.4
Other non-current assets155.3153.9
Other current liabilities(59.9)(55.0)-9%
Other non-current liabilities(0.6)(2.7)
Net assets / total equity142.7145.9-2%

Cloud Migration

Vista Cloud strategy progressing toward 36% client adoption of
the platform by the end of 2025
2023
Proving product-market fit
2024
Proving delivery at scale
2025
Accelerating delivery at scale,
at pace
17
36% of client sites live
on the platform by the
end of 2025

Unlocking meaningful value: Vista Cloud istransforming operations, maximising
the power of data, and enabling our clients to focus on theirsuccess
Minimise risk of
data breaches and
ransomware while
reducing compliance
overhead across
circuits
Focus on maximising
the value creation of
technology – not our
clients running it.
Enhance productivity
and streamline
operations
Scalability,
responsiveness
and uptime during
peak periods for
uninterrupted
revenue flow
Leverage tools
tocapture
everyrevenue
opportunity
Create memorable
experiences that boost
audience loyalty and
engagement, and drive
incremental spend
Accelerated
innovation
Business
continuity
Operational
efficiency
Moviegoer
experience
Security &
compliance
Increase admit
spend and drive
attendance
Reduction in
cost to serve
Optimise revenue
performance
Protecting
our clients
18

Clients are recognising the meaningful benefits of Vista Cloud
"We have been using [Assisted Scheduling] for more than half a year
now and comparing manually dragging sessions into the schedule
with what we're doing now ... we have saved 50% of that time."
Pathé Netherlands
“Over the years I have seen all the innovations,
and Cloud is the next-gen product we need.”
Cinergy
“Guests expect to have a seamless experience...
and with Lumos they’re able to get that.”
FatCats
19
19

2025 is on track, with work focused on delivering key
client projects in the second half
20
1.Clients currently negotiating an agreement and the services are expected to be delivered in 2H25.
Sites live is second half weighted,
demonstrating progress is not linear
Live
30 Jun
2024
Live
31 Dec
2024
Live
30 Jun
2024
Target
31 Dec
2025
Vista Cloud
(OE)
59358424~700
Digital Solutions
(DE/ME)
107325323~900
Vista Cloud
Platform (Total)
166683747~1,600
3%
4%
15%
17%
36%
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
Dec 23Jun 24Dec 24Jun 25Dec 25
Operational Excellence
Digital Enablement and Moviegoer Engagement
% of Total Exhibition Clients
Live NowLive in 2025Contracting for 2H25 delivery
1
36% of exhibition clients expected
on Vista Cloud Platform by the end
of 2025
747
424
238
246
615
30
02004006008001,0001,2001,4001,600
Operational
Excellence
Digital
Enablement
Moviegoer
Engagement
Operational
Excellence
Vista Cloud Platform
Vista Cloud

Demand for Vista Cloud currently exceeds our
onboarding capacity
•~36% client sites are expected on
the Vista Cloud Platform by the end
of 2025
•Other clients with high interest are
currently limited by rollout capacity
21
1.Management’s estimate of the Cinema segment percentage of the world market for Cinema Exhibition Companies with 20+ screens,
excluding Russia, India and China.
Live Enterprise Sites
Vista
Classic
Digital
Solutions
Operational
ExcellenceTotal
31 December 20243,9353253584,618
Cloud migration(54)(4)58-
Change in sites(165)28(155)
30 June 20253,7163234244,463
% of total sites live83%7%10%
Contracted sites4,687
46%
Enterprise market share
1

We are listening to our clients, and accelerating
client onboarding
22
Strategic benefits:
•Meets client demand
•Embeds AI into business, products
and delivery tooling
•Enables more concurrent projects
•Fast tracks 100% Platform, de-
risking the journey
Funding sources:
•$3m existing net cash and free
cash flow ramp
•$42m ASB debt facilities
Capitalised development and
deferred implementation costs
increasing from ~$25m in 2025 to
~$40m at maximum velocity
~$40m
FCF+
Remains important, but we are
prioritising client onboarding

This new approach is focused on meeting client demand and
delivering our $300m+ ARR aspiration faster
146
142
12300
NZ$m
0
50
100
150
200
250
300
350
ARR: 1H25ARR: 100% Platform
Cinema
Film
23

Growth Opportunities

Embedded Payments
•Lower payment processing costs
•A tightly integrated solution significantly
improving exhibitor efficiency
•Cutting edge payment tech not
normally available to smaller exhibitors
•Improves cash flow (faster settlements)
•Expands TAM of Vista Classic, Vista
Cloud and Veezi
•Client retention / stickiness
•Risk managed through payment supplier
•Largest opportunity is through smaller
exhibitors (<50 sites)
•Implied GTV at 100% Platform
1
:
~US$22.0b
•ARR: >$15m (net of processing costs)
•Cost base: Payment team of ~20
people, plus other GTM costs
1.Implied GTV at 100% Platform assumes 6,000 Vista Cloud Sites and modest Veezi site growth at 100% Platform, with GTV assumed to grow in line with Domestic box office forecasts reported by Omdia.
Good for our exhibition clients
1
Good for Vista Group
2
Our aspirations by 100% Platform
3
25

Embedded Payments Go-To-Market Strategy
•Select white-label payments supplier: A world leading global
provider
•Build initial interface: Expected in 2H25 to support pilot clients
•Initial development: ~$2m from existing resources
•Wider roll-out: From 2026
•Medium to long-term: Leverage payment technology to further
enrich the platform experience
26

Embedded Payments is an exciting opportunity, expanding TAM
through existing clients
~US$2.2b
1.Management’s estimate of the annualised GTV processed through Operational Excellence, Digital Enablement and Moviegoer Engagement in 1H25 using data from Vista Group’s Horizon data warehouse solution. To normalise for
box office seasonality, the first half GTV is assumed to be 43.6% of FY25 GTV, which is based on a proportion of the FY25 Domestic Box Office (1H25 Actual: US$4.1b per boxofficemojo, FY25 Forecast: US$9.4b per Omdia).
2.Implied GTV at 100% Platform assumes 6,000 Vista Cloud Sites and modest Veezi site growth at 100% Platform, with GTV assumed to grow in line with Domestic box office forecasts reported by Omdia.
Annualised GTV
1
for the
Vista Cloud Platform
in
the first half of 2025 ...
Implied GTV at 100% Platform
for the Vista Cloud Platform

and Veezi
2

~US$22.0b
27

Embedded Payments upgrades our 100% Platform
ARR aspiration
•Embedded Payments increases
our existing ARR aspiration by
~$15m at 100% Platform
28
146
142
12300
15315
NZ$m
0
50
100
150
200
250
300
350
ARR: 1H25ARR: 100% Platform + Embedded PaymentsARR: 100% Platform
Embedded
Payments
Cinema
Film

Progress on expansion opportunities has accelerated, with
Embedded Payments now underway
Ecosystem and adjacent expansion opportunities
Embedded Payments now underway,
upgrading 100% Platform ARR
aspiration to $315m
FY24 Revenue
$150m
100% Platform ARR
aspiration now $315m
Platform Breadth
Time
Identified adjacencies include:
•Family Entertainment Centres
•Film Distribution
*Indicative scale
Embedded Payments ARR aspiration $15m
29

30
Operating Leverage: No change to our 100% Platform
EBITDA aspiration
G&A, 19%
R&D, 19%
S&M, 7%
CTS, 43%
EBITDA (ex FX), 12%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
1H25 Actual
•100% Platform EBITDA margin of
33-37% remains unchanged
•Operational leverage progress
expected to stagger with large
client onboarding
•Deferral of implementation costs
means approx. 3-5 year cash drag
•Significant proportion of delivery
and tech teams diverted to
adjacent opportunities near 100%
Platform
Medium-term cost
drivers
CTS – ~25% labour scales
with cloud delivery and wage
inflation, ~18% grows with
revenue
S&M – right sized for full
transition, wage inflation
R&D – labour scales initially
with tech / AI adoption and
wage inflation
G&A – right sized for full
transition, wage inflation
Operating, 30%
CTS, 35%
EBITDA, 35%
100% Platform

Strong ARR with $315m+ at 100%
Platform, representing sustained
growthas clients move to Vista Cloud
Growing FCFand EBITDA as we
aspire to deliver a ‘Rule of 40’
Competitive advantagethrough
46% global marketshare
1
in the
enterprisecinema market
Increasing total addressablemarket
as cloud transitionbrings a greater
shareof client technologyspend
Expansion opportunitieswithin the
film industry andadjacent
entertainmentindustry
Increasing industry demand for
technology solutions to drive growth
and operating efficiency
Vista Group: A proven leader delivering growth, scale, and strategic focus
1.Management’s estimate of the Cinema segment percentage of the world market for Cinema Exhibition Companies with 20+ screens with a signed contract, excluding Russia, India and China.
31

Outlook

Movie slate confidence is expected to drive sustained
box office momentum in the years ahead
•FY25 Domestic Box Office revised to
US$9.4b
1
due to softer 1Q25 (FY25
revenue guidance US$9.7m)
•Strong movie slate forecast for
2026/2027
•Growth will track with Domestic Box
Office and F&B inflation
33
Omdia Domestic Box Office forecast
1
2026
11.4
2.2
4.5
7.4
9.0
8.7
9.4
9.8
10.1
10.3
10.6
0.0
2.0
4.0
6.0
8.0
10.0
12.0
US$ billions
1.Source: Omdia March 2025 (https://omdia.tech.informa.com/)
2H25
2027

Outlook: FY25 guidance and aspirations
Headwinds to revenue:
•Domestic box office: modelled on
US$9.7b, Omdia now forecasting
US$9.4b (+8% on FY24)
•Currency: modelled on USD / NZD
at 0.58, currently trading at ~0.60
34
Guidance
2025 total revenue guidance of $167m-$173m, likely to be at the
lower end of the range
2025 EBITDA margin of 16-18%
Aspirations
1,600+ sites on the Vista Cloud Platform, however a significant
proportion of sites from one key client could be delayed to 2026
$175m ARR now expected in 2026
Guidance and aspirations: Vista Group’s 2025 guidance is based on a number of assumptions, including box office performance, foreign
exchange, and the timing of key client signings and transitions. Guidance assumes there are no material adverse macro-economic and/or
market condition impacts, and there are no major accounting adjustments, other unforeseen circumstances, or future acquisitions or
divestments. Aspirations are not financial forecasts or guidance.

Guidance / Aspiration: Executing on our cloud transition strategy,
and upgrading our 100% Platform aspirations
FY25
Guidance
FY25
Aspirations
100% Platform
Aspirations
Revenue
$167.0m-173.0m
Likely to be at the lower end
EBITDA margin16-18%33-37%
Sites on Vista Cloud
1,600+
Significant proportion of sites from one
key client could be delayed to 2026
6,000+
ARR
$175m+
Now expected in 2026
$315m+
Now includes $15m from
Embedded Payments
35
Guidance and aspirations: Vista Group’s 2025 guidance is based on a number of assumptions, including box office performance, foreign exchange, and the timing of key client signings and transitions.
Guidance assumes there are no material adverse macro-economic and/or market condition impacts, and there are no major accounting adjustments, other unforeseen circumstances, or future
acquisitions or divestments. Aspirations are not financial forecasts or guidance.

36
36
Key takeaways
2
Accelerating to meet client demand for the Vista Cloud Platform
3
ARR aspiration upgraded to $315m at 100% Platform
1
Strong first half result with all key metrics improving
4
Embedded Payments is now underway

Questions

Appendix

Vista Group is the global leader in providing tech & data solutions to the film industry
39

Free Cash Flow: Executing our commitment to FCF
positive for the second successive half
•Positive FCF continues into 1H25
•First half seasonality includes Jan
2025 annual wage inflation and
Mar 2025 STI payments
•$12.0m invested to scale delivery
(deferred implementation costs
$3.3m, and capitalised
development $8.7m)
40
1.Exceptional items represents the cash outflow relating to transactions classified as “other and gains and losses” (see section 2.3 of the 2025 Interim
Report).
NZ$m(Unaudited)1H232H231H242H241H25
Net movement in cash held(9.2)(8.0)(8.7)1.40.8
Adjust for loan movements-(0.4)(0.8)0.90.7
Adjust for exceptional items
1
-5.00.50.3(0.5)
Adjust for acquisitions / earn-outs1.3-0.5--
FCF / Cash Usage(7.9)(3.4)(8.5)2.61.0

Glossary
Defined Terms:
100% Platform – 6,000 sites on Operational Excellence (Vista Cloud).
ARR – Annualised Recurring Revenue, which is a non-GAAP measure calculated as trailing 3 month Recurring Revenue multiplied by four. Aspirations for 2025 ARR
assume no delays in key cloud transition projects and no adverse change in industry or operating outlook.
Contribution Margin – a non-GAAP measure which is calculated as total revenue, less cost to serve, sales & marketing costs, and R&D costs.
Domestic Box Office – The gross box office revenue a movie earns from ticket sales across North America (United States and Canada).
EBITDA – a non-GAAP measure which is defined as earnings before net finance costs, income tax, depreciation, amortisation, and “other gains & losses” (see section
2.3 of the 2025 Interim Report).
Enterprise Client – Cinema Exhibition Companies with 20+ screens.
Free Cash Flow (FCF) and Cash Usage – a non-GAAP measure and is calculated using the net movement in cash held, less cash applied to business acquisitions /
earn-outs, movements in borrowings, and cash used to settle exceptional items included within “other gains and losses” (see section 2.3 of the 2025 Interim Report).
GTV – is managements estimate of the gross total value of transactions through Digital Enablement, Moviegoer Engagement and Operational Excellence adjusted to
account for seasonality in the Domestic Box Office forecasts (based on data sourced from Omdia and boxofficemojo).
Recurring and Non-Recurring Revenues – Recurring Revenue is the portion of revenues that are expected to give rise to recurring cash receipts that will continue
until the service is cancelled. Unlike Non-Recurring Revenues, these revenues are predictable, stable and can be expected to occur at regular intervals going forward
with a relatively high degree of certainty. This classification of revenue is also expected to help investors understand the nature of Vista Group’s revenue.
SaaS and Non-SaaS Revenues – SaaS Revenues are those derived from subscription-based cloud-hosted software, with the software located on externally provided
servers. Non-SaaS Revenues are those derived from recurring revenue streams that are not cloud-hosted software.
Worldwide Box Office – The gross box office revenue a movie earns from ticket sales across all countries including the Domestic and International Box Offices.
Vista Cloud Capabilities:
Operational Excellence (aka "Vista Cloud")– The final Vista Cloud capability, marking the completion of an exhibitor’s cloud journey.
Digital Solutions – Vista Cloud capabilities representing digital solutions, including sales channels and marketing. These capabilities are marketed to clients as
Digital Enablement and Moviegoer Engagement.
Vista Cloud Platform – An aggregation of all clients using a Vista Cloud capability, including Digital Enablement, Moviegoer Engagement or Operational Excellence.
41

Thank you

---

For immediate release
Vista Group upgrades aspirations, accelerates to meet client demand
Auckland, New Zealand, 14 August 2025 – Vista Group International Limited (NZX & ASX: VGL) today announced its
half year results for
the six months ending 30 June 2025, showcasing strong revenue growth, expanding margins, and
continued momentum in client signings. The results reflect Vista Group’s strategic focus on scaling Vista Cloud as the
company expands its efforts to accelerate progress across its growth adjacencies.
Vista Group reported improved operating leverage and EBITDA
1
margins, driven by sustained and growing demand for
Vista Cloud. The company also achieved its second consecutive half of being Free Cas h Flow
2
positive, and is
significantly increasing its resourcing in technology and delivery capabilities to meet client needs and fast-track its
100% Platform
3
ambitions.
“Demand for Vista Cloud continues to grow, reflecting strong market appetite for our cloud solutions,” said Stuart
Dickinson, Chief Executive of Vista Group. “With demand now exceeding our delivery capacity, we're responding
decisively to prioritise our clients by scaling the capacity of our technology and delivery teams, who are already
operating at peak efficiency. This will accelerate client onboarding and unlock the full potential of our pipeline.”
The half year saw strong signing momentum with multiple clients committing to Vista Cloud. Among those announced
are Odeon Cinemas Group and Village Cinemas Australia who signed to Vista Cloud’s Operational Excellence
capability
4
. With key client transitions expected to go live in the second half of the year, Vista Group is well-positioned
to capitalise on a robust film slate and positive box office outlook.
“We’ve shipped over 42 new features to clients so far this year,” Dickinson added. “Our innovation continues to
deliver measurable outcomes for our clients, improve operational efficiency, and enhance the moviegoer experience.”
In addition to
core platform growth, Vista Group accelerated progress across its strategic adjacencies. Notably,
Embedded Payments launches with select clients in 2H25.
“We remain focused on delivering long-term value to clients and shareholders,” said Dickinson. “The traction we’re
seeing across Vista Cloud and our growth adjacencies reinforces our confidence in the strategy and the opportunity
ahead. We are also excited to release details of our Embedded Payments strategy, which has enabled us to upgrade
our ARR
5
aspiration at 100% Platform
3
to $315.0m.”
Financial overview
Vista Group delivered a strong financial performance in 1H25, reflecting continued momentum in cloud adoption and
improved operating leverage:
•T
otal revenue of $77.0m (up 11% on 1H24), with Recurring Revenue
6
of $70.4m (up 11% on 1H24) and SaaS
Revenue
6
of $31.6m (up 24% on 1H24)
•ARR
5
of $145.8m (up 13% on 30 June 2024)
•EBITDA
1
of $10.0m (up 39% on 1H24), with EBITDA
1
margin of 13% up from 10% at 1H24
•Loss before tax of $1.3m (a 64% improvement on 1H24)
•Operating cashflow of $14.1m (up $11.1m on 1H24).

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

Strategic update
• Embedded Payments pilot expected to launch with select clients in 2H25, targeting $15.0m ARR
5
at full
deployment
• Accelerating adoption of technology (enhancing scalability and performance), AI tooling (driving automation
and smarter solutions) and expanding delivery capacity (meeting excess client demand and speeding up 100%
Platform
3
)
• Free Cash Flow
2
positive remains in focus, but we will prioritise meeting client demand.
Outlook
• 100% Platform
3
aspirations upgraded: $315.0m ARR
5
and 33-37% EBITDA
1
margin
• On track to achieve full year revenue guidance at $167.0m and EBITDA
1
margin of between 16-18%
• Good progress towards 1,600+ sites on the Vista Cloud Platform
7
by year’s end, however a significant
proportion of sites from one key client could be delayed to 2026
• ARR
5
of $175.0m+ now expected in 2026.
Operational overview
• Strong client demand with Odeon Cinemas Group (309 sites) and Village Cinemas Australia (20 sites)
committing to Operational Excellence
4
this year
• 747 sites live on the Vista Cloud Platform
7
at 30 June 2025, with the second half expected to land at 1,600
with work focused on delivering key client projects
• An estimated ~US$2.2b of Annualised GTV processed through the Vista Cloud Platform
8
in 1H25.
Industry overview
• Lilo & Stitch and Mission: Impossible – The Final Reckoning set an all-time record Memorial Day Weekend,
previously held by Top Gun: Maverick
9

• 1H25 domestic box office of US$4.1b, with the full year now projected by Omdia to be US$9.4b
9

• 2H25 box office is supported by more tentpole titles, including Avatar: Fire and Ash, Wicked: For Good,
Jurassic World: Rebirth, F1: The Movie, Superman, The Naked Gun and Zootopia 2.
Group results
Vista Group reported a strong financial performance for the half year ended 30 June 2025, with total revenue
reaching $77.0m, an increase of 11% on 1H24. This growth was driven by a solid 11% rise in Recurring Revenue
6
and
a 24% increase in SaaS Revenue
6
. EBITDA
1
rose 39% to $10.0m, with EBITDA
1
margin improving to 13%, up from 10%
in the prior period. Vista Group continues to invest significantly in accelerating the conversion of clients to Vista
Cloud, as the company responds to strong client demand and delivers its second successive half of Free Cash Flow
2

positive.
In addition to its financial results, Vista Group has unveiled its Embedded Payments strategy, which is designed to
deliver substantial benefits to clients already using Vista Cloud, Vista Classic, and Veezi platforms. This strategic
initiative enables Vista Group’s ARR
5
ambition at 100% Platform
3
to be upgraded to $315.0m.

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

Segmental results
Cinema segment: which accounts for approximately 80% of Vista Group’s revenue, reported total revenue of
$60.5m, up 9% on 1H24. Within this segment, Recurring Revenue
6
increased by 11% and SaaS Revenue
6
surged by
29%, while Non-SaaS Revenue
6
kept at the same level year on year. The segment’s contribution margin
10
remained
steady at $17.2m, as efforts continue to focus on transitioning clients to Vista Cloud.
Recent client signings from Odeon Cinemas Group and Village Cinemas Australia underscore the growing demand
for Vista Cloud’s Operational Excellence
4
capability. To meet this growing demand, Vista Group is accelerating its
adoption of technology, AI tooling, and expanding its delivery capacity, enabling progress toward its upgraded ARR
5

aspiration of $315.0m.
Film segment: which accounts for approximately 20% of Vista Group’s revenue, reported total revenue of $16.5m,
up 16% on 1H24. Within this segment, Recurring Revenue
6
rose by 12%, and SaaS Revenue
6
grew by 11%. The
segment’s contribution margin
10
also saw strong growth, up 22% to $6.7m.
Vista Group’s Powster creative studio business, which had previously been impacted by content delays stemming
from the 2023 writers’ and actors’ strikes, experienced a notable rebound with revenue up 52% on 1H24. Meanwhile,
Vista Group’s box office reporting and film distribution products – including Maccs, Numero, and Movio Research –
continued to perform well, with revenue increasing 6% year-on-year. This growth was primarily driven by the ongoing
geographic expansion of the Numero platform.
Guidance and aspirations

Vista Group’s 2025 guidance is based on a number of assumptions, including box office performance, foreign
exchange, and the timing of key client signings and transitions. Guidance assumes there are no material adverse
macro-economic and / or market condition impacts, and there are no major accounting adjustments, other
unforeseen circumstances, or future acquisitions or divestments. Aspirations are not financial forecasts or guidance.
Footnotes

1 EBITDA is defined in section 1 of the 2025 Interim Report.
2 Free Cash Flow is defined in section 1 of the 2025 Interim Report.
3 100% Platform – 6,000 sites on Operational Excellence (aka “Vista Cloud”).
4 Operational Excellence (aka “Vista Cloud”) – The final Vista Cloud capability, marking the completion of an exhibitor’s cloud journey.
5 ARR – Annualised Recurring Revenue, which is a non-GAAP measure calculated as trailing 3 month Recurring Revenue multiplied by four.
6 Recurring Revenue, SaaS Revenue and Non-Recurring Revenue are defined in section 1 of the 2025 Interim Report.
7 Vista Cloud Platform – An aggregation of all clients using a Vista Cloud capability, including Digital Enablement, Moviegoer Engagement or Operational
Excellence.
8 Annualised GTV processed through the Vista Cloud Platform – Management’s estimate of the annualised GTV processed through Operational Excellence,
Digital Enablement and Moviegoer Engagement in 1H25 using data from Vista Group’s Horizon data warehouse solution. To normalise for box office
seasonality, the first half GTV is assumed to be 43.1% of FY25 GTV, which is based on a proportion of the FY25 Domestic box office (1H25 Actual: US$4.1b
per boxofficemojo, FY25 Forecast: US$9.4b per Omdia).
9 Box Office Sources – Box Office Pro, Variety.
10 Contribution Margin is defined in section 1 of the 2025 Interim Report.

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

ENDS
For further information please contact:

Media Contact:
Kate Ford
Senior Communications Manager
kate.ford@vista.co
020 4770 771

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.

---

VISTA GROUP INTERNATIONAL LTD, SHED 12, CITY WORKS DEPOT, 90 WELLESLEY STREET WEST, AUCKLAND 1010, NZ
Vista Group International Limited
Results Announcement


Results for announcement to the market
Name of issuer Vista Group International Limited (NZX & ASX: VGL)
Reporting Period 6 months to 30 June 2025
Previous Reporting Period 6 months to 30 June 2024
Currency New Zealand Dollars
Amount (000s) Percentage change
Revenue from continuing
operations
$77,000 10.6%
Total Revenue $77,000 10.6%
Net profit/(loss) from
continuing operations
($1,200) 55.6%
Total net profit/(loss) ($1,200) 55.6%
Interim Dividend
Amount per Quoted Equity
Security
No interim dividend will be paid
Imputed amount per Quoted
Equity Security
Not applicable
Record Date Not applicable
Dividend Payment Date Not applicable
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
($0.01716671) ($0.01430518)
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
This announcement should be read in conjunction with the 2025
Interim Report that accompanies this announcement.
Authority for this announcement
Name of person authorised
to make this announcement
Matt Thompson – Chief Financial Officer
Contact person for this
announcement
Matt Thompson – Chief Financial Officer
Contact phone number 09 984 4570
Contact email address matt.thompson@vista.co
Date of release through MAP 14 August 2025

Unaudited interim financial statements accompany this announcement.

=== IR PAGE TRANSCRIPT: 28.02.2025 Full Year Result Presentation Transcript ===

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

Vista Group FY2024 Results Presentation Transcript
28 February 2025, Vista Group International Ltd, Auckland, New Zealand

Matt Cawte – Vista Group, CFO
Good morning and thank you for joining the Vista Group 2024 full year annual results briefing today. We
will begin the presentation in 1 minute.
Good morning, welcome to the Vista Group results announcement for the 12 months to 31 December
2024. My name is Matt Cawte, and I am the outgoing CFO at Vista Group. With me today is Stu Dickinson,
our chief executive, and I'm very happy to welcome Matt Thompson, the incoming CFO to the call before I
hand over to Stu to get us underway. I'd like to let you know we're very happy to take questions at the end
of the presentation.
If you would like to ask a question, please select the raise hand icon at the bottom of your screen, you'll
then go into a queue for questions. When your turn comes we will announce your name and open the line
to you. A pop up will appear at the bottom of the screen, asking you to unmute your line. You can then ask
your question. I'll repeat this later in the call.
Over to you, Stu.

Stu Dickinson – Vista Group, CEO
Thank you, Matt, and I just wanted to acknowledge your service and your support and your decision. So
thank you for that. And looking forward to welcoming Matt Thompson as our CFO as we hand over to him
over the next little while as well. As we get underway this morning, 2024 was a massive year for Vista
Group across every metric. It was a real team effort as we transformed and fully implemented and
operated the business and our new structure all aligned behind our ambition. Everyone on the team has
had a really big year, and I wanted to start with a massive thank you to all of them. Everything they do, and
we do as an organisation, is designed to support our vision around connecting the film industry and
enabling the moviegoer experience. Regardless of whether or not it's Vista Group, Film, or Cinema, all of
our teams and all of our thinking is aligned around this ambition.
2024 was without doubt a standout financial performance for Vista Group. I'm thrilled to be able to present
our results and how everything has come together. During the year we've been able to drive performance
improvement across every financial metric we've delivered all-time record revenue for Vista Group, we
were cash flow positive for the entire second half, and it was very pleasing to be able to return the business
to overall profitability before tax. As I said in my words, a standout financial performance for the year.
But it was not just about delivering financial performance. During the year we expanded and extended our
operating leverage, delivering an approved EBITDA margin for the period up to 15 and a half percent
excluding foreign exchange losses. As I said before, we also continued to deliver on our ambition by
becoming free cash flow positive for the entire second half. During the year we continued our Vista Cloud
momentum build, with 17 new clients signed during the period and almost 700 sites now live using Vista
Cloud solutions. We also continue to drive our solution innovation, delivering 45 new features across Vista
Cloud, all designed to support our clients, to get closer to moviegoers, deliver great digital experiences and
support operational improvements.
The box office came home stronger over the second half of 2024, with a soft first half it really reignited as
we went into the second. We delivered several new records across box office for titles like Moana 2,

2 VISTA GROUP INTERNATIONAL LTD, SHED 12, CITY WORKS DEPOT, 90 WELLESLEY STREET WEST, AUCKLAND 1010, NZ
Deadpool and Wolverine, and Inside Out 2. Many of these moments gave us an opportunity to demonstrate
the power of Vista Group solutions as we scaled our technology to support blockbuster moments, while
supporting our clients, to take every opportunity to drive increased top line, revenue, build admits, and
then ultimately drive, spend per admission as well. We also helped our clients deliver next generation
cinema experiences during the period with new openings at places such as Pathé Palace, or most recently
View Swindon, which both use Vista Group solutions behind self-checkout and concessions and automated
entry solutions. These enable our clients to deliver more operational efficiency and lower operating costs.
The journey to Vista Cloud is designed to help our clients improve their cinema businesses. It's exciting now
as we continue to onboard clients and build momentum, that we are seeing the benefits from these
solutions Through independent channel checks, the feedback continues to be encouraging, and also aligns
with what we are seeing on the ground. The complexity of moving an enterprise solution from on-premise
to cloud should not be underestimated. So it is really encouraging to see this type of feedback coming in
aligned with our core focus around helping our clients drive revenue, improve spend opportunities and
effectiveness.
During 2024, we also continued to accelerate Vista Cloud adoption onboardings and signings. We delivered
almost 400 Vista Cloud operational excellence sites, and just under 700 sites live on Vista Cloud digital
solutions. Client driven box office performance delays mean we were slightly below our overall aspirations,
but with strong onboarding and a secured backlog, we're very excited about our December 2025
aspirations of 700 Vista Cloud operational excellence and 1,600 Vista Cloud digital sites.
Beyond delivering a better client experience and a set of solutions, Vista Cloud is also designed to enable
broader opportunities for us to service the film and cinema industry. Understanding and seeing gross
transaction value going through our Vista Cloud software enables us to unlock opportunities and revenue
streams for Vista Cloud, as we support our clients to grow. With an annualized GTV, or gross transaction
value, of US$2.8 billion through Vista Cloud during the December 2024 period, we get a glimpse of the
future. It's a data rich environment that enables us to deliver actionable solutions. Now, around areas such
as payments advanced yield management and prediction. All of these are valuable to both Vista Group and
our clients, as we continue to build more volume through the platform in the future.
You've heard me multiple times over the last periods, talking about the steps in the journey. In 2023, we
focused on delivering market fit and client outcome. 2024 was about delivering at scale, and we proved this
as we onboarded complex scale circuits, such as Major Cineplex and geographically diverse and scale-based
circuits, such as Pathé. We've continued to learn and improve our processes through these experiences.
2025, then, is about ongoing acceleration in the business across our onboarding ambitions, supporting our
clients to get the benefit of Vista Cloud solutions. All of this, as we continue to work towards our aspiration
of delivering an ARR run rate of greater than $175 million by the end of 2025.
In site terms, we're targeting approximately 35% of our enterprise sites to be on Vista Cloud digital
solutions by the end of December 2025. This acceleration is focusing the entire Vista Group team. As we
continue to improve the speed of onboarding, our engineering efficiency, and build on the learnings from
2024 through deeper and earlier cloud pre-discovery. Our solution development teams will also have a
busy year as we continue to adapt and enhance Vista Cloud for changing client needs with an increasing
focus on driving spend per admission, we're supporting our clients to deliver more sophisticated food and
beverage offerings, improvement in moviegoer understanding and targeting, and using the benefits of AI
driven tools. Recently we launched our first foray into this around first draft which helps movie marketers
communicate effectively highly targeted communications to potential moviegoers. Our investment in the
cloud platform modernisation will also continue in 2025. As we continue to improve cloud resilience, as we
onboard at scale. Clients also appreciate and value our cyber and SOC 2 Compliance, our ambition to be
fully SOC 2 Type 2 Certified for Vista Cloud continues in 2025.

3 VISTA GROUP INTERNATIONAL LTD, SHED 12, CITY WORKS DEPOT, 90 WELLESLEY STREET WEST, AUCKLAND 1010, NZ
Over the last 6 months you've heard us talk more about the momentum we're building and the
opportunities beyond. Our core focus remains on delivering on our Vista Cloud ambitions and growing our
film business. The ecosystem opportunity, though, is coming more into focus as we see volume through the
Vista Cloud platform over the next 12 months we'll continue to develop these opportunities as we look to
leverage the platform into broader based areas, such as payments. We'll also continue to support our
clients as they broaden their operations into more sophisticated offerings, such as family entertainment
and out of home. I look forward to coming back at the end of the call to talk through our outlook.
But now I'll hand over to Matt, who will take you through our detailed financial results for 2024. Thanks,
Matt.

Matt Cawte – Vista Group, CFO
Thanks, Stuart. I'm pleased to be able to bring you those financial results for the 12 months to 31 December
2024, as Stuart said, for the industry, the momentum is back after a slower start to the year, and has been a
great 4th quarter in particular. The results you see today represent the first full year of operating since our
2023 transformation away from the legal entity driven structure to one organisation with aligned strategy
and objectives. These results contain demonstrable evidence in site numbers, revenue, profit, and cash, as
to why we believe that was a very successful process, and what it means for Vista going forward. As we do
with each results announcement, we've updated the financial data file on our website to help investors
update their models and aid analysis. You'll find this in our Investor Centre under the report section,
directly under the thumbnail of the latest financial results.
I'll take you through the same 3 views of the P&L we've seen for a while now, so you can get slightly
different perspectives on our performance over the last year, plus a couple of extra points to show our
progress with cloud momentum and the full year impact of the transformation on our cost structure, and
how that will play out over time. At the highest level, the group P&L view headline revenue was up 5% for
the full year. Recurring revenue was up 9% and very pleasingly, SaaS revenue for the group was up 21%.
Non-recurring revenue was down 19% for the year, and ARR is now $145.6 million up from $126.3 million
at the end of 2023. This is helped by good second half year. Client transitions to Vista Cloud improved client
gross transaction value due to the strong closing box office, and quite late in the year some assistance from
a stronger US Dollar. With total cash costs of the group down year on year, EBITDA was up 62% and EBITDA
margin excluding FX was 15.5%. I'll talk in more detail to that in a moment. But a great second half year
result in particular. The rest of the P&L is in line with our targets, with the key item of depreciation and
amortisation in line with 2023. Continue to expect D&A to increase in the coming years, as more capitalised
development costs go live with our accelerating cloud delivery. It is especially pleasing to see the business
return to a positive profit before tax.
This slide shows the last 4 half year periods of the operating performance of the Group. There are 2 key
trends here, one, the continued improvement in recurring revenue growth underpinned by the transition
to SaaS revenue, and 2 continued solid cost management, driving EBITDA margins, especially when you
take out FX through the P&L. It is good to see the huge onboarding efforts of the vista team in 2024 appear
strongly in the SaaS growth numbers for the second half. This is the main contributor to revenue growth. It
was aided by a good box office result in the second half, and, as I said, a modest benefit from the stronger
US Dollar very late in the year. If the New Zealand dollar stays down at its current levels, it will have a
positive effect on our results in the coming year. We continue to see modest variability in the non-recurring
revenue, and expect to do so for the foreseeable future, and though services, hardware and perpetual
licenses in the second half of 2024 were up on the first half, and roughly in line with the second half of
2023, we still expect these to trend down over time. Turning to operating costs, we can now see the go
forward rates of our SaaS cost line in the 2 halves of 2024. Remembering that the 2023 numbers were pre-
transformation. Stu will talk to the cost drivers of these key SaaS P&L categories in the Outlook Section as

4 VISTA GROUP INTERNATIONAL LTD, SHED 12, CITY WORKS DEPOT, 90 WELLESLEY STREET WEST, AUCKLAND 1010, NZ
we discuss how these will play out over time. But the 2024 numbers here represent a good reference point
for the business. Total cash costs, including capitalised development leases and removing non-cash P&L
expenses, was $77 million for the half, roughly in line with the $76 million per half that we gave at the US
Investor update in the second half of 2023. We continue to expect staff numbers to remain relatively stable
for 2025 with some potential additions to the team in cost to serve and R&D during the year as our cloud
adoption opportunities grow. The top line, SaaS growth and strong cost management has resulted in us
beating that EBITDA margin. And now 15.5% for the full year.
I thought it useful to explore that a little bit more, and how that looks and lines up with our guidance. This
graph shows the last 3 years, reported EBITDA performance with the first half and second half stacked on
top of each other. Clearly it's great to see the solid 2024 performance, and this trend aligns well with our
guidance of 16 to 18% for 2025. The lower end of that guidance is well within reach, given that the second
half 2024 exit rate, especially when you take out FX. So for 2025, successful client transitions, which are
likely to be weighted to the second half, a consistent box office, a small US Dollar tailwind, and good cost
management while keeping our options open to invest, to accelerate cloud adoption in future years
(2026/2027) could push us to the top of that range. The variance between the first half and second half
EBITDA is also clear. This is driven by the timing of client adoptions, as I said, weighted to the second half,
and the movement in cost increases, mainly headcount related, which are generally effective from the start
of the year. We expect this first half, second half trend to continue in 2025.
The reporting segment slide reflects the P&L of the two main business segments of the group. The Cinema
and Film segments are managed to the contribution line, so include cost to serve sales and marketing R&D
costs. These splits can be found in the data file on the Investor Centre, and G&A is managed at the total
group level. Both segments increased SaaS revenue significantly with Cinema up 25% and Film up 13%
against 2023. Cinema showed a strong rebound in non-recurring revenue during the second half, and both
segments reported good improvements in contribution margin, both in dollars and percentage.
One of the highlights for me is this year's result in delivering a positive free cash flow for the full second half
of 2024 beating guidance of the fourth quarter of 2024. At $2.6 million, it's a great win for the business, and
a really good sign that momentum is with us. The full year result is also net of working capital outflows of
nearly $6 million, so there's more to come here. In the full cash flow, cash flow from operating activities
was up 87% on 2023, up to $16.8 million, helped by collections of 100% of revenue. This would have been
up 26%, once you adjust for the exceptionals which largely relate to the 2023 numbers. Capitalised
development was down 10% in cash terms for the year and lower than the planned run rate. This is
partially due to the reduction in costs from the transformation and the focus on delivery and
implementation of Vista Cloud. Overall a great cash performance.
Our balance sheet remains in good shape. Group cash of $21.8 million, being $2.1 million net of bank debt
was up from $19.1 million net of overdraft at the half. Our available cash facilities, being the combined cash
balance and undrawn bank capacity, stand at $44.1 million. We have a strong relationship with our primary
bank the ASB, and have extended our trading arrangements with them out to 2028. Lastly, on the balance
sheet, the quality of our receivables books continues to improve, and collections continues to be a key
focus of the business. In short, a record result all round, and it's great to see all our efforts appear in the
numbers. We're in a strong position to build from here. With that in mind, I'll hand back to Stu to update
you on the outlook and to sum up.

Stu Dickinson – Vista Group, CEO
Thanks, Matt. And as I turn to outlook as I said at the beginning, it was pleasing to report the financial
results and the momentum of where we're at as an organisation. We've put a lot of thought into outlook.
And so I want just wanted to start with box office and so domestic box office, so that's North America
based box office. We're expecting this to become, and continues to become, a key driver, particularly on

5 VISTA GROUP INTERNATIONAL LTD, SHED 12, CITY WORKS DEPOT, 90 WELLESLEY STREET WEST, AUCKLAND 1010, NZ
our admit based revenue streams. And so this year we're expecting this to continue to improve. Our view at
the moment is that it will sit around the 9.7 billion mark, which is in line with what some of the other
guidance and outlook is in the market. And so this number is underpinning a key part of our outlook
thinking. The other thing we think about is also where we're at from an overall foreign currency and
exchange perspective as well. And so, having that guided is also important.
As we continue to improve the operating leverage of the business, getting towards 100% platform, and
where we think our cost base will go over a period of time, is what's enabling us to build more and more
confidence around our longer EBITDA margin performance and aspirations. And so you can see here, we
expect that as we get to 100% platform, our opex will continue to fall as a percentage of revenue. Our cost
to serve will fall slightly, and those two things open up our overall EBITDA performance. This is what's
giving us the confidence, as I said before, to look at those long-term EBITDA margin aspirations. We have
continued to focus around client acceleration for 2025 and into 2026. And so we have wanted to make sure
that we leave some investment opportunity for that in terms of our EBITDA margin guidance, into those
periods as well.
So when we put that together, we are talking about a guidance of $167 million to $173 million from a
revenue perspective, which translates into $152 million to $158 million from a recurring revenue
perspective. And that non-recurring, as Matt said, falling slightly to $15 million. You'll note that we've
opened the aperture slightly of the revenue guidance window, so it's slightly bigger than previously. The
predominant thinking there is very much around just foreign exchange, and making sure that we are aware
of how that might move over time. The 2025 EBITDA aspiration that was there has now become guidance
for this year. So we're expecting that to be between 16 to 18%. As Matt talked about in the financial
results, our view is that we should be able to trend to the higher end of that through the year. We've also
updated a medium-term aspiration. So this is around when we get the business to 100% platform. We had
a previous EBITDA margin aspiration out there of 25 to 30% plus. We're now comfortable to upgrade that
to 33 to 37%.
So bringing those things all together, you can see that the guidance for 2025, $167 million to $173 million
on the revenue line, EBITDA margin of 16 to 18%, and then 2 aspirations for 2025, one around the number
of sites on the Cloud journey - so we're looking for 1,600 plus or 35%, and the ARA ambition of $175 million
plus, we're still chasing as well. And then finally, at 100% platform, you can see, we have updated our
EBITDA margin aspiration there to 33 to 37%. So that's when we get all of our client sites and growth onto
the platform. So that's how we put the guidance together for the year. And now what I'm going to do is
hand back to Matt, and we're going to open the lines up for questions.

Matt Cawte – Vista Group, CFO
Hey, thanks, Stu. Before I open the line for questions, and the first question will be from James Lindsey at
Forsyth Barr. If you'd like to ask a question, please use the raise hand icon at the bottom of the screen, and
you will go into the queue for questions, and when your turn comes we'll announce your name and open
the line. Just remember that a pop-up will appear on screen. You have to unmute your line to ask the
questions. So with that in mind, the first question will be from James Lindsay at Forsyth Barr, and the line's
open for you, James.

James Lindsey – Forsyth Barr
Thank you very much. And congratulations, gents, on a good result. And yeah, and the outlook statements
as well. Just one thing just on the opex side of things. You talked about room for opex investment and client
transition, just interested in the sort of conversation around pushing harder for implementation, just as
demand comes through.

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Matt Cawte – Vista Group, CFO
The thing that is exciting in these results is the momentum of cloud adoption is clearly with us. We've got
some pretty significant banners, names, of circuits in the to be signed up list as well. We know that they will
take a lot of work over the next few years, and we’re just keen to leave ourselves a little bit more room to
spend money this year if it helps us accelerate that adoption in 2025, but thinking more about 2026 and
2027. It's not a huge change in opex, but I just think we want to make sure we don't miss any sort of cost
objectives of the business. One of the very pleasing things coming out of the transformation of 2023 is the
business is shaped well for delivery, and we've got some good delivery targets this year. I think what is
interesting from the client side, and we've had some good examples even this week, with one of our key
clients being in town in Auckland, is how they, our clients, our biggest clients, are thinking about their
future now, and how we fit into that plan and leaving ourselves room to spend more now to accelerate
that, I think is wise.
Stu Dickinson – Vista Group, CEO
So I think just to push on that a little bit. We're very comfortable that the site aspiration we have for this
year is in line with the EBITDA margin guidance that we've given. As Matt said, there's some pretty exciting
conversations going on around how we might accelerate some of those longer-term opportunities. And
that's what we're just trying to cater for.

James Lindsey – Forsyth Barr
And maybe just to follow up on that just with regards to, obviously, the industry demand is looking very
solid and you've obviously provided that forecast as well, which is great. But it's just interesting in the sort
of implications then, that you've moved 700-1000 clients on cloud to 700, and just interested in what's
driven that move.

Matt Cawte – Vista Group, CFO
Yeah, I think it's just firming up how it that flows into the financial results rather than any lower
expectation. The economics still play out the more clients we can get completing the journey. Obviously,
the bigger impact it is on the revenue line for us. So it's just balancing that mix of being on the journey and
having completed the journey.

James Lindsey – Forsyth Barr
And then sort of a follow up on that, just with regard to the strong GTV outlook as well. Unless I've missed
it, you don't seem to be disclosing that percentage of revenues linked to GTV or a target for that. Is there
anything in there about your medium-term view about what that will get to?

Matt Cawte – Vista Group, CFO
No, that's a great question, James. Obviously, I'm going to hand that one to the future. But if I can say, we
are on the right track, it's still too early to talk about what our take rate is. But I think we will be doing that
more and more in the future, particularly if it's not commercially sensitive. But you can see that we're
getting a significant portion of our portfolio visible to us through Vista Cloud, and that US$2.8 billion, it
probably represents about 15%. That US$2.8 billion grossed up, if it was consistent with the rest of the
market, would be about US$18 billion dollars of GTV through the whole platform. In what is still a reduced,
you know, slightly suppressed, admits market. So I think it validates that the size of the prize is pretty
compelling, and our ability to take advantage of all the things Stu talked about in that slide around when
we've got a lot of data and the data-rich aspects opens up more business opportunities.

7 VISTA GROUP INTERNATIONAL LTD, SHED 12, CITY WORKS DEPOT, 90 WELLESLEY STREET WEST, AUCKLAND 1010, NZ
Stu Dickinson – Vista Group, CEO
Yeah, I think that the first step in this journey for us was to get a good percentage of clients transacting
through Vista Cloud so that we could then start to see what was going on. Up until now we've had a view,
based on market share, and an overall expectation. Now we can actually start to see it. And so, once we can
start to see it, we can help our clients do more, and that flows into opportunities for Vista Group as well.
And so this is just the first step on the journey. But you can expect us to talk more and more about this over
time.

James Lindsey – Forsyth Barr
Great thanks so much, and this last one for me, if I may. Just with regard to the number of sites live, just a
little bit of a miss there. And you know, in conversations that we've had with some of your customers
they're saying, taking a bit of time for implementation. Just interested, if the learnings of those slow
implementations on the first guys have helped out and is speeding up implementation for the future.

Stu Dickinson – Vista Group, CEO
Short answer to that is yes. And so just specifically on the number of sites that we expected to have on, or
we were anticipating at the end of 2024 versus the actual outcome, that was predominantly driven by
client decisions to take advantage of a very strong box office end to the year, and not want to disrupt over
a cut over period. And so we were ready to go across those. So there is a little bit of that that will always be
in these numbers and we've tried to talk pretty consistently around that. In terms of the learnings, there
have been a heap of learnings, and when I talked on one of my slides I talked a little bit about pre-discovery
and some of the further investment we've made there. And so one thing that we know and continue to
know more, is that for many of our clients they've spent a long time with our platform or our on-premises
software. They've used that extensively. They've often integrated that extensively as well. And so, really
understanding what they've done with that, and how we can make sure that we optimise that for Cloud
and the Cloud transition project has been a good learning as well. We've put some more resourcing around
that process and we're going to continue to focus on that this year. The other thing I'd say is, we do expect
that over time we continue to accelerate this as we get further through the client base, the number of
things like payment connectors and integrations that we have to build, or that we have to integrate as
clients move to Cloud will reduce, because our portfolio of cloud-based ones will continue to increase. So
yeah, this year is about taking the learnings out of 2024, and going even faster.

James Lindsey – Forsyth Barr
Great thanks so much. I'll pass back for others. Thanks.

Matt Cawte – Vista Group, CFO
Thanks. James. Next question is from Guy Hooper from Jarden.

Guy Hooper – Jarden
Sure good morning guys. Obviously, you got a few large operators out there, or clients that aren't on the
cloud yet. Do you give a sense of the timing for some of the larger transitions, and what those
conversations might be like? I just noticed, I think, from memory, the 100% platform aspiration was sort of
around FY2030. Is that still a fair timeline, or has that slipped a little?

8 VISTA GROUP INTERNATIONAL LTD, SHED 12, CITY WORKS DEPOT, 90 WELLESLEY STREET WEST, AUCKLAND 1010, NZ
Stu Dickinson – Vista Group, CEO
Gidday Guy. I think that is a fair timeline. What we think a lot about, which was on slide 9, is adoption of
our Horizon and Oneview solution. And so we're well on track to over half of our clients using that
platform. That's a very strong indicator for us that that the client is moving towards Cloud. We then move
on from there, obviously into Digital and full Vista Cloud. There is across our client base, every one of our
clients is having a conversation with us around Cloud. At the moment, we've obviously got some
committed. We've got a number of our largest circuits that are on pilots, and that's a model that was used
often originally to roll out Vista on-premises software where you put it into one territory or one site first
and then go from there. So we're comfortable with the sort of thinking that was in the dates originally
around 2030. We're obviously looking to make that faster. And I hope what we'll see this year is as more
clients go live, more clients commit, and we expect the snowball to continue to roll.

Guy Hooper – Jarden
Great thanks for the colour there. You mentioned there's a customer in town, you're having discussions
around how this stuff might fit into its future. And you know, potentially that requires some additional
spend to accelerate transitions. You talk a little bit around what you mean by fitting into client future and
what that spend might be on? Is it additional functionality, or types of products.

Stu Dickinson – Vista Group, CEO
So what we do and what we've looked at this year is what is our expectation on term in terms of client
onboarding and then we've resourced against to support that. What we're starting to see now is some of
our clients say, “Okay, how can you help us go faster here, Vista Group? How can you roll out across
multiple territories all at the same time?” etcetera. And so this is people are starting to see the benefits it's
like, how do we get that, how do we take that faster? As I talked about in my presentation, we're
continuing to innovate the platform as well, and so that's improving client keenness around adoption as
well. A number of the solutions we're building now are Digital only, Cloud only, etcetera and so the clients
are looking at those going well, how can we adopt those faster.

Guy Hooper – Jarden
Good. Thank you. And I just I guess, one last one for me. I know you're not at a point where you can talk to
say take rate, but maybe if we just think about it in the old terms, like 3 to 5 times. The deals that you've
been signing, could you give us an indication of where they might sit within those types of ranges?

Stu Dickinson – Vista Group, CEO
Yeah, so look, we're comfortable and we've talked to the market previously about the 3 to 5 times, the
transactions and the deals that we're doing are in that range. And so I'm very comfortable that we're
signing opportunities that are in model.

Guy Hooper – Jarden
Great, thank you. And congratulations on a good result.

Stu Dickinson – Vista Group, CEO
Thanks, Guy.

9 VISTA GROUP INTERNATIONAL LTD, SHED 12, CITY WORKS DEPOT, 90 WELLESLEY STREET WEST, AUCKLAND 1010, NZ
Matt Cawte – Vista Group, CFO
Thanks, Guy. The next question is from Jules Cooper at Shaw & Partners. Go ahead, Jules.

Jules Cooper – Shaw & Partners
Thanks, guys. Can you hear me?

Stu Dickinson – Vista Group, CEO
Yep, we can.

Jules Cooper – Shaw & Partners
Great fantastic guys. That slide on page 24 is super helpful. Thank you very much for that. One question,
though, when I look at it, the cost to serve I suppose at 100% platform only reduces by 5% and I just
wondered if you could maybe talk about what you're seeing with some of your existing customers that
have moved to Vista Cloud, and are sort of seeing that operational excellence playing out, what the gross
margin or the cost to serve might look like there? And how do we think about potential upside? Because
that's still a relatively, I know you've got some other costs in that space, but I thought a lot of those costs
were kind of tied to the migration, so that when you get to 100% platform, is there not a piece of that cost
to serve that sort of potentially comes out? You know, because it just feels like there could be quite a bit of
upside there on that still.

Matt Cawte – Vista Group, CFO
Yeah. Good. Good question, Jules. And I think we've given the broad range that of the 33 to 37% and the
graph obviously has 35% is the midpoint. There potentially is some cost to serve upside in that. We've got a
little bit of a way to travel yet before we fully grasp how the post, how the 100% platform cost structure
will look. But you are right, some of it is transitional, some of it should come out. I think there could be
more opportunity. We're very comfortable to bring up the aspiration at the moment from the from the
previous range, and there could be more. One thing I would hope people keep in mind, when we use cost
to serve, we fully load cost to serve with all our services teams. This is a B2B
business, not B2C, so it's a high service environment. These are billion-dollar businesses running their
mission critical systems in the cloud. So it's always going to have a relatively chunky resource requirement,
not just hosting and tech, which is probably the more fixed element of that. I think at the moment only
coming down to 35% is good, you know. There could be more opportunity. That is also the kind of as is
business case. As you go forward, we haven't really factored in what the data-rich environment will do,
what AI potentially could do from a cost base, but also, more importantly, from a value to our clients
perspective, and that might not reduce our cost. But it certainly might grow the top line as we get more
data scientists, more AI specialists and those kind of things.

Jules Cooper – Shaw & Partners
Yeah. All right. And maybe then just one other. Just so we can square away the whole cash flow statement
as well. Matt, could you maybe talk around what you're assuming there in terms of R&D, and the
proportion that would be capitalised.

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Matt Cawte – Vista Group, CFO
Oh, good question. We probably undershot a little bit. There's only $17 and a bit million through the P&L,
net of our tax credits, that was capitalised this year. It’ll probably go up a little bit in 2025. I think our
medium-term guidance is $20 million per year. It might be slightly shy of that, it might be sort of 19 million,
but it'll remain in that kind of $18 million to $20 million range for the next few years.

Jules Cooper – Shaw & Partners
Got it. And the question was really directed around, when you think about that 100% platform, what is the
assumption you you're making around that proportion that is capitalised, maybe as a percentage of
revenue. But certainly the 2025 insights were appreciated as well.

Matt Cawte – Vista Group, CFO
Sorry. Yeah. Good question. So in the long run, we'll be able to roll off the majority of our investment
maybe start of 2027, definitely in 2028 when the majority of clients have moved on to the platform, and
we'll be back to a run rate of the $6 million or $7 million dollars per year is the current expectation.

Jules Cooper – Shaw & Partners
Right well, awesome guys. Fantastic thanks for the colour. Can't wait to see how the movie ends.

Matt Cawte – Vista Group, CFO
Thanks, Jules, appreciate it. Next question is from Steven Ridgwell at Craigs.

Stephen Ridgewell – Craigs
Yeah, good morning. And yeah, just echo the comments, a great result and outlook and really good colour
on how you say things playing out. Just first question for me. Just wanted to follow up on James's question
just on the pushing to the right a little bit of the 400 live site target by the end of last year, and you sort of
calling out some client decisions to defer which will kind of make sense. I just wanted to get some clarity
on, you know whether you're now kind of at that 400 site target today, or you've got pretty good visibility
on that being hit shortly. So that is to say, if the clients going live that it had made that decision last year,
are they going live around about now?

Stu Dickinson – Vista Group, CEO
We're not quite there, Stephen, but we are pretty close. So we've got absolute visibility on all of it. We've
probably just got another few weeks to go.

Stephen Ridgewell – Craigs
Okay, helpful. And then, just in terms of the number of customers, either on or contracted to the full Cloud
suite. We're up at 940 from 640 six months ago. So again, like great progress there, just interested in terms
of the contracted customers. We've seen, good momentum with the European customers in particular,
maybe the North Americans have been a bit slower, and I think they've gone into some of the Horizon
products and such, but just interested if we now are starting to see some of the American customers, that
might be happening in the not too distant future, particularly given your comments that you're looking to

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add some implementation resources. So it sounded to me there could be a bit more momentum coming
through there. So your comments there would be useful thanks.

Stu Dickinson – Vista Group, CEO
Yeah, so I think my first comment was from a geographical perspective. You're right, EMEA or Europe has
certainly gone out hard. Obviously. Pathe, big success story there, and I think has been really good. If you
go back in time, Cineplex in Canada, North America was really our first big Cloud client signed. They
completed their digital migration during 2024 and are now on the way to full operational Excellence. We've
got a good line of sight in North America. I haven't got anything to talk about today in terms of additional
signings, but across each of the regions we're pretty well balanced at the moment, which is great, so we
can see some good things happening in APAC. Major Cineplex was a great success story going to full Cloud
last year, and then EMEA continuing, and North America as well. So yeah, I'm pretty comfortable around
each of them. We'll be looking to talk a little bit more about some more signings over the next little period.

Stephen Ridgewell – Craigs
That's great. Thank you. And then just one for Matt and the $175 million ARR target. Obviously, you're
probably anchoring to the low end of the prior range, which will, you know, 700 sites live on the full Vista
Cloud suite versus 700-1000 previously. So still good progress, but maybe on the low end. Can you just take
us through how you're still comfortable with the $175 million ARR target by year end just given, the
numbers to cloud downgrade at the midpoint. Thank you.

Matt Cawte – Vista Group, CFO
Yeah, really good question, Stephen, and I'll get to the 2025 in a second, but I just want to comment a little
bit more on 2024, just a little bit more colour. I appreciate that we were slightly under those site targets.
And what I do want to make sure is, people don't put too much emphasis on that, goes live, doesn't go live
number, certainly the fact that we are slightly below those numbers. But we still had our revenue, and we
beat our EBITDA targets. If they had gone live they probably would have made a very modest impact on our
results. The key thing, and that's what slide 9 is all about, the momentum that we're carrying, both of sites
live, and sites that are in progress. We have 20 projects on the go right now. That's how we know, that's
how we get confidence on the run rate. We know how much capacity we've got across our team,
particularly in the second half. So we know when signings come, particularly if they're big signings, how we
can fit them in and that all plays into that momentum slide. And so the 700, for example, as a target for the
end of 2025, having completed the journey, we have 942 in our pipeline today, right? So that 700 target,
we might be slightly higher, might be a little bit lower, but we know that at the end of this year we'll have
roughly 940, either live or contracted to have gone live on the full Cloud. I think these are leading indicators
about the momentum rather than the revenue number, the hard tie between that achievement and the
revenue number. Sorry, it's a long way to get to your $175 million question. So $175 million is still well
within our grasp. The more we can get to complete the journey to Vista Cloud, to operational excellence,
the better. And so it's just gonna come down to that mix between actual go lives, and you know how we do
ARR, of course, being the last 3 months, times 4. So we really need, in order to hit the $175 million,
everything to be live by the 1st of October. So there's going to be a little bit of variability in that number. I
don't think we want to be marked down for that. What do we want to be marked positively for is that
momentum, is our signings, and then our absolute SaaS revenue number. So, rather than give you a broad
range for the ARR, I think we just want a kind of a target.

12 VISTA GROUP INTERNATIONAL LTD, SHED 12, CITY WORKS DEPOT, 90 WELLESLEY STREET WEST, AUCKLAND 1010, NZ
Stu Dickinson – Vista Group, CEO
Yeah, I think the other thing I'd say there as well it's why in the outlook slides I talked to the improvement
in box office that we're seeing this year, and forecasts, and obviously that has a has an effect on ARR across
our admit based revenue streams as well, and currency plays a little bit into it, too. So momentum, box
office, are all part of the part of the picture. So yeah, we're comfortable.

Stephen Ridgewell – Craigs
Okay, thanks. And then just on the opex, I guess you know, signalling a bit a bit more spend there and
implementation. I guess I'm interested, is that decision reflecting, perhaps feedback from early adopters
on, service levels or feedback from them? Or is it simply that you see the pipeline growing? And you want
to invest ahead of that pipeline.

Stu Dickinson – Vista Group, CEO
Yeah. So look, I just want to be really, really crisp on the answer. Any additional spend that we might think
about would only be there because we saw clients driving additional acceleration. That may or may may
not happen. We're really encouraged with some of the client conversations that we're having, but I'm also
very comfortable with the level of spend that we're seeing for the commitments we've got in the market.

Stephen Ridgewell – Craigs
Right, and then maybe just one last one for me. I mean, I think it's probably the first time you've really kind
of highlighted kind of ecosystem as a potentially significant adjacent opportunity. And that's beyond the
$300 million kind of target. I guess when you look at the opportunities, and I appreciate this is kind of early
days, but what would be the most material kind of monetisation opportunity in those ecosystem expansion
or adjacencies that you've called out. You know, from where you sit at the moment.

Stu Dickinson – Vista Group, CEO
Yeah, I think if you look at some of our peer group companies who deliver some similar transactional based
solutions, then then payments is the logical large opportunity that's sitting there. We have traditionally
driven a small amount of revenue through payment referral and other bits and pieces, but certainly we
think there's some good opportunity to explore there when we look more broadly at some of our peers in
the market.

Stephen Ridgewell – Craigs
Great, that's all for me. Thank you.

Stu Dickinson – Vista Group, CEO
No problem, thank you.

Matt Cawte – Vista Group, CFO
Thanks, Stephen. Next question is from Phil Campbell at UBS.

13 VISTA GROUP INTERNATIONAL LTD, SHED 12, CITY WORKS DEPOT, 90 WELLESLEY STREET WEST, AUCKLAND 1010, NZ
Phil Campbell – UBS
Yeah. Morning, guys, can you hear me?

Matt Cawte – Vista Group, CFO
Yep.

Phil Campbell – UBS
Oh, great! Yeah, just a couple of questions from me. I suppose the first one was obviously the terms of the
cloud migration. We're focusing on the existing customer base. I'll just be interested if you've had any kind
of inbound customers that are not part of your base. Obviously, there's big ones in North America. Or if
there is a plan to try and target those at some point, or is the main focus on the existing customer base?

Stu Dickinson – Vista Group, CEO
No. So we've definitely had inbound. We announced last year a number of new inbound clients. One of the
bigger ones was Cine Columbia, who are a net new client to Vista Group. This is definitely a key target area.
I think our focus obviously, has been on supporting our existing clients to transform with us to the cloud.
But we also announced Cinema West, which is a North American based new client last year. And so we're
going to continue to focus on that as well. And that's one of the ways that we get additional market share
over time.

Phil Campbell – UBS
Yeah, awesome. And I think you kind of touched on it Stu a little bit, just in terms of when you start getting
up and running on these migrations. I'm assuming you become more efficient at them. So I'm just
wondering if you could give us a few metrics around that. And also feeding into this, obviously with the
advent of AI, particularly for some of the developers, how much more efficient is Vista becoming in terms
of doing some of these migrations? Or is it still pretty customer by customer? So you still end up with
certain problems you’ve got to solve on a customer-by-customer basis.

Stu Dickinson – Vista Group, CEO
The answer is probably all of the above. So we're absolutely becoming more efficient, both from the tooling
we've built and continuing to then implement that across new implementations as we do them. There are
some things that we are having to transform for each client at the moment as we do it. And so, as we've
gone around the world, things like payment connectors, etcetera, we're now starting to get some benefits
through efficiency there, as we build more and more market penetration. The other big thing, is just
understanding what the client is using, what they've developed themselves and how that's integrated. And
so again, I'll point back to the getting the client on Horizon/Oneview gives us really good insights into that
environment, and what's going through their system, how it's been integrated, etcetera. And so I don't
have specific metrics around our engineering improvements or delivery efficiency that I can share. But what
I would say is that certainly we're getting faster, we're getting more comfortable with repeatability across
the process. And that's what we'll continue to accelerate.

14 VISTA GROUP INTERNATIONAL LTD, SHED 12, CITY WORKS DEPOT, 90 WELLESLEY STREET WEST, AUCKLAND 1010, NZ
Matt Cawte – Vista Group, CFO
And if I can add to that one, too, as well. With that Horizon number fast approaching 50% of our clients,
either on who are already on the journey or still on-premise. Any innovation that the team do in the
product space around Oneview immediately becomes available to everyone. I know this is just exactly what
every other SaaS company does for us, but this is why the transition’s so important. And the more we see
the uptake of the digital solutions, the more immediate our clients who are already on this journey get
those benefits. So it's great to be able to see that, you know, delivered into their hands immediately versus
the on-premise world. So yeah, it's exciting.

Phil Campbell – UBS
Right and just, I suppose, in terms of migration. Just be interested in your views on some of the customers,
you know. Why are they migrating? Is it a server upgrade? Obviously you talked a bit about in the 4th
quarter, you know the box office was delaying some of the migrations, you know, I suppose, be interested
in your views in terms of like the total wallet, if the wallet’s going up by more than 10%. You know, are
they a bit averse to that, or if it's, less than a 10% increase in total spend, they're okay? And with Vista
getting a bigger share.

Stu Dickinson – Vista Group, CEO
Yeah. So we're working with each of our clients has a slightly different IT spend profile. We work with each
of them. A lot of the core proposition is around share of wallet transfer, but it's also around improved cyber
posture, improved effectiveness. The ability, and you saw it in some of the quotes for the client to free up
their resources, to focus on things that add value as opposed to supporting IT infrastructure. Particularly in
the operational excellence area is server replacement is a key part, as well as server estates. A lot of them
are currently deployed to every single cinema site. When we move to full operational excellence, we can
remove that requirement so that drives some of the decision making as well. So each client is unique, and
we work through our client engagement process with each client around well, what's the business case
look like for the move to Cloud?
Phil Campbell – UBS
Great awesome. Just the last one was obviously you got Potentia sitting there just under 20%. They don't
have board representation, but I'd just be interested in kind of with them sitting there, how was that
influencing the Board and management in terms of how you're running the company?

Stu Dickinson – Vista Group, CEO
So we obviously went through a process with Potentia last year. We've been working in a much more
constructive way since the ESM was called off by them, which has been great. They are deeply committed
and excited about the potential of our organisation. They're very keen to help us grow that and support the
business. And so, there's been much better engagement with them since then. I'm really enjoying working
with some of the team now that we've got to know them a bit more and they’re one of our major
shareholders. So we want to continue with that.

Phil Campbell – UBS
Okay, excellent. Thanks. Very much. Guys.

15 VISTA GROUP INTERNATIONAL LTD, SHED 12, CITY WORKS DEPOT, 90 WELLESLEY STREET WEST, AUCKLAND 1010, NZ
Matt Cawte – Vista Group, CFO
Thanks, Phil. We've got time for one last question, Stephen Hudson, from Macquarie. Go ahead, Steven.

Stephen Hudson – Macquarie
Matt and Stu, can you hear me okay?

Stu Dickinson – Vista Group, CEO
Yep, yes, we can.

Stephen Hudson – Macquarie
Just a couple of quick ones from me. Just following on from that last comment on your majority
shareholder. Can you talk about any acquisition strategy that you have within the business, and what that
might look like in the next couple of years.

Stu Dickinson – Vista Group, CEO
So I from a Vista Group perspective, our focus is around the core of our business, which is cinema and film
and accelerating that. I've talked a little bit today about what we think some of the adjacent platform
opportunities could be and how we might accelerate that. We need to keep doing what we've done well,
and continue to build momentum around that. Obviously, as we demonstrate progress, then M&A
becomes something that we'll look at and think about if it's in the right areas. But again, it's all about, how
do we continue to build the core Vista Cloud platform, demonstrate value there, and yeah, as I said, if M&A
can help can help go that go faster when we are ready to do that we'll explore that and make sure that it's
value accretive for all of our shareholders in our business, and delivers more for our clients, and so that
would be our approach.

Stephen Hudson – Macquarie
It's useful, thanks to you. I know the whole migration progress question has been done to death, but you've
obviously got 2 quite large clients, I think representing about 25% of your sites. You've got about a 20
percentage point uplift in penetration over the next 12 months. Can you give us some clues on whether or
not any of those, or either of those clients have got pilots within those additional sites that you're expecting
in the next 12 months?

Stu Dickinson – Vista Group, CEO
The short answer is, yes, part of, I think, would be the best way of describing it.

Matt Cawte – Vista Group, CFO
If I could just say that we're talking to almost all our clients about their journey, and our large clients are no
exception. They've got long term technology transition plans of their own, of which we are a part of, an
important part of, but we're not the whole story. Yeah, safe to say that that we're talking to everyone.

16 VISTA GROUP INTERNATIONAL LTD, SHED 12, CITY WORKS DEPOT, 90 WELLESLEY STREET WEST, AUCKLAND 1010, NZ
Stu Dickinson – Vista Group, CEO
I think one follow up to that would be we announced last year that Cinepolis Spain would go live on digital
solutions - that completed successfully, and we're now working on the next step of the journey with them.
That's a really key pilot for us. I think everybody understands the scale of that business globally and what
the opportunity is there. And so their Spain business is live and performing on our digital solutions, and
we'll keep going with that. So that's pretty exciting from my perspective.

Stephen Hudson – Macquarie
Good just one final one. It's a direct question, I suppose, to Matt. Firstly, thanks for all your help over the
last, at least, for me, year or two and congratulations on your successes over the past 6 years. Can you give
us a little bit of background as to the decision to leave and succession there, I suppose maybe a question
for Stu.

Matt Cawte – Vista Group, CFO
Yeah, look, I'm really pleased with what I've been able to achieve and I've been planning or thinking about
what I want to do for a little while now, and I'm going to take a little bit of well, I'm not going to take some
time to decide. My decision is to have a little bit of a career break. I am in the unenviable position that my
children have left home, and I'm free again. Shall we say? So I get to do things that I want to. I'm, going to
say, heavily invested in Vista in the role, particularly going through the downside over the last few years of
the pandemic. I'm delighted to be able to leave, as you begin to see in the numbers, the potential of what
we've been talking about for quite some time, and I know we've been talking about it for quite some time,
but the financial numbers are a lagging indicator of how we're doing, and it's good to be able to show
them. So it's a good time to leave, and I've worked with Matt [Thompson] for five and a half years, and I'm
really delighted to be able to hand the reins to him, you would have seen him appear more and more over
the last few months. This isn't, perhaps a total surprise, but you know I leave the business in good hands.
So, thanks for the question, Stephen.

Stephen Hudson – Macquarie
No problem and enjoy that freedom, Matt.

Matt Cawte – Vista Group, CFO
Oh, I will do. Okay, thanks everyone for your time today. I'll just hand over to Stu to close.

Stu Dickinson – Vista Group, CEO
So thank you all for your interest in Vista Group. I'll finish where I started. It's been a massive 2024, a big
team effort, and we're really proud of the results that we put on the board, and the momentum that we
have in the business. We're looking forward to 2025. I think the industry we support is feeling good and
we're feeling good about what we're going to do as well this year. So thanks all, and have a good rest of
day.

ENDS

17 VISTA GROUP INTERNATIONAL LTD, SHED 12, CITY WORKS DEPOT, 90 WELLESLEY STREET WEST, AUCKLAND 1010, NZ
For further information please contact:

Matt Cawte
Chief Financial Officer
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.