Craigs Investment Partners Presentation

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

MARKET ANNOUNCEMENT
2 Sep 2025, Vista Group International Ltd, Auckland, New Zealand

Craigs Investment Partners Presentation

Vista Group International Limited (NZX/ASX: VGL) provides a copy of the presentation that Stuart Dickinson
and Matt Thompson will be giving today to Craigs Investment Partners.

For further information please contact:

Matt Thompson
Chief Financial Officer
Vista Group International Limited
Contact: +64 9 984 4570




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

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Vista Group Overview

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

Vista Group at a glance
-20
0
20
40
60
80
100
120
140
160
180
202020212022202320242025
guidance
EBITDARevenue
Operational Priorities
To sell and accelerate transitioning our existing
on-premise enterprise clients (with 20+ screens)
to the Vista Cloud Platform
SaaS Platform
Transformation
Operational
Efficiency
Expand EBITDA margins
Build Free Cash Flow
Deliver a ‘Rule of 40’
+14%
CAGR
Platform Ambitions
100% Platform
$315m+ ARR
33-37% EBITDA margin
Increase market share to 6,000+ sites
Revenue and EBITDA in NZDm
3
HeadquartersAuckland, New Zealand
DescriptionThe global leader in providing tech and data solutions to the film industry

Film studio & distributor
Movie marketing
Film booking & sales
Reporting & analytics
Invoicing & settlement
Content management
Release date planning
Cinema – head office
Reporting & analytics
Film scheduling
Marketing
Digital movie media
Circuit management
Cinema – F+B
Kitchen operations
Bar & restaurant
Stock management
Cinema – back office
Cinema management
Corporate bookings
Cinema – front of house
Point of sale
Ticket + F&B kiosk
Queue busting &
remote sales
Ticket validation
Digital signage
Cinema – theatre
Scan-to-order
In-seat dining service
Moviegoer
Websites & apps
Loyalty & subscriptions
Personalised
communication
Guest services
Cinema & streaming guide
The global leader in providing tech and data solutions to the film industry
4

5
Key Points
~US$2.2b
1H25 GTV
80+
countries
~715
employees
46%
Global Market Share
Our Clients Include:
Our solutions power 46% of the Global Market Share for enterprise cinemas
outside of Russia, China and India
5

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
6

And it is not just us saying it, our 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
7
7

Embedded Payments has upgraded our 100% Platform ARR aspiration to $315m,
with 36% of clients expected to be on the Vista Cloud Platform in 2025
FY24 Revenue
$150m
100% Platform ARR
aspiration now $315m
Platform Breadth
Time
*Indicative scale
Embedded Payments ARR aspiration $15m
8
Accelerated Vista Cloud adoption
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
Embedded Payments expands platform breadth

Free Cash Flows are being deployed to accelerate the cloud platform transition
9
Free Cash Flows are normalised for incremental cash costs incurred to onboard clients to Vista Cloud, and for escalated capitalised development costs
(long-term BAU levels assumed to be $7.0m per annum). These normalised incremental cash costs are not expected to be incurred at 100% Platform.
(11.3)
(5.9)
2.0
~75.0
2.0
6.3
20.0
(20.0)
(10.0)
0.0
10.0
20.0
30.0
40.0
50.0
60.0
70.0
80.0
202320241H25
Annualised
100% Platform
NZ$m
FCFNormalised for Cloud Platform Investment
~30%
CAGR
NZ$m
Recurring Revenue
315
Non-Recurring Revenue15
Total Revenue at 100% Platform~330
EBITDA (35% aspiration mid-point)116
Capitalised Development(7)
Leases & Other(7)
Ta xat i o n(27)
Free Cash Flows at 100% Platform
~75
Free Cash Flows at 100% Platform
Vista Group’s core operations are expected to generate ~$20m of normalised
Free Cash Flows for FY2025, and to grow to ~$75m at 100% Platform
Normalised for
incremental costs
relating to the cloud
platform transition

Other adjacent expansion opportunities have been identified to augment
the Vista Cloud Platform
Ecosystem and adjacent expansion opportunities
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
10

Strong ARR with $315m+ at 100%
Platform, representing sustained
growthas clients move to Vista Cloud
Growing Underlying FCFand EBITDA
as we aspire to deliver a ‘Rule of 40’
Competitive advantagethrough
46% Global MarketShare 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
11

Appendix

Glossary
13
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.
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 – 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).
Global Market Share – 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.
Underlying FCF – Free Cash Flows normalised for incremental cash costs incurred to onboard clients to Vista Cloud, and for escalated capitalised
development costs (long-term BAU levels assumed to be $7.0m per annum). These normalised incremental cash costs are not expected to be incurred at
100% Platform.
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.

Free Cash Flow and Underlying FCF Calculations
14
NZ$m1H232H231H242H241H25
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-5.00.50.3(0.5)
Adjust for acquisitions / earn-outs1.3-0.5--
Free Cash Flow(7.9)(3.4)(8.5)2.61.0
Deferred implementation0.4 0.4 0.7 0.9 3.3
Capitalised development10.8 8.7 9.2 8.4 8.7
Long-term BAU capitalised development ($7m pa)(3.5)(3.5)(3.5)(3.5)(3.5)
Underlying FCF(0.2)2.2 (2.1)8.4 9.5
Exceptional items – the cash outflow relating to transactions classified as “other and gains and losses” (see section 2.3 of the 2025 Interim Report).
Free Cash Flow – 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).
Underlying FCF – Free Cash Flows normalised for incremental cash costs incurred to onboard clients to Vista Cloud, and for escalated capitalised development
costs (long-term BAU levels assumed to be $7.0m per annum). These normalised incremental cash costs are not expected to be incurred at 100% Platform.