Vista Group Overview and April 2026 Trading Update

Vista Group Overview
and April 2026 Trading
Update
4 May 2026

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

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
Vista Group is the global leader in providing the mission-critical commerce
and operations infrastructure for the cinema and film industry
3

4
Key Points
80+
countries
46%
Global Market Share
Our Vista Cloud clients include:
Our solutions power 46% of the Global Market Share of enterprise cinemas
outside of Russia, China and India
4
4 of top 5
clients with
territories live on
Vista Cloud

Vista Group’s growth: driven by its new cloud-based platform offerings
-13%
7%
8%
9%
14%
17%
19%
-15%
-5%
5%
15%
25%
35%
-20
0
20
40
60
80
100
120
140
160
180
200
2020202120222023202420252026
guidance
mid-point
EBITDARevenueEBITDA Margin
Operational Priorities
Transitioning our existing on-premise
enterprise clients to the Vista Cloud Platform
SaaS Platform
Transformation
Operational
Efficiency
Expand EBITDA margins
Build Free Cash Flow
+13%
Revenue
CAGR
Platform Aspirations
2026 Guidance*
Revenue: $176-182m
EBITDA margin: 18-20%
Revenue and EBITDA (NZDm)
2030 Exit Rate
ARR: $315m+
EBITDA margin: 33-37%
* 2026 ASSUMPTIONS:
Domestic box office: US$9.75b
USD currency: US$0.60 (~$4.0m headwind to US$0.58 in FY25)
5

Our AI-enhanced platform: is continuously improving client revenue performance,
forecasting accuracy and operational efficiency
Agentic AI
Enhanced
Security
Automation
Assisted
Scheduling
AI Anomaly
Detection
Moviegoer
Propensity
Customer
Lifetime
Value & Churn
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
AI PRODUCT
EXAMPLES

44
358
724
1,300
77
325
833
700
0%
5%
10%
15%
20%
25%
30%
35%
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
2,000
Dec 23Dec 24Dec 25Dec 26
Aspiration
Number of client Sites
+366 sites
added to OE
+314 sites
added to OE
We are accelerating to meet client demand: with ~29%
of sites to Operational Excellence by the end of 2026
7
Live
31 Dec
2024
Live
31 Dec
2025
Aspiration
31 Dec
2026
Vista Cloud
(OE)
358724~1,300
Digital Solutions
(DE/ME)
325833~700
Vista Cloud
Platform (Total)
6831,557~2,000
Operational
Excellence
Operational
Excellence
Vista Cloud
Digital
Enablement
Moviegoer
Engagement
Moviegoer
Engagement
Digital Solutions
SITE COUNT PROGRESS:
•1,557 Enterprise Client sites are now on
Vista Cloud Platform
•Accelerating delivery to Operational
Excellence maximises revenue growth, and
we are targeting to deliver 57% more sites in
2026
~29% of existing
clients on
Operational Excellence
~45% of existing
clients on the
Vista Cloud Platform
+576 sites
added to OE
+57%

Our focus in 2026: growing market share
8
1. Management’s estimate of the Cinema segment percentage of the world market for Cinema Exhibition Companies with 20+ screens as at 31
December 2025, excluding Russia, India and China.
Live Enterprise Sites
Vista
Classic
Digital
Solutions
Operational
ExcellenceTotal
30 June 20253,7163234244,463
Cloud migration / change in sites(788)51030022
31 December 20252,9288337244,485
% of total sites live65%19%16%
Sites contracted not currently live on a Vista solution141
Contracted sites at 27 February 20264,626
46%
ENTERPRISE MARKET SHARE:
1
•35% of Enterprise Client sites are now on
the Vista Cloud Platform
•In addition to migrating existing clients,
we expect to add net new client sites in
2026

Growth lever added: Vista Payments operational
•Adyen selected as our white-label payments supplier
•Four pilot clients signed with go-lives commenced in Jan 2026, with
two clients transacting in Feb 2026
•Market response is tracking above expectation, if this continues
ARR of $15m (net of processing costs) may prove to be conservative
9

Expansion opportunities: a clear roadmap of identified opportunities
Ecosystem and adjacent expansion opportunities
FY25 ARR $163m
2030 Exit Rate Aspiration
ARR $315m
Platform Breadth
Time
Identified adjacencies:
•Family Entertainment Centres
•Film Distribution
*Indicative scale
Growth opportunities:
•Increased market share
•Data innovation
•New product development (power up modules)
•Enhanced payments / financial products
10

Cash from underlying operations: currently generate
~$19m, but we are targeting ~$75m by the end of 2030
•Underlying FCF demonstrates the
improving cash performance of the
underlying operations, by removing cloud
transition incremental costs
•The underlying operations currently
generate ~$19m of cash per annum
•Our 2030 ARR and EBITDA margin exit
rate aspirations imply FCF of ~$75m
(300% uplift on the 2025 Underlying FCF)
•See appendix for calculations relating to
FCF and Underlying FCF
11
(11.3)
(5.9)
(0.9)
75.0
1.0
5.3
18.8
2023202420252030
Exit Rate Aspiration
NZDm
Incremental Costs
75.0
Free Cash Flow (FCF) – A non-GAAP measure 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 Annual Report).
Underlying FCF – Free Cash Flows normalised for incremental costs incurred to onboard clients to Vista Cloud, and for escalated capitalised development costs
(long-term BAU levels assumed to be $8.0m per annum). These normalised incremental cash costs are not expected to be incurred at full platform adoption.
2025 REPRESENTS FCF OF -$0.9m WITH UNDERLYING FCF OF +$18.8m
FCF
Underlying FCF
+300%

12
2030 Exit Rate Aspirations: in five years we expect to approximately double ARR
and EBITDA Margin, and triple Underlying FCF
163.0
315.0
20252030
Exit Rate Aspiration
NZ$m
ARR
18.8
75.0
20252030
Exit Rate Aspiration
NZ$m
Underlying FCF
+300%
17.2%
35.0%
20252030
Exit Rate Aspiration
% of revenue
EBITDA Margin
+103%
+93%
Underlying FCF – Free Cash Flows normalised for incremental costs incurred to onboard clients to Vista Cloud, and for escalated capitalised development costs
(long-term BAU levels assumed to be $8.0m per annum). These normalised incremental cash costs are not expected to be incurred at full platform adoption.

April 2026
Trading Update

Domestic Box Office: Our 2026 guidance is based on US$9.75b (+13% on FY25),
and at 30 April 2026 the box office is ~14% ahead of the prior comparative period
10.2
10.0
9.9
9.8
9.6 9.6 9.6
9.5 9.5
Morgan
Stanley
Wells
Fargo
Gower
Street
The
Numbers
OmdiaJP
Morgan
CinelyticWedbushDeutsche
Bank
2026 Domestic Box Office Forecast (Average: US$9.7b)
10.7
10.4
10.0
9.8
9.9
Morgan
Stanley
Wells
Fargo
OmdiaJP
Morgan
Wedbush
2027 Domestic Box Office Forecast (Average: US$10.2b)
Domestic Box Office Trading to April 2026 – Per Box Office Mojo.
Domestic Box Office Forecast Sources – Publicly available information compiled internally or via Solomon Partners
US$ 545mUS$ 480mUS$ 398mUS$ 875mUS$ 620mUS$ 487mUS$ 669mUS$ 838m
-
100
200
300
400
500
600
700
800
900
1,000
JanFebMarApr (estimate)
Domestic Box Office at 30 April 2026: Up
approximately 13% on PCP
20252026
+13.8%
-4.3%
+68.2%
+1.3%
+13.7%
14

Upcoming movie slate: the remaining eight months of 2026 are underpinned by a
sustained list of blockbuster titles
24 Apr 2026
Opening weekend: US$97m
1 May 2026
Previous (2006): US$125m
22 May 2026
Previous (2019): US$515m
5 Jun 2026
Previous (1987): US$17m
12 Jun 2026
Original
19 Jun 2026
Previous (2019): US$434m
26 Jun 2026
Previous (2025): US$354m
1 Jul 2026
Previous (2022): US$371m
10 Jul 2026
Previous (2024): US$460m
17 Jul 2026
Original
31 Jul 2026
Previous (2021): US$815m
2 Oct 2026
Original
20 Nov 2026
Previous (2023): US$166m
25 Nov 2026
Previous (2010): US$148m
25 Nov 2026
Original
11 Dec 2026
Previous (2019): US$320m
18 Dec 2026
Previous (2024): US$282m
18 Dec 2026
Previous (2019): US$858m
Previous: Refers to the Domestic Box Office reported for the previous instalment in the movie franchise, per Box Office Mojo
15

April 2026 guidance update: on track for FY26 targets
16
FY26
Guidance / Aspirations
2030 Exit Rate
Aspirations
Revenue
$176m-182m
7-11% growth on 2025, or
10-13% on a constant currency basis
EBITDA margin
18-20%
Up from 17.2% in 2025
33-37%
No change
ARR
$315m+
Includes $15m from
Vista Payments
Vista Cloud
Sites
2,000 on the Vista Cloud Platform
1,300 on Operational Excellence and
700 on Digital Solutions
Guidance and aspirations: Vista Group’s 2026 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.
2026 TRADING UPDATE & MOMENTUM:
•2026 Revenue, EBITDA Margin and Vista
Cloud Site Count: on track, underpinned
by momentum from key client delivery
projects, a strong domestic box office,
and currency being slightly ahead of the
underlying guidance assumptions
•Middle East Conflict: no significant
impact observed to date in the box office,
or Vista Group’s financial results
2026 ASSUMPTIONS:
•Domestic box office: US$9.75b
•USD currency: US$0.60 (~$4.0m
headwind to US$0.58 in FY25)

Appendix

Vista Group’s advantage: a strong competitive advantage across eight dimensions
18
Client Embeddedness
High Trust Requirements
Dominant Market Position
Data & Network Effects
Extensive Integrations
Regulatory Barriers
Vertical Provider
Pricing Model
The interface
The user experience (AI/UI)

Vista Group’s AI competitive advantage in detail
19
1. Client Embeddedness
Mission-critical, integrated system of
record, high switching costs
•Authoritative system of record for
exhibitor to studio revenue flows
•Embedded synergistic workflows
across ticketing, scheduling, F&B, guest
experience, marketing, memberships,
payments etc.
•AI trained on mission-critical workflow
data
2. High Trust Requirements
Deployed in secure, regulated
infrastructure, platform clients trust
•Near-perfect uptime and accuracy
•Downtime results in no revenue being
generated
•Regulated markets with personal and
identifiable data
•Proven track record with 30 years of
operational resilience
3. Dominant Market
Position
Industries with high concentration and
limited competition benefits
•Global leader in cinema and film
distribution infrastructure
•46% enterprise market share outside
China, India, and Russia
•Limited competition in a specialised
market
7. Vertical Provider
Deep domain expertise across the
industry's expanding dimension
•End-to-end cinema operating platform
•30 years of data being leveraged by AI
for intelligence
•Client-led innovation roadmap delivered
at pace
•Strong underlying client demand
6. Regulatory Barriers
Compliance with the most stringent
industry specific regulations
•Box office reporting for revenue share
and local regulations
•Certified localisation and homologation
•Cybersecurity and GDPR
•SOC2 and PCI compliance
5. Extensive Integrations
Industries that require extensive
integration with external systems
•Broad integrations across payments,
finance, hardware, and industry
platforms
•Market-specific, certified regulatory and
box office connections
•30 years of embedded integration logic
and data
4. Data & Network Effects
Aggregated data creating winner-
takes-most dynamics
•End-to-end, industry-specific data
generated inside mission-critical
cinema and film workflows
•Aggregated at global scale, creating
network effects
•Data scientists already using rich and
trusted data, built on decades of
operational logic
8. Pricing Model
Outcome and usage-based pricing
resistant to seat erosion
•Large components of revenue linked to
usage / client GTV
•No seat-based pricing
•Analysts estimate the cost of our
offering to be less than 1% of client
revenue

Examples of AI solutions already in our product: powered by proprietary, industry
data to create efficiency, effectiveness and exceptional guest experiences
Audience similarity
proprietary algorithm identifying movies based on
outsized similarity of audience composition


Moviegoer propensity
proprietary algorithm that scores moviegoers based on
their likelihood toenjoy a specific movie


Moviegoer personas
LLM-identified audience segments showing key
motivations and requirements for watching a movie


Customer Lifetime Value and Churn
forecasts predicted member spending and churn risk in
the coming quarter, unlocking deeper member insights
and targeting opportunities


First draft
automatically generates newsletter copyineach exhibitor’s
tone of voice, enabling personalised 1:1 marketing at scale


React summaries
insights from guest satisfaction surveys, surfacing
issues and trends to improve service delivery


Assisted scheduling
AI and rules-based assistance to help optimise movie
schedules far quicker and on a per site/per day basis


Box office forecasting
for individual movie performance with results supporting
assisted movie scheduling and operational labour scheduling


Audience Segmentation
identifies movie specific segments as part of the forecasting
process, and suggests copy and offers to boost visitation


Dynamic content
surfaces the ideal selection and ordering of movies based on each
recipient’s preference, creating tens of thousands of permutations


Solutions powered by Vista Group’s proprietary data moat & insights:
Increase admit spend & drive attendance ...
AI solutions powered by vertical software workflows:
Improves cinema operational efficiency ...
20

21


Concessions recommender
AI and rules-based F&B suggestions, with the ability to promote
them to moviegoers close to their arrival and showtime


Smart pricing
harnessing moviegoer propensity, CLV and churn as well as box
office forecasting and other factors to support pricing decisions


Agentic commerce (transactions)
using AI assistants to complete end-to-end cinema
transactions within defined rules and safeguards
Agentic commerce (discovery)
AI assistants to help moviegoers find the best cinema
experiences for them


In reference to the Oneview podcast which was launched
in September 2023
“Vista Group is ahead of the curve.
They’re using leading-edge tools like
agents, which have really only been
around as a concept for less than a
y e a r.”
Daniel Scott-Raynsford
Partner Technology Strategist, Microsoft New Zealand
Ongoing focus on developing solutions that leverage proprietary data
and workflow: Increase admit spend, drive attendance and maximise
operational efficiency ...
Examples of AI solutions in active discovery / development: shaped by direct client
feedback through product advisory counsels, and at VistaCon earlier this month

Modernisation and
Efficiency
AI is creating structural cost
and speed advantage
•Agentic AI code generation
modernising at scale;
improving speed and efficiency
•Model Context Protocol (MCP)
enabling scalable code
discovery and automation
•MCP-enabled discoverability
unlocking future agentic
development and faster
incident resolution
•Statistical and ML models in
place for anomaly detection
and predictive monitoring
•Agentic AI-enhanced security
automation across detection,
response and governance
Enterprise Grade
Governance
AI adoption built on
disciplined control and risk
management
•Scaled adoption while
protecting client and guest
data
•Secure experimentation
embedded within Software
Development Life Cycle
(SDLC) controls
•Clear data rights and
classification standards
enforced
•Employees trained on
responsible and ethical AI
usage
Product and Platform
Differentiation
AI enhancing reliability,
usability and speed to market
•Improved reliability and
uptime from AI-enabled
anomaly detection
•AI generated test coverage
reducing defects and
improving quality
•AI-enhanced interfaces
leveraging proprietary Vista
data to deliver differentiated
customer insight
•Continuous exploration of
high-value AI use cases across
the portfolio
•Unified proprietary data
enables scalable AI
deployment Vista wide
Embedded into
Engineering at Scale
AI is accelerating innovation
cycles and lowering
development cost per feature
•>70% of core engineering
using agent assisted AI
development daily
•>50% of core engineering
leveraging agentic capabilities
within the SDLC
•Structured AI-fluency program
strengthening long term
capability
•Evidence of improved cycle
time and code quality
Scaling the advantage
in 2026
We are not standing still, we
are embracing change
•AI deployment moving from
adoption to measurable
financial impact
•Organisation-wide rollout of
productivity AI tools
•3–5 lighthouse automations
live in support functions,
delivering quantifiable cost,
cycle-time and quality
improvements
•Agentic AI modernisation
scaled further across
codebase
•Expanded AI capability across
people systems and
procurement workflows
AI is embedded within Vista Group: Examples across engineering, product & operations
Already in place ...Underway ...
22
With these examples and ongoing opportunities, we will continue to look at ways to
further accelerate and reduce the investment required to achieve our 2030 Exit Rate Aspirations

23
2030 Exit Rate Aspirations: our five year full adoption
roll-out plan, with operational leverage to 33-37%
G&A, 19%
R&D, 16%
S&M, 6%
CTS, 42%
EBITDA, 17%
2025 Actual
•Operational leverage progress not
expected to be linear due to large client
onboarding
•Deferred implementation costs create a
cash drag beyond 2030, margins will be
better on a cash basis
•Significant proportion of delivery and tech
teams diverted to adjacent opportunities
closer to full adoption
Medium-term
cost drivers
CTS – ~25% labour scales
with cloud delivery and wage
inflation, ~17% 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, 28%
CTS, 37%
EBITDA, 35%
2030 Exit Rate Aspiration

24
Free Cash Flow and Underlying FCF calculations: highlighting deliberate
incremental costs being deployed to accelerate cloud adoption
Exceptional Items – The cash inflow or outflow relating to transactions classified as “other and gains and losses” (see section 2.3 of the 2025 Annual Report).
Free Cash Flow – A non-GAAP measure 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 Annual Report).
Underlying FCF – Free Cash Flows normalised for incremental costs incurred to onboard clients to Vista Cloud, and for escalated capitalised development costs (long-
term BAU levels assumed to be $8.0m per annum). These normalised incremental cash costs are not expected to be incurred at full platform adoption.
NZ$m(Unaudited)1H232H231H242H241H252H25
Net movement in cash held(9.2)(8.0)(8.7)1.40.8(2.0)
Adjust for loan movements-(0.4)(0.8)0.90.70.3
Adjust for Exceptional Items-5.00.50.3(0.5)(0.2)
Adjust for acquisitions / earn-outs1.3-0.5---
Free Cash Flow(7.9)(3.4)(8.5)2.61.0(1.9)
Deferred implementation costs0.40.40.70.93.33.9
Capitalised development10.88.79.28.48.711.8
Long-term BAU capitalised development ($8m p.a.)(4.0)(4.0)(4.0)(4.0)(4.0)(4.0)
Total incremental costs7.25.15.95.38.011.7
Underlying FCF(0.7)1.7(2.6)7.99.09.8

Glossary
25
Defined Terms:
Annualised GTV – Management’s estimate of the annualised GTV processed through Operational Excellence, Digital Enablement and Moviegoer Engagement in 4Q25
using data from Vista Group’s Horizon data warehouse solution. To normalise for box office seasonality, the fourth quarter GTV is assumed to be 25.3% of FY25 GTV,
which is based on a proportion of the FY25 Domestic Box Office (4Q25 and FY25 Actuals: US$2.2b and US$8.7b, respectively per Box Office Mojo).
ARR – Annualised Recurring Revenue, which is a non-GAAP measure calculated as trailing 3 month Recurring Revenue multiplied by four.
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 Annual Report).
Enterprise Client – Cinema Exhibition Companies with 20+ screens. Enterprise client sites are recognised from the date that the production environment is available for
use.
Enterprise Market Share – Management’s estimate of the Cinema segment percentage of the world market for Cinema Exhibition Companies with 20+ screens, excluding
Russia, India and China at 31 December 2025.
Exceptional Items – The cash inflow or outflow relating to transactions classified as “other and gains and losses” (see section 2.3 of the 2025 Annual Report).
Free Cash Flow (FCF) and Cash Usage – A non-GAAP measure 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 Annual Report).
Incremental Costs – The costs incurred to onboard clients to Vista Cloud, and for escalated capitalised development costs (long-term BAU levels assumed to be $8.0m
per annum). These normalised incremental cash costs are not expected to be incurred at full platform adoption.
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.
Underlying FCF – Free Cash Flows normalised for incremental costs incurred to onboard clients to Vista Cloud, and for escalated capitalised development costs (long-
term BAU levels assumed to be $8.0m per annum). These normalised incremental cash costs are not expected to be incurred at full platform adoption.
Worldwide Box Office – The gross box office revenue a movie earns from ticket sales across all countries including the Domestic and International Box Offices.

Glossary (continued)
26
Vista Cloud Capabilities:
Operational Excellence– 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.