CIP Queenstown Conference Investor Presentation

CIP Queenstown
Conference Investor
Presentation
17 June 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

Agenda
01
May 2026 Trading Update
02
Vista Group Overview
03
Appendix
3

May 2026 Trading Update

Significant recent signings
312
Enterprise sites
—
Mexico & United States
•Returning client from a competing solution to
Vista Classic + Data Empowerment over the
course of 2026
•Represents a ~2.5% increase in Vista Group’s
global Enterprise Market Share
504
Enterprise sites
—
Mexico
•Vista Group’s largest circuit to Operational
Excellence over the course of 2026
•Follows successful cloud implementation of
Cine Yelmo (54 Spanish sites)
•~11% of Vista Group’s total enterprise sites at
31 Dec 2025
88
Enterprise sites
—
United Kingdom
•Contracted to Digital Enablement over the
course of 2026
•Part of the wider Regal Entertainment Group
(~400 sites on Vista Classic)
•Follows successful cloud transition of
Picturehouse (25 sites in United Kingdom)
Substantial client demand underpins our cloud acceleration strategy, with global Enterprise Market Share increasing to ~48%
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.
5

US$ 545mUS$ 480mUS$ 398mUS$ 875mUS$ 968mUS$ 620mUS$ 487mUS$ 627mUS$ 843m
US$ 1,063m
JanFebMarAprMay
20252026
Domestic Box Office trading update
Domestic Box Office Trading to May 2026 – per Box Office Mojo.
Forecast Sources – publicly available information compiled internally or via Solomon Partners, April 2026.
+13.8%
-3.7%
+57.6%
+1.3%
+9.9%
10.2
10.0
9.9
9.8
9.6
9.6
9.6
9.5
9.5
5.0 6.0 7.0 8.0 9.0 10.0 11.0
Morgan Stanley
Wells Fargo
Gower Street
The Numbers
Omdia
JP Morgan
Cinelytic
Wedbush
Deutsche Bank
2026 forecast by US-based analysts (US$b)
Averaging US$9.7b, in line with Vista Group’s guidance assumption
10.7
10.4
10.0
9.8
9.9
5.0 6.0 7.0 8.0 9.0 10.0 11.0
Morgan Stanley
Wells Fargo
Omdia
JP Morgan
Wedbush
2027 forecast by analyst (US$b)
Averaging US$10.2b
Domestic Box Office – monthly
2026 vs 2025: +11.4% year-to-date through 31 May
+11.4%
Domestic Box Office vs prior year, to 31 May 2026
US$9.75b
FY26 guidance assumption (+13% on FY25)
US$9.7b
2026 US-based analyst average
US$10.2b
2027 US-based analyst average (5 houses)
Vista Group’s FY26 guidance of US$9.75b is consistent with analyst consensus, with trading +11.4%
ahead of FY25 at 31 May 2026
6

Upcoming movie slate: a blockbuster-stacked close to 2026
Prev: Refers to the Domestic Box Office reported for the previous instalment in the movie franchise, per Box Office Mojo
7
11 Jun 2026
—
Disclosure Day
Original
Twelve wide releases land across the remaining seven months, eight are franchise tentpoles whose prior
installments earned a combined US$3.9b at the domestic box office.
8 Jul 2026
—
Moana
(prev. Moana 2:
2024 US$460m)
25 Nov 2026
—
Hexed
Original
18 Jun 2026
—
Toy Story 5
(prev. Toy Story 4:
2019 US$434m)
17 Jul 2026
—
The Odyssey
Original
18 Dec 2026
—
Dune: Part Three
(prev. Part Two:
2024 US$282m)
26 Jun 2026
—
Supergirl
(prev. Superman:
2025 US$354m)
30 Jul 2026
—
Spider-Man: Brand
New Day
(prev. No Way
Home: 2021
US$815m)
18 Dec 2026
—
Avengers
Doomsday
(prev. Endgame:
2019 US$858m)
1 Jul 2026
—
Minions &
Monsters
(prev. Rise of Gru:
2022 US$371m)
2 Oct 2026
—
Digger
Original
25 Dec 2026
—
Jumanji: Open
World
(prev. The Next
Level: 2019
US$320m)

FY26 guidance and aspirations are unchanged
8
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%
ARR
—
$315m+
Includes $15m from Vista Payments
Vista Cloud Platform
Site Count
2,000 sites
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: unchanged,
underpinned by key client signings and
delivery projects, currency, and a strong
domestic box office
•Geopolitical risk: no significant box office
or financial impact seen from the Middle
East conflict to date
•Foreign Exchange: average USD rate of
US$0.588 at 31 May 2026 (FY26 guidance
based on US$0.60; ~$4.0m headwind to
US$0.58 from FY25)
•Domestic Box Office: on track for the
US$9.75b guidance assumption

Vista Group Overview

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
10

11
Key Points
80+
countries
~48%
Enterprise Market Share
Our Vista Cloud clients include:
Our solutions power ~48% of the global enterprise cinema market
11
4 of top 5
clients with territories
live on Vista Cloud
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.

Vista Group’s growth is driven by its 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
SaaS Platform
Transformation
—
Transitioning our existing on-premise
enterprise clients to the Vista Cloud
Platform
Operational
Efficiency
—
Expand EBITDA margins
Build Free Cash Flow
+13%
Revenue
CAGR
Platform Aspirations
2026 Guidance*
—
Revenue: $176m-$182m
EBITDA margin: 18%-20%
Revenue and EBITDA (NZ$m)
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)
12

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
13
AI 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
Cloud migration progressing: ~27% of enterprise client
sites expected to be fully cloud-migrated by end of FY26
14
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:
•We are targeting to deliver 57% more sites
to Operational Excellence in 2026
~27% of existing
clients on
Operational Excellence
~42% of existing
clients on the
Vista Cloud Platform
+576 sites
added to OE
+57%

Vista Payments adds a new growth lever with early
market response exceeding expectations
•Adyen selected as our white-label payments supplier
•Now in active rollout, with multiple clients live and transacting
•Market response is tracking above expectation, if this
continues ARR of $15m (net of processing costs) may prove to
be conservative
15

A clear roadmap of identified expansion 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
16

The underlying operations currently generate ~$19m,
but we are targeting ~$75m by the end of 2030
(11.3)
(5.9)
(0.9)
75.0
1.0
5.3
18.8
2023202420252030
Exit Rate Aspiration
NZ$m
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%
•Underlying FCF removes cloud
transition costs: revealing improving
core cash performance
•2030 exit-rate aspirations imply ~$75m
FCF: quadruple the 2025 underlying base
17
2030 EXIT RATE FCF CALCULATIONSNZ$m
Recurring Revenue
315
Non-Recurring Revenue15
Total Revenue (2030 exit rate)330
EBITDA (~35% margin)116
Capitalised Development(8)
Leases & Other(7)
Taxation(26)
FCF (2030 exit rate)
~75
2030 EXIT RATE ASPIRATIONS
ARR$315m
EBITDA margin33-37%

18
2030 Exit Rate Aspirations: in five years we expect to approximately double ARR
and EBITDA Margin, and quadruple 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.

We remain on track to deliver our 2026 priorities
19
Scaling new growth levers with discipline
Scaling levers such as Vista Payments, ensuring we invest responsibly and in line with client demand
Embedding AI deeper across products and operations
Leveraging our deeply integrated platform – systems, data, and tools working as one – to turn our data
moat and vertical AI into differentiated value for our clients
Accelerating cloud onboarding and growing market share
An aspiration to end the year with 2,000 enterprise client sites on the Vista Cloud Platform, more marquee
clients signed, and growth in market share
1
2
3
Continued revenue growth and margin expansion
Driving shareholder returns through revenue growth and margin expansion, consistent with our guided
ranges
4

Appendix

Enterprise Client Sites at 31 December 2025
21
Number of 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 enterprise client sites65%19%16%
Enterprise sites contracted but not live on a Vista solution at 31 December 2025141
Total contracted enterprise sites at 31 December 20254,626
•35% of enterprise sites on the Vista
Cloud Platform by the end of FY25
•Cinemex (+312 sites) reinforces
leadership and lifts global Enterprise
Market Share from ~46% to ~48%
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.

22
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

23
Free Cash Flow and Underlying FCF calculations: isolating discretionary
investment to accelerate cloud 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
24
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.
Defined Terms:
ARR – Annualised Recurring Revenue, which is a non-GAAP measure calculated as trailing 3-month Recurring Revenue multiplied by four.
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.
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.
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.