Vista Group raises revenue guidance as market share expands

VIS TA
GROUP
INTERIM
REPORT
2026

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 2026 (1H26) and represent the half year
results for Vista Group. Comparisons are to the first six months
of 2025 (1H25).
Vista Group delivered another strong performance marked
by growing market share, accelerating cloud adoption, and
upgraded full-year revenue guidance.
Vista Group increased its Contracted Enterprise Market
Share from 46% to 48% during the period, reinforcing its
global leadership position. Key client agreements during the
half included Vista Cloud agreements for Cinépolis Mexico,
Cineworld, and Cineplexx. Cinemex also returned to Vista
Group, contributing more than 300 net new sites across a
combination of Vista Classic and Data Empowerment solutions.
The results continue to reflect Vista Group's ability to execute
its strategy at scale, with key metrics expanding and capital
actively deployed to support its cloud transition growth
strategy. Strong performance in the first half, combined with
favourable macro conditions including foreign exchange, has
led to an upgrade to 2026 revenue guidance of $179m-184m
(originally $176m-182m).
Financial overview
Vista Group delivered a strong financial performance in
1H26, reflecting continued momentum in cloud adoption and
improved operating leverage:
•Total revenue of $86.3m (up 12% on 1H25), with Recurring
Revenue of $80.1m (up 14% on 1H25) and SaaS Revenue of
$43.5m (up 38% on 1H25)
•ARR of $170.1m (up 17% on 30 June 2025)
•EBITDA of $12.4m (up 24% on 1H25), with EBITDA margin
after adjusting for foreign exchange of 13.8% (up +1.9pts on
11.9% at 1H25).
Outlook
•Revenue guidance raised to $179m-184m
(previously $176m-182m)
•EBITDA margin remains on track at 18%-20% for FY26
•Free Cash Flow expected to be neutral in 2H26, supporting
continued balance sheet discipline.
Operational overview
•Contracted Enterprise Market Share expanded to 48%
(+2%) following the return of Cinemex's 312 sites from a
competing solution
•Major customer wins reinforce demand for Vista Cloud,
including Cinépolis Mexico (504 sites), Cineworld UK (88
sites) and Cineplexx Europe (59 sites)
•Cinépolis Mexico's 504-site commitment substantially de-
risks achievement of the FY26 Operational Excellence target
•Cloud adoption continues to build, with 37% of sites
contracted to Operational Excellence and 44% to the Vista
Cloud Platform
•Vista Payments now estimated to have more than $2m
of contracted ARR, with 11 clients with sites live at
30 June 2026.
Industry overview
1
•Domestic box office continues to strengthen, with 1H26
up 15% year-on-year and FY26 industry forecasts
approaching US$10b
•Strong industry fundamentals are reflected in domestic
admissions growth of approximately 12% year on year,
while investment continues to return to the sector through
premiumisation initiatives, capital raises and strategic
M&A activity
•Second half activity is looking strong with six franchise
tentpoles whose prior instalments earned a combined
US$3.1b at the Domestic Box Office.
1
Box Office Statistics – Box Office Mojo.
• Vista Group Interim Report 20262

Group results
Vista Group delivered a strong 1H26 result, with revenue
increasing 12% to $86.3m. Growth was driven by a 14%
increase in Recurring Revenue to $80.1m and a 38% increase in
SaaS Revenue to $43.5m, reflecting continued cloud adoption
across the client base. ARR increased 17% to $170.1m,
strengthening revenue visibility and the quality of earnings.
EBITDA increased 24% to $12.4m, with EBITDA margin after
adjusting for foreign exchange expanding 190 basis points,
reflecting continued operating leverage as the business scales.
Operating cash flow increased 25% to $9.2m, after adjusting
for a $6.8m favourable working capital movement in 1H25. This
was achieved while continuing to invest for growth, including
an additional $4.4m of capitalised development and deferred
implementation expenditure to accelerate product delivery and
technology capability.
Vista Payments also continued to gain momentum, with
more than $2m of contracted ARR secured and 11 clients
live and transacting at
30 June 2026. Early commercial
traction suggests the opportunity may exceed the assumptions
underpinning the original business case.
Vista Group's balance sheet remains strong, with cash of
$43.9m at 30 June 2026. During the period, the Company
drew $30.0m of existing debt facilities and held the proceeds
on deposit to maintain liquidity and strategic flexibility
amid ongoing macroeconomic uncertainty. This precautionary
measure carries a minimal net interest cost of less than 2% of
the amount drawn.
Including available debt facilities, Vista Group had total
liquidity of $56.2m at 30 June 2026, providing substantial
capacity to support ongoing investment and navigate a range
of market conditions.
Given the Company's continued investment in its cloud
transition and growth initiatives, no dividend has been declared
in respect of the 1H26 financial period.
Segmental results
Across both segments, Recurring and SaaS Revenues continued
to grow faster than total revenue, demonstrating the ongoing
success of Vista Group's strategy. Combined with expanding
Contracted Enterprise Market Share, growing ARR and
increasing operating leverage, the business remains well
positioned to deliver on its FY26 guidance and aspirations.
Cinema
Vista Group's largest reporting segment 'Cinema', which
accounts for approximately 80% of Vista Group's revenue,
delivered total revenue of $69.7m, up 15% on 1H25. Continued
migration to Vista Cloud saw maintenance revenue decline
12%, more than offset by a 45% increase in SaaS Revenue and a
16% increase in Recurring Revenue. Contribution increased 19%
to $20.5m, with Contribution Margin expanding to 29% (1H25:
28%), demonstrating the operating leverage emerging as cloud
adoption scales.
Commercial execution remained a highlight of the half, with
Vista Group regaining Cinemex's 312 sites from a competing
provider and securing Vista Cloud agreements with Cinépolis
Mexico (504 sites), Cineworld UK (88 sites) and Cineplexx
Europe (59 sites). These wins increased Contracted Enterprise
Market Share to 48% and expanded the Operational Excellence
delivery pipeline to more than 1,000 sites, substantially de-
risking Vista Group's short-term cloud migration aspirations.
Film
Vista Group's 'Film' segment, which accounts for
approximately 20% of Vista Group's revenue, delivered total
revenue of $16.6m, broadly in line with 1H25 despite selected
Powster revenue components being weighted to the second
half. Recurring Revenue increased 3% and SaaS Revenue
increased 9%. The segment generated Contribution of $6.3m,
representing a Contribution Margin of 38%.
Guidance assumptions
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.
Financial Statements • 3

Income statement
For the six months ended 30 June 2026
30 June 202630 June 2025
CONTINUING OPERATIONSSection
NZ$m
Unaudited
NZ$m
Unaudited
Total revenue2.1, 2.286.377.0
Cost to serve2.3(36.3)(33.0)
Gross profit50.044.0
Sales and marketing costs2.3(6.4)(5.6)
Research and development costs2.3(16.8)(14.5)
Contribution
1
2.226.823.9
General and administration costs2.3(14.9)(14.7)
Foreign currency gains2.30.50.8
EBITDA
2
2.212.410.0
Amortisation4.3(10.0)(7.4)
Depreciation(3.1)(2.8)
Finance costs(1.6)(1.2)
Finance income0.20.1
Loss before tax(2.1)(1.3)
Taxation benefit5.10.60.1
Loss for the period(1.5)(1.2)
Loss for the period is attributable to:
Owners of the parent(1.5)(1.5)
Non-controlling interests-0.3
Loss for the period(1.5)(1.2)
Basic and diluted earnings per share (dollars)6.2($0.01)($0.01)
1Contribution 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 20264

Statement of other comprehensive income
For the six months ended 30 June 2026
30 June 202630 June 2025
Section
NZ$m
Unaudited
NZ$m
Unaudited
Items that may be reclassified subsequently to the income statement
1
Translation of foreign operations1.7(2.5)
Effective portion of exchange losses on net investment hedge (net
of tax)
7.1(0.8)-
Items that will not be reclassified to the income statement
Income tax on share-based payments6.1(0.1)0.3
Total other comprehensive income / (loss)0.8(2.2)
Loss for the period(1.5)(1.2)
Total comprehensive loss for the period(0.7)(3.4)
Total comprehensive loss for the period is attributable to:
Owners of the parent(0.8)(3.6)
Non-controlling interests0.10.2
Total comprehensive loss for the period(0.7)(3.4)
1Items of other comprehensive income / (loss) 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 2026
2026 (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 2026145.5(11.1)11.71.2147.32.4149.7
Total comprehensive income movement:
Loss for the period-(1.5)--(1.5)-(1.5)
Other comprehensive (loss) / income
1
(0.1)-0.8-0.70.10.8
Total comprehensive (loss) / income(0.1)(1.5)0.8-(0.8)0.1(0.7)
Transactions with owners:
Share-based payments1.0--(0.4)0.6-0.6
Balance at 30 June 2026146.4(12.6)12.50.8147.12.5149.6
2025 (Unaudited)
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-----(0.4)(0.4)
Balance at 30 June 2025145.7(14.5)8.70.9140.81.9142.7
1Items of other comprehensive income / (loss) 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 20266

Statement of financial position
As at 30 June 2026
30 June 202631 December 2025
Section
NZ$m
Unaudited
NZ$m
Audited
Current assets
Cash43.920.0
Trade and other receivables4.139.037.6
Contract assets4.115.410.6
Net investment in sublease0.10.4
Income tax receivable0.30.1
Total current assets98.768.7
Non-current assets
Contract assets4.16.36.7
Property, plant and equipment1.31.5
Lease assets14.512.0
Goodwill4.262.461.7
Other intangible assets4.367.565.2
Deferred tax asset5.227.325.1
Total non-current assets179.3172.2
Total assets278.0240.9
Current liabilities
Trade and other payables33.225.8
Lease liabilities3.64.1
Deferred revenue27.531.1
Provisions0.10.2
Income tax payable0.50.8
Total current liabilities64.962.0
Non-current liabilities
Borrowings3.249.719.3
Lease liabilities11.89.5
Deferred revenue1.50.1
Provisions0.20.1
Deferred tax liability5.20.30.2
Total non-current liabilities63.529.2
Total liabilities128.491.2
Net assets149.6149.7
Equity
Contributed equity6.1146.4145.5
Retained earnings(12.6)(11.1)
Foreign currency reserve7.112.511.7
Share-based payment reserve0.81.2
Total equity attributable to owners of the parent147.1147.3
Non-controlling interests2.52.4
Total equity149.6149.7
For, and on behalf, of the Board who approved these interim financial statements for issue on 31 July 2026.
Susan Peterson
Chair
James Miller, ONZM
Chair, Audit and Risk Committee
The above statement should be read in conjunction with the accompanying notes.
Financial Statements • 7

Statement of cash flows
For the six months ended 30 June 2026
30 June 202630 June 2025
Section
NZ$m
Unaudited
NZ$m
Unaudited
Cash flows from operating activities
Receipts from clients84.681.9
Payments to suppliers and employees(73.1)(66.9)
Exceptional items2.30.40.5
Taxes (paid) / received(1.1)0.1
Interest paid(1.6)(1.5)
Net cash inflow from operating activities3.19.214.1
Cash flows from investing activities
Purchase of property, plant and equipment(0.4)(0.3)
Purchase of internally generated software and other intangibles4.3(12.2)(8.7)
Interest received0.20.1
Net cash applied to investing activities(12.4)(8.9)
Cash flows from financing activities
Lease payments - principal elements(3.2)(3.3)
Loan drawdown - ASB revolving credit & overdraft facilities3.230.0-
Loan repayment - RDTI loan3.2-(0.7)
Dividends paid to non-controlling interests-(0.4)
Net cash inflow from / (applied to) financing activities26.8(4.4)
Net increase in cash23.60.8
Cash at beginning of period20.021.8
Foreign exchange differences0.3(0.7)
Cash at period end43.921.9
The above statement should be read in conjunction with the accompanying notes.
• Vista Group Interim Report 20268

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 2025 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 2025 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 2025 Greenhouse Gas Emissions Inventory
Report, 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 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 Revenue: Recurring Revenue is the portion of revenue that is expected to give rise to recurring
cash receipts that will continue until the service is cancelled. Unlike Non-Recurring Revenue, this revenue is 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 Revenue: is derived from subscription-based cloud-hosted software, with the software located on externally
provided servers.
•
Non-SaaS Revenue: is derived from Recurring Revenue streams that are not cloud-hosted software.
•
Contribution: which closely correlates to the operating cash flows 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 Vista Group's operating cash flows, 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 in 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.
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 satisfied. A performance obligation is satisfied when the
client has received all the benefits associated with the performance obligation.
Revenue by category
30 June 202630 June 2025
NZ$m
Unaudited
%
Unaudited
NZ$m
Unaudited
%
Unaudited
SaaS Revenue43.531.6
Non-SaaS Revenue36.638.8
Recurring Revenue80.193%70.491%
Perpetual software0.90.9
Hardware0.81.1
Services & development - one off4.44.5
Other revenue0.10.1
Non-Recurring Revenue6.27%6.69%
Total revenue
1
86.3100%77.0100%
1No individual client exceeded 10% of revenue in either the current or prior comparative period.
Revenue by location of customer
30 June 202630 June 2025
NZ$m
Unaudited
%
Unaudited
NZ$m
Unaudited
%
Unaudited
USA / Canada (Domestic)36.142%35.546%
EMEA29.834%25.433%
APAC11.814%10.313%
Other Americas8.610%5.88%
Total revenue86.3100%77.0100%
Revenue process and policy
The following details Vista Group's approach to categorising revenue:
Revenue type
SegmentDescriptionTiming of revenue recognition
SaaS Revenue (Recurring Revenue)
Cloud-hosted
subscriptions -
platform fee
Cinema
& Film
A subscription for the right to access
Vista, Movio, Maccs or Numero cloud-
hosted software.
Over time
Benefits are simultaneously received and
consumed; revenue is recognised over the
contract term once the client has access to
the software.
Cloud-hosted
subscriptions -
variable fee
Cinema
& Film
Variable revenue based on the
gross transactional value processed,
number of tickets sold, number of
active members managed, number of
promotional messages sent, or other
usage metrics during a given period.
Point in time
Variable fees are recognised at the end of each
month once usage-based quantities are known.
• Vista Group Interim Report 202610

Revenue typeSegmentDescriptionTiming of revenue recognition
SaaS Revenue (Recurring Revenue)
Vista Payments -
variable fee
Cinema
Variable revenue based on the
transactional value and volume
processed during a given period, less
any transaction processing costs.
Point in time
Variable fees are recognised at the end of each
month once usage-based quantities are known.
Implementation feeCinema
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.
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-SaaS Revenue (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.
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. Vista Group's reporting segments are defined as follows:
•
Cinema: Software products predominantly sold to the cinema industry, including Vista Cinema, Veezi, Share Dimension,
movieXchange, Movio Classic and Movio Cinema EQ.
•
Film: Software products predominantly sold to film studios and distributors, including Maccs and Numero (both being box office
reporting software products), Movio Research, Movio Media, Powster and Flicks.
Reporting segment performance
30 June 2026 (Unaudited)30 June 2025 (Unaudited)
Cinema
NZ$m
Film
NZ$m
Total
NZ$m
% of
revenue
Cinema
NZ$m
Film
NZ$m
Total
NZ$m
% of
revenue
SaaS Revenue36.47.143.525.16.531.6
Maintenance revenue16.92.419.319.12.321.4
Other Non-SaaS Revenue12.44.917.312.25.217.4
Recurring Revenue65.714.480.156.414.070.4
Hardware revenue0.8-0.81.1-1.1
Other Non-Recurring Revenue3.22.25.43.02.55.5
Non-Recurring Revenue4.02.26.24.12.56.6
Total revenue69.716.686.360.516.577.0
Cost to serve (ex-hardware)(30.9)(4.8)(35.7)
41%
(26.9)(5.2)(32.1)
42%
Hardware cost of sales(0.6)-(0.6)(0.9)-(0.9)
Cost to serve(31.5)(4.8)(36.3)(27.8)(5.2)(33.0)
Gross profit38.211.850.032.711.344.0
Gross profit %55%71%58%54%68%57%
Sales and marketing costs(4.0)(2.4)(6.4)
7%
(3.4)(2.2)(5.6)
7%
Research and development costs(13.7)(3.1)(16.8)
19%
(12.1)(2.4)(14.5)
19%
Contribution
1
20.56.326.817.26.723.9
Contribution margin %29%38%31%28%41%31%
General and administration costs(14.9)
17%
(14.7)
19%
Foreign currency gains0.50.8
EBITDA
2
12.410.0
EBITDA margin %14%13%
1Contribution 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).
Non-current assets by domicile of entity
30 June 202631 December 2025
NZ$m
Unaudited
NZ$m
Audited
New Zealand88.186.1
United States20.722.1
Mexico13.413.1
United Kingdom12.010.5
Other
1
17.815.3
Non-current assets (excluding deferred tax assets)152.0147.1
1The other category includes entities in Australia, Brazil, Malaysia, Netherlands, Romania and South Africa.
• Vista Group Interim Report 202612

2.3 Expenses and other income
Classification of expenses in the income statement
Cost to serve: are the incremental direct costs incurred in deriving Vista Group's revenue. Examples of such costs include hosting,
IT costs, people costs (account management, services, support, platform delivery), transaction fees and the cost of hardware. The
cost of Vista Cloud delivery teams is initially recognised as a contract asset before being spread on a straight line basis within cost
to serve, over the same period that the revenue is recognised.
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 in the income statement.
Costs categorised within EBITDA
30 June 202630 June 2025
Section
NZ$m
Unaudited
NZ$m
Unaudited
Direct cost of sales (excl. hardware and personnel)13.910.9
Hardware cost of sales0.60.9
Personnel costs50.744.0
Contractor costs3.93.2
Share-based payment expense0.60.6
Defined contribution plans and employee insurances6.15.3
Capitalised development4.3(12.1)(9.5)
Deferred implementation costs4.1(4.2)(3.3)
Amortisation of deferred implementation costs4.11.30.4
Government grants2.3(0.1)(0.1)
Computer equipment and software5.14.1
Marketing costs1.31.0
Travel related costs1.51.3
ECL (benefit) / expense4.1(0.5)0.1
Foreign currency gains(0.5)(0.8)
Remuneration of group audit firms (including non-audit services)0.30.3
Other operating expenses6.08.6
Total costs categorised within EBITDA73.967.0
Financial Statements • 13

!
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 2025: $0.1m), 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, $0.4m of the ERC claims inclusive of interest were received (30 June 2025: $1.0m). The remaining $1.8m is expected to
be received by the end of the year.
•
New Zealand Research & Development Tax Incentive (RDTI): Vista Group recognised $0.2m of Government grants associated to
the RDTI during the current period (
30 June 2025: $0.3m). The amount recognised in the income statement was $0.1m (30 June
2025: $0.1m) and the amount recognised as an offset to capitalised intangible asset costs was $0.1m (30 June 2025: $0.2m).
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 statement of cash flows:
•
Pandemic related Government subsidies: See detail in the Government grants section above, where $0.4m of cash was received
in the current period (
30 June 2025: $1.0m).
•
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 comparative period.
While neither of the above items impact the income statement in the current period, a $0.4m cash inflow has been presented
separately on the statement of cash flows (30 June 2025: $0.5m cash inflow) to enable a more appropriate calculation of Vista
Group's underlying free cash flows.
• Vista Group Interim Report 202614

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 202630 June 2025
Section
NZ$m
Unaudited
NZ$m
Unaudited
Loss for the period(1.5)(1.2)
Non-cash items:
Amortisation4.310.07.4
Depreciation3.12.8
Share-based payment expense0.60.6
Deferred tax benefit5.1(1.6)(2.0)
Non-cash finance charges-(0.3)
Unrealised foreign currency (gains) / losses(0.8)0.2
Movement in ECL provision through the income statement4.1(0.7)(0.1)
Movement in revenue provisions-(0.1)
Net non-cash items10.68.5
Movements in working capital:
Increase in trade and other payables6.94.6
(Increase) / decrease in trade and other receivables, net of deferred revenue(6.3)1.7
(Increase) / decrease in net taxation receivable(0.5)0.5
Net change in working capital0.16.8
Net cash inflow from operating activities9.214.1
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 202631 December 2025
NZ$m
Unaudited
NZ$m
Audited
Balance at 1 January19.320.7
Repayments during the period-(1.0)
Drawdowns during the period30.0-
Movement in foreign exchange0.4(0.4)
Total borrowings at period end49.719.3
A schedule of all debt facilities is shown below:
Current Limit (NZ$m)
Debt Drawn (NZ$m)
Facility ProviderReason for LoanExpiry Date30 June 202631 December 2025
ASB - revolving creditGeneral commercial /
Future acquisitions
Jan 202960.049.719.3
ASB - overdraftWorking capitalOn demand2.0--
Total borrowings at period end49.719.3
ASB facilities
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. Vista Group has no reason
to believe that it will not be compliant with these covenants for at least the next 12 months.
Other borrowings
The New Zealand Government provided Vista Group with a $0.7m RDTI loan in prior years, which is associated with the RDTI
Government grant (see section 2.3). This loan was repaid during the comparative period, in accordance with the terms and
conditions of the RDTI claim.
• Vista Group Interim Report 202616

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 amount of trade and other receivables
30 June 202631 December 2025
NZ$m
Unaudited
NZ$m
Audited
Trade receivables32.030.0
Sundry receivables3.23.4
Prepayments3.84.2
Total trade and other receivables39.037.6
Contract assets
Contract assets relate to performance obligations completed but not billed at the reporting date, costs to obtain a contract, and
costs to fulfil a contract (i.e. Vista Cloud implementation costs), where direct costs are incurred with the performance obligations
being satisfied over time. Costs to obtain and fulfil contracts are spread on a straight-line basis within cost to serve over the same
period that the revenue is recognised.
The movement in contract assets during the period was as follows:
30 June
2026 (Unaudited)
Implementation
costs
NZ$m
Other contract
assets
NZ$m
Total
NZ$m
Balance at 1 January8.19.217.3
Amounts included in opening balance released in the current period(1.3)(6.3)(7.6)
Additional contract assets recognised during the period4.27.311.5
Exchange movements0.30.20.5
Contract assets at period end11.310.421.7
31 December 2025 (Audited)
Balance at 1 January2.26.28.4
Amounts included in opening balance released in the current period(1.3)(6.0)(7.3)
Additional contract assets recognised during the period7.29.016.2
Contract assets at year end8.19.217.3
30 June 202631 December 2025
NZ$m
Unaudited
NZ$m
Audited
Represented by:
Current portion15.410.6
Non-current portion6.36.7
Contract assets at period end21.717.3
Financial Statements • 17

!
ECL provisioning (significant estimation uncertainty)
For trade receivables and accrued revenue, 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 accrued revenue 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 accrued revenue 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 accrued revenue 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 accrued revenue 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
202631 December 2025
NZ$m
Unaudited
NZ$m
Audited
Balance at 1 January2.62.1
Bad debts written off(0.2)(0.9)
Movement in provision through the income statement(0.5)1.5
Exchange differences-(0.1)
ECL provision at period end1.92.6
• Vista Group Interim Report 202618

The table below illustrates how the carrying value of the ECL has been derived:
30 June 2026 (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
Net trade receivables and accrued revenue
1
39.01.80.20.30.942.2
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 provision0.40.20.10.20.71.6
Total ECL provision0.70.20.10.20.71.9
General provision effective rate0.8%0.0%0.0%0.0%0.0%0.7%
31 December 2025 (Audited)
Net trade receivables and accrued revenue
1
37.01.00.70.20.939.8
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 provision1.10.20.2-0.82.3
Total ECL provision1.40.20.2-0.82.6
General provision effective rate0.8%0.0%0.0%0.0%0.0%0.8%
1Net trade receivables and accrued revenue have been adjusted for the impact of revenue provisions.
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 2026. No such indicators were
noted. In accordance with NZ IAS 36 Impairment of Assets, no impairment review was performed at 30 June 2026.
Details of the significant estimates Vista Group applied in the 2025 annual impairment testing of goodwill, along with sensitivity
disclosures, are included in section 4.3 of the 2025 Annual Report. The 2026 annual impairment testing of goodwill will be
performed at 31 August 2026 (same month as prior year reviews).
Financial Statements • 19

4.3 Other intangible assets
!
Development costs and internally generated software (significant accounting judgement)
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 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.
The above factors require management to apply judgement to consider the specific details and milestones of each project in
determining whether it is appropriate to capitalise or expense the costs incurred.
Carrying amount of other intangible assets
30 June 2026 (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 January121.44.92.715.3144.3
Additions12.1---12.1
Disposals(1.2)---(1.2)
Exchange differences--0.10.10.2
Balance at period end132.34.92.815.4155.4
Accumulated amortisation
Balance at 1 January(62.3)(4.4)(2.5)(9.9)(79.1)
Current period amortisation(9.6)(0.1)-(0.3)(10.0)
Disposals1.2---1.2
Balance at period end(70.7)(4.5)(2.5)(10.2)(87.9)
Intangible assets at period end61.60.40.35.267.5
31 December 2025 (Audited)
Gross carrying amount
Balance at 1 January98.74.72.615.3121.3
Additions21.7---21.7
Exchange differences1.00.20.1-1.3
Balance at year end121.44.92.715.3144.3
Accumulated amortisation
Balance at 1 January(46.8)(4.1)(2.3)(9.1)(62.3)
Current year amortisation(15.1)(0.1)(0.1)(0.6)(15.9)
Exchange differences(0.4)(0.2)(0.1)(0.2)(0.9)
Balance at year end(62.3)(4.4)(2.5)(9.9)(79.1)
Intangible assets at year end59.10.50.25.465.2
Internally generated software additions of $12.1m do not align to the $12.2m in the statement of cash flows due to the timing
between recognition and receipt of 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 2026. As no
such indicators were noted, in accordance with NZ IAS 36 no impairment review was performed at 30 June 2026.
• Vista Group Interim Report 202620

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 202630 June 2025
Section
NZ$m
Unaudited
NZ$m
Unaudited
Current tax expense1.01.9
Deferred tax benefit5.2(1.6)(2.0)
Total taxation benefit(0.6)(0.1)
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 2025:
28%) and the reported tax expense in the income statement can be reconciled as follows:
30 June
202630 June 2025
NZ$m
Unaudited
NZ$m
Unaudited
Loss before tax(2.1)(1.3)
Domestic tax rate for the Company28%28%
Expected taxation benefit(0.6)(0.4)
Foreign subsidiary company tax(0.1)(0.1)
Non-assessable income / non-deductible expenses0.30.2
Excess foreign tax credits0.20.2
Prior period adjustments(0.3)-
Other(0.1)-
Total taxation benefit(0.6)(0.1)
Effective tax rate29%8%
Imputation credits
Vista Group has no imputation credits available for future use at 30 June 2026 (31 December 2025: nil).
Financial Statements • 21

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 2025 Annual Report).
Deferred taxes can be summarised as follows:
30 June
2026 (Unaudited)
Opening
Balance
NZ$m
Reclass from
current tax
NZ$m
Other
comprehensive
income
NZ$m
Income
statement
NZ$m
Closing
Balance
NZ$m
Trade and other receivables0.8--(0.3)0.5
Property, plant and equipment(6.7)--(0.7)(7.4)
Lease assets(0.7)--(2.4)(3.1)
Employee benefits2.3-(0.1)(0.1)2.1
Lease liabilities0.8--2.43.2
Available tax losses28.5--2.931.4
Other(0.1)0.30.3(0.2)0.3
Deferred tax net asset at period end24.90.30.21.627.0
31 December 2025 (Audited)
Trade and other receivables0.9--(0.1)0.8
Property, plant and equipment(4.9)--(1.8)(6.7)
Lease assets(1.4)--0.7(0.7)
Employee benefits3.2-0.1(1.0)2.3
Lease liabilities1.9--(1.1)0.8
Available tax losses24.6--3.928.5
Other(0.2)0.1--(0.1)
Deferred tax net asset at year end24.10.10.10.624.9
30 June 202631 December 2025
NZ$m
Unaudited
NZ$m
Audited
Deferred tax asset27.325.1
Deferred tax liability(0.3)(0.2)
Deferred tax net asset27.024.9
Deferred tax on tax losses
The deferred tax asset of $31.4m recognised for available tax losses relate to the New Zealand ($30.8m), Netherlands ($0.5m)
and United Kingdom ($0.1m) 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 $2.6m (31 December 2025: $2.8m) of unused tax losses for which no deferred tax asset has been recognised, as
they did not meet the required recognition criteria.
• Vista Group Interim Report 202622

6 Capital structure
This section outlines Vista Group's capital structure and earnings per share which have an impact on Vista Group's equity.
6.1 Contributed capital
At 30 June 2026, there were 239,288,701 shares in issue (31 December 2025: 238,834,381). The following reflects where these
shares were allocated:
Millions of sharesNZ$m
30 June 202631 December 202530 June 202631 December 2025
UnauditedAuditedUnauditedAudited
Shares issued and fully paid:
Balance at 1 January238.8237.7145.5143.4
Ordinary shares issued during the period:
Employee incentives0.51.11.02.0
Income tax on share-based payments--(0.1)0.1
Total contributed equity at period end239.3238.8146.4145.5
Vista Group's dividend policy is available at vistagroup.co.nz/investor-centre. No dividends were paid to Vista Group shareholders
during the period (31 December 2025: $nil).
6.2 Earnings per share
Vista Group presents basic and diluted earnings per share (EPS) data for its ordinary shares.
Basic EPS is calculated by dividing the profit or loss attributable to owners of the parent by the weighted average number of
ordinary shares in issue during the period.
Diluted EPS is determined by adjusting the profit or loss attributable to owners of the parent and the weighted average number of
ordinary shares in issue during the period for the effects of all dilutive potential ordinary shares, which for Vista Group comprise
share rights and performance rights. Potential ordinary shares are treated as dilutive when their conversion to ordinary shares
would decrease EPS or increase the loss per share.
Earnings per share calculation
30 June 202630 June 2025
UnauditedUnaudited
Weighted average ordinary shares for basic EPS (millions)239.0238.2
Effect of dilution:
Share options and awards (millions)3.82.7
Weighted average ordinary shares adjusted for the effect of dilution (millions)242.8240.9
Loss for the period attributable to owners of the parent (NZ$m)(1.5)(1.5)
Basic and diluted EPS (dollars)($0.01)($0.01)
Financial Statements • 23

7 Other disclosures
7.1 Financial instruments by category
30 June 202631 December 2025
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
Cash43.9-20.0-
Trade receivables32.0-30.0-
Sundry receivables3.2-3.4-
Net investment in sublease0.1-0.4-
Total financial assets79.2-53.8-
Borrowings-49.7-19.3
Trade payables-12.4-5.2
Sundry payables-6.2-5.7
Lease liabilities-15.4-13.6
Total financial liabilities-83.7-43.8
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.
Hedge accounting
On 31 January 2026, Vista Group designated its existing US$10.0m borrowing facility as a hedging instrument in a hedge of the net
investment in foreign operations with a USD functional currency.
Prior to 31 January 2026, foreign exchange movements on the facility were recognised in the income statement as they arose. From
the date of designation, the effective portion of foreign exchange movements on the designated US$10.0m is recognised in other
comprehensive income within the foreign currency translation reserve. Any ineffective portion continues to be recognised in the
income statement.
The hedging relationship is expected to remain effective for the remainder of the loan term, based on a critical terms comparison
performed at designation and at
30 June 2026.
• Vista Group Interim Report 202624

The effects of the net investment hedge on Vista Group's financial position and performance are as follows:
30 June 2026
Unaudited
Carrying amount of designated borrowings (US$m)10.0
Carrying amount of designated borrowings (NZ$m)17.7
Change in fair value used for measuring ineffectiveness (NZ$m)(1.1)
Hedging losses recognised in OCI (NZ$m)(0.8)
Hedge ineffectiveness recognised in the income statement (NZ$m)-
A reconciliation of the foreign currency translation reserve balance during the period, and the composition of the balance at the
reporting date, are presented below:
30 June
202630 June 2025
NZ$m
Unaudited
NZ$m
Unaudited
Opening balance11.711.1
Translations differences on foreign operations1.7(2.5)
Translations differences on foreign operations attributable to NCI(0.1)0.1
Effective portion of losses on net investment hedge(1.1)-
Tax benefit on net investment hedge0.3-
Total balance at period end12.58.7
Represented by:
Translation of foreign operations13.38.7
Effective portion of net investment hedge(0.8)-
Total balance at period end12.58.7
7.2 Related parties
Related parties are materially consistent with those disclosed in the 2025 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 2026 (31 December 2025: $nil).
7.4 Events after balance date
On 14 July 2026, Vista Group entered into a new office lease in Burbank, California, with a term of 5 years. As the lease
commences after the reporting date, no lease asset or lease liability has been recognised as at
30 June 2026. On commencement
Vista Group expects to recognise a lease asset and lease liability of approximately NZ$3.0m. The lease is expected to deliver annual
cost savings of approximately NZ$2.0m from the previously leased Los Angeles premises.
There were no other significant events between the balance date and the date that these financial statements were authorised
for issue.
Financial Statements • 25

Glossary of terms
TermDefinition
APAC
Asia Pacific.
ARR
Annualised Recurring Revenue, which is a KPI calculated as trailing three month Recurring Revenue multiplied
by four.
Board
The Board of Directors of Vista Group.
CODM
The Chief Operating Decision Maker, which is Vista Group's CEO.
Contracted
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 30 June 2026.
Contribution
Anon-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.
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.
Distributor
A company responsible for marketing and distribution of a film for cinema exhibition. The distribution
company may be the same as, or different from, the production company.
Domestic Box
Office
The gross box office revenue from North America (United States and Canada).
EBITDA
Earnings before net finance costs, income tax, depreciation, amortisation, and "other gains and losses". A
reconciliation is provided in the income statement.
ECL
Expected Credit Loss.
EMEA
Europe, Middle East and Africa.
Enterprise Client
Cinema Exhibition Companies with 20+ screens. Enterprise client sites are recognised from the date that the
production environment is available for use.
EPS
Earnings per share.
Exhibitor
A cinema exhibitor company.
Exhibition
The public screening of a movie or a film's release in cinemas.
FCF
Free Cash Flow is 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".
GTV
Gross Transaction Value.
• Vista Group Interim Report 202626

TermDefinition
IAS
International Accounting Standards.
IFRS Accounting
Standards
International Financial Reporting Standards.
IFRS IC
IFRS Interpretations Committee.
Non-GAAP
Financial information that does not have a standardised meaning prescribed by NZ GAAP.
NZ GAAP
Generally Accepted Accounting Practice in New Zealand.
NZ IFRS
New Zealand equivalents to International Financial Reporting Standards.
NZ$m
Millions of New Zealand Dollars.
NZD
New Zealand Dollars.
Operational
Excellence
The final Vista Cloud capability, marking the completion of an exhibitor's cloud journey.
Other gains and
losses
Items that, by virtue of the nature and incidence, have been disclosed separately in order to draw attention
of the reader of the financial statements. For example, they may include (but are necessarily limited to) profits
or losses arising on the acquisition / disposal of an operation, fair value movements through the income
statement, restructuring costs, movements in contingent consideration, or impairment charges.
RDTI
New Zealand Research & Development Tax Incentive.
Recurring
Revenue
The portion of revenue that is expected to give rise to recurring cash receipts that will continue until the
service is cancelled. Unlike Non-Recurring Revenue, this revenue is predictable, stable and can be expected to
occur at regular intervals going forward with a relatively high degree of certainty.
SaaS
Software as a Service, which allows users to connect to and use cloud-based software over the internet.
SaaS Revenue
Revenue derived from subscription-based cloud-hosted software, with the software located on externally
provided servers.
Studio
A major entertainment company that makes films.
Theatrical
A movie specifically made to be shown in a theatre or cinema, as opposed to a made-for-television film, or a
film released directly to video or streaming.
Vista Cloud
Platform
An aggregation of all clients using a Vista Cloud capability, including Digital Enablement, Moviegoer
Engagement or Operational Excellence.
Vista Group
Vista Group International Limited and its subsidiaries (collectively Vista Group).
Glossary of terms • 27

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
vista.co

---

2026 Half YearResults
3 August 2026

Important notice
This presentation has been prepared by Vista Group International Limited and its related companies(collectively referred to
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2
Information in this presentation:

Agenda
01
HighlightsStuart Dickinson | Chief Executive Officer
02Financial ResultsMatt Thompson | Chief Financial Officer
03OutlookStuart Dickinson | Chief Executive Officer
04Questions
3

Highlights
4

Key takeaways
5
First half progress enhances visibility towards 2030 aspirations
Another strong result, key metrics expanding and cash deployed as part of our cloud transition growth strategy
Marquee clients sign to move their circuits to Vista Cloud
Including Cinepolis Mexico which represent 10% of Vista Group’s contracted Enterprise Client sites, and Cineworld in
United Kingdom with 88 sites (part of the wider Regal Entertainment Group who have over 500 sites on Vista Classic)
Contracted Enterprise Market Share increases from 46% to 48%
Cinemex in Mexico and United States returns to Vista Group with 312 net new sites on a combination of Vista
Classic and Data Empowerment
Upgraded 2026 revenue guidance to $179m-184m
Strong first half result and favourable macro conditions including foreign exchange provide the confidence to
increase 2026 revenue guidance to $179m-184m (previously $176m-182m)
5

A strong financial result
All key revenue metrics expanding, SaaS Revenues up 38%, and
operating leverage expands
1H26
1H25
1H24
1H26
1H25
1H24
$80.1mRecurring Revenue14%
1H26
1H25
1H24
$43.5mSaaS Revenue38%
1H26
1H25
1H24
$170.1m
ARR
17%
1H26
1H25
1H24
$12.4mEBITDA24%
$86.3mTotal Revenue12%
6
$69.6m
$77.0m
$86.3m
$63.4m
$70.4m
$80.1m
$25.4m
$31.6m
$43.5m
$129.4m
$145.8m
$170.1m
$7.2m
$10.0m
$12.4m
REVENUE RESULTS:
•Continued Vista Cloud migrations and
SaaS adoption driving higher-quality
recurring revenues
•Increasing high quality recurring revenue
improves earnings visibility and de-risks
our long-term growth aspirations
•SaaS revenues now represent more than
half of Vista Group’s total revenue
ENHANCED OPERATING LEVERAGE:
•Momentum continues with EBITDA
margin of 13.8% (+1.9pts on 11.9% in
1H25) after adjusting for foreign
exchange
1
1. EBITDA margin adjusted for foreign exchange – Calculation
available on Detailed Profit and Loss on slide 14.

Significant recent signings
Substantial client demand underpins our cloud acceleration strategy
312
Enterprise sites
—
Mexico & United States
•Returning client moving to Vista Classic
+ Data Empowerment throughout 2026
•Increases Vista Group’s Contracted
Enterprise Market Share by +2%
504
Enterprise sites
—
Mexico
•Vista Group’s largest circuit to Operational
Excellence throughout 2026
•Follows successful transition of Cine
Yelmo (51 sites in Spain) to Operational
Excellence
•~10% of Vista Group’s contracted total
Enterprise Client sites at 31 Dec 2025
88
Enterprise sites
—
United Kingdom
•Contracted to Digital Enablement
throughout 2026
•Part of the wider Regal Entertainment
Group (~500 sites on Vista Classic,
including ~400 in US)
•Follows the successful transition of
Picturehouse (25 sites in UK) to Digital
Enablement
Contracted 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.
59
Enterprise sites
—
Continental Europe
•Multi-year contract to Operational
Excellence
•Operates cinemas across Austria,
Albania, Bosnia & Herzegovina,
Croatia, Greece, Kosovo, Montenegro,
North Macedonia, Romania, Serbia and
Slovenia
7

Contracted backlog provides strong forward visibility
Growing Operational Excellence adoption and market share gains have
strengthened revenue visibility through FY27
8
Enterprise Sites
Vista
Classic
Digital
Solutions
Operational
ExcellenceTotal
Sites live at 31 December 20252,9288337244,485
Cloud migration / change in sites(89)6326-
Sites live at 30 June 20262,8398967504,485
% of total sites live63%20%17%
Contracted sites at 31 December 20252,5987921,2364,626
Net change during 1H26146(425)572293
Contracted sites at 30 June 20262,7443671,8084,919
% of total contracted sites56%7%37%
Cloud Site Count Progress
Live
31 Dec
2025
Live
30 Jun
2026
Aspiration
31 Dec
2026
Digital Solutions (DE/ME)833896~700
Operational Excellence 724750~1,300
Vista Cloud Platform1,5571,646~2,000
48% (+2%)
CONTRACTED ENTERPRISE MARKET SHARE:
•Market leadership strengthened +2%
through the 312 site Cinemex win
•Contracted Operational Excellence
backlog exceeds 1,000 sites, enhancing
long-term visibility (37% of client sites
now contracted to transition)
•Cinépolis Mexico conversion (504 sites)
scheduled for 2H26
•Execution remains on track against 2026
site objectives
Contracted 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 intelligence layer is woven throughout the platform
Automation, data and embedded AI are driving efficiency, effectiveness and exceptional guest experiences
9
•AI is embedded across core cinema and film workflows,
not standalone features
•Enhancing decision support for clients across pricing,
scheduling, operations and guest engagement
•Leveraging proprietary cinema data across ticketing,
loyalty, marketing and payments
•Delivering automation, optimisation and real-time insights
at scale
•Extending the platform’s role in day-to-day client operations
Audience similarity


Moviegoer propensity


Moviegoer personas


Customer lifetime value and churn


First draft


Guest feedback summaries


Assisted scheduling


Box office forecasting


Audience segmentation


Dynamic content


See more at vista.co/roadmap
Natural language dashboards

10
AI strengthens Vista’s economics and strategic position
Enhancing long-term margins, growth and defensibility
Raises switching
costs
via deeper workflow
integration and data
dependency
Supports margin
expansion
through productivity
and operating
leverage
Increases revenue
opportunity
via higher value
solutions and
optimisation
capability
Amplifies data
advantage
across the global
Vista platform
Reinforces
infrastructure
positioning
compared with
commoditised SaaS
Positions Vista to
benefit from AI
adoption,
not AI disruption
Key benefits include:
Improved engineering productivity
and scalable organisational
knowledge.
Avo, built on a Vista proprietary model harness,
consolidates knowledge across 45+ product repositories,
helping teams resolve issues faster, scale expertise across
the organisation and accelerate software development
through engineering automation.
Meet AVO:
Vista Group’s
3rd generation
engineering
AI Agent
10

Vista Payments
A growth lever which has the potential to exceed our base case assumptions, with an estimated $2m ARR already contracted
Payment offerings
launched in 1H26
Now available and
transacting for Vista and
Veezi clients
Meaningful financial
outcomes
Estimated contracted ARR at
30 June 2026 exceeds $2m
2030 Exit Rate ARR aspiration of
$15m is expected to be ~3%
EBITDA margin accretive
Strong progress
to 30 June 2026
11 clients already live
and transacting
Value added client
outcomes
Delivers a single vendor
relationship, automated
payment reconciliation,
guaranteed day settlement
and competitive buy rates
11

Financial Results
12

Income statement
A strong revenue performance with improved operating leverage
•SaaS Revenue of $43.5m up 38%
•Recurring Revenue of $80.1m up 14%
•ARR of $170.1m up 17%
•EBITDA margins expand 1.9% to 13.8%, after adjusting for exchange
HIGH LEVEL SUMMARY:
•SaaS Revenue of $43.5m up 38%
•Recurring Revenue of $80.1m up 14%
•ARR of $170.1m up 17%
•Continued disciplined cost
management while investing for growth
•EBITDA margins expand 1.9 percentage
points to 13.8%, after adjusting for
foreign exchange
13
NZ$m1H261H25% Change
Total revenue86.377.0+12%
Total segmental expenditure(59.5)(53.1)+12%
Contribution 26.823.9+12%
Contribution Margin31.1%31.0%
General and administrative expenses(14.9)(14.7)+1%
Foreign exchange gains0.50.8
EBITDA12.410.0+24%
EBITDA Margin
EBITDA Margin (excl. foreign exchange gains)
14.4%
13.8%
13.0%
11.9%
+1.4pts
+1.9pts
Depreciation and amortisation(13.1)(10.2)
Net finance costs(1.4)(1.1)
Loss before tax(2.1)(1.3)
Tax expense0.60.1
Loss after tax(1.5)(1.2)

SEASONALITY:
•Revenue remains second-half
weighted: reflecting box office
seasonality and ongoing cloud migrations
•EBITDA margin progression reflects
historical seasonality: enhanced by
operational leverage from revenue growth,
with 1H26 tracking to ~34% of FY26
69.6
77.0
86.3
80.4
87.3
95.2
202420252026 (guidance
mid-point)
Total revenue (NZ$m)
1H2H
NZ$m(Six months – Unaudited)1H242H241H252H251H26
SaaS revenue25.4 30.3 31.6 38.1 43.5
Non-SaaS revenue38.0 40.9 38.8 38.7 36.6
Recurring revenue63.4 71.2 70.4 76.8 80.1
Non-recurring revenue6.2 9.2 6.6 10.5 6.2
Total revenue69.6 80.4 77.0 87.3 86.3
Revenue growth on PCP-0.1%9.7%10.6%8.6%12.1%
Cost to serve28.4 30.6 32.1 35.1 35.7
% of revenue41%38%42%40%41%
Hardware cost of sales0.5 0.8 0.9 0.9 0.6
Gross profit40.7 49.0 44.0 51.3 50.0
Gross margin58.5%60.9%57.1%58.8%57.9%
Sales and marketing4.9 4.9 5.6 4.7 6.4
% of revenue7%6%7%5%7%
Research and development13.2 14.5 14.5 11.7 16.8
% of revenue19%18%19%13%19%
Contribution 22.6 29.6 23.9 34.9 26.8
Contribution margin32.5%36.8%31.0%40.0%31.1%
General and administration14.6 14.3 14.7 15.8 14.9
% of revenue21%18%19%18%17%
EBITDA (excl. foreign exchange)8.0 15.3 9.2 19.1 11.9
EBITDAmargin (excl. foreign exchange)11.5%19.0%11.9%21.9%13.8%
Foreign exchange losses / (gains)0.8 0.9 (0.8)0.9 (0.5)
EBITDA7.2 14.4 10.0 18.2 12.4
EBITDA margin10.3%17.9%13.0%20.8%14.4%
Detailed profit & loss
Revenue and EBITDA margins expand, and seasonality is evident
46%
47%
48%
8.0
9.2
11.9
15.3
19.1
22.6
202420252026 (guidance
mid-point)
EBITDA margin excl. foreign
exchange (NZ$m)
1H2H
34%
34%
33%
14

Reporting segments
Revenue compounds as scale builds
CINEMA OBSERVATIONS:
•SaaS Revenue up 45% on 1H25 driven
by 37% of client sites now on the Vista
Cloud Platform
•Total Revenue up 15% on 1H25, despite
non-recurring growth trending to
second half
FILM OBSERVATIONS:
•SaaS Revenue up 9%, and Recurring
Revenue up 3% on 1H25
•Components of Powster revenue
weighted to the second half
15
Cinema Segment – NZ$m(Unaudited)1H242H241H252H251H26
SaaS revenue19.524.125.131.236.4
Non-SaaS revenue31.433.131.330.029.3
Recurring revenue50.957.256.461.265.7
Non-recurring revenue4.57.24.18.94.0
Total revenue55.464.460.570.169.7
Contribution17.123.117.227.320.5
Contribution Margin31%36%28%39%29%
Film Segment – NZ$m(Unaudited)1H242H241H252H251H26
SaaS revenue5.96.26.56.97.1
Non-SaaS revenue6.67.87.58.77.3
Recurring revenue12.514.014.015.614.4
Non-recurring revenue1.72.02.51.62.2
Total revenue14.216.016.517.216.6
Contribution 5.56.56.77.66.3
Contribution Margin39%41%41%44%38%

Financial position
We have sufficient resources available to accelerate our strategy
•Net Debt Position of $5.8m:
tracking in line with expectations
•Strong banking partner support:
$62.0m facility available until 2029
meaning cash runway including
facilities is now $56.2m
•Cash is tracking to plan:
•1H26 used $6.8m of Free Cash
•2H26 and 2027 is on track to be FCF
neutral
•2028 FCF positive and overall net
cash positive
16
NZ$m(Unaudited)Jun 2026Dec 2025% Change
Cash43.920.0
Borrowings(49.7)(19.3)
Net (debt) / cash position(5.8)0.7
Trade receivables32.030.0+7%
Other current assets22.818.7
Other non-current assets179.3172.2
Current liabilities(64.9)(62.0)-5%
Non-current liabilities(13.8)(9.9)
Net assets / total equity149.6149.7
Calculations and non-GAAP definitions are available in the appendix

Cash flow statement
Deployment of cash in line with expectations, 2H26 expected to be FCF neutral
•$30m debt drawn: held on deposit to
maintain liquidity and financial flexibility
amid ongoing macroeconomic
uncertainty (incremental net interest cost
less than 2.0%)
•Client collections: 98% of revenue, a
touch lower than prior years
•Operating cash of $9.2m
1
: up 25% after
adjusting for $6.8m favourable movement
in 1H25 working capital
•1H26 FCF of -$6.8m
2
: cash invested to
meet client demand
•Second half FCF expected to be neutral
17
NZ$m(Unaudited)1H261H25% Change
Receipts from clients84.681.9+3%
Payments to suppliers & employees(73.1)(66.9)-9%
Exceptional items0.40.5
Tax & interest(2.7)(1.4)
Operating cash flow9.214.1-35%
Capitalised development (net of RDTI)(12.2)(8.7)-40%
Lease payments(3.2)(3.3)
Loandrawdowns / (repayments)30.0(0.7)
Other(0.2)(0.6)
Net movement in cash held23.60.8
Opening cash20.021.8
Foreign exchange differences0.3(0.7)
Closing cash43.921.9
1. Movements in working capital: 1H25 favorable movement of $6.8m and 1H26
favourable movement of $0.1m are reconciled in section 3.1 of the 2026 Interim Report.
2. FCF: is defined and reconciled in the appendix to this presentation.

18
Adjusted Free Cash Flow Bridge
1H26 cash flow reflects operating leverage and an acceleration to meet client demand
FCF BRIDGE OBSERVATIONS:
•1H25 benefited from one-off $6.8m
working capital tailwind
1
•1H26 operating leverage evident with
$3.3m incremental cash flows
•Capitalised development and
implementation accelerated $4.4m to
meet client demand
NZ$m(Unaudited)1H261H25
Adjusted FCF
Movement
FCF(6.8)1.0
Working capital benefit(0.1)(6.8)
Adjusted FCF for working capital benefit(6.9)(5.8)(1.1)
5.6
(1.2)
(0.6)
(0.5)
(3.5)
(0.9)(1.1)
Calculations and non-GAAP definitions are available in the appendix (slide 32)
Revenue (net of
variable CTS)
1H26 annual
remuneration review
(2.5% p.a.)
2026
VistCon

client conference
(two yearly)
Other costs
Capitalised
development
Deferred
Implementation
Adjusted
FCF
Movement
$3.3m 1H26 incremental cash flows
$4.4m cloud
acceleration strategy
1. Movements in working capital: 1H25 favorable movement of $6.8m and 1H26
favourable movement of $0.1m are reconciled in section 3.1 of the 2026 Interim Report.

FY23
75.0
75.0
Underlying Free Cash Flows
Cash is tracking to plan and reinvested into enduring growth
UNDERLYING FCF OBSERVATIONS:
•Underlying FCF removes cloud
transition costs, revealing improving
core cash performance
•1H25 includes $6.8m working capital
benefit
•2H26 expected to grow by $2.6m on the
prior period
•2030 exit rate aspirations imply FCF of
~$75m
19
+299%
Underlying FCF
FCF
1.0
5.3
18.8
18.0
(6.8)
(0.9)
(5.9)
(11.3)
Calculations and non-GAAP definitions are available in the appendix (slide 31)
FY24FY25
FY26
Implied
2030 Exit
Rate
Aspiration
First half investment delivers immediate
second half Underlying FCF benefits
(2.6)
7.9
9.0
9.8
5.6
12.4
1H241H251H262H242H25
2H26
Implied
First Half
Underlying FCF
Second Half
Underlying FCF
+2.6m
First half investment meets client demand with
minimal impact on FY26 Underlying FCF
NZ$m

20
2030 exit rate aspirations
We reaffirm that in just under 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
+299%
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.

Outlook
21

The cinema industry continues to grow
With the Domestic Box Office being driven by higher admissions, while investment returns to the film industry
22
703361400447
1H191H241H251H26
Est. Admissions (millions)
+11%
+12%
Source: Vista Group estimate, calculated by dividing reported US
Domestic Box Office revenue by Cinemark's disclosed average ticket
price for the relevant period (Cinemark quarterly SEC filings).
Domestic Box Office growth is being
driven by 12% year on year admission
increase
5,6623,5564,0974,704
1H191H241H251H26
Domestic Box Office (
US$m
)
Source: Box Office Mojo.
+15%
+15%
1H26 Domestic Box Office grew
15%, and closing to within 17%
of pre-COVID levels
Investment has returned to the
film industry
•AMC raises ~US$350m of capital
and commits up to US$225m of
theatre investment in 2026
•Kinepolis expands through M&A,
adding 27 US sites across Emagine
and Showcase Cinemas
•IMAX signs 42 new systems across
10 countries and expands premium
screen deployment globally,
including significant ANZ growth
22

Upcoming movie slate
A blockbuster-stacked second half of 2026, nine wide releases, six are franchise tentpoles whose prior instalments earned
a combined US$3.1b at the Domestic Box Office
Prev: Refers to the Domestic Box Office reported for the previous instalment in the movie franchise, per Box Office Mojo
23
8 Jul 2026
—
Moana
(prev. Moana 2: 2024
US$460m)
25 Nov 2026
—
Hexed
Original
17 Jul 2026
—
The Odyssey
Original
18 Dec 2026
—
Dune: Part Three
(prev. Part Two: 2024
US$282m)
31 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)

Outlook
2026 revenue guidance has been upgraded to $179m-184m
2026 ASSUMPTIONS:
•Domestic Box Office: US$9.75b
(unchanged)
•USD currency: assumed at US$0.59
creating ~$2.0m headwind to the 2025
average/spot rate (US$0.58), original
FY26 guidance assumed US$0.60
•Cloud transition projects: on track for
the assumed FY26 targets for 1,300 sites
on Operational Excellence and 700 sites
on Digital Solutions
24
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.
FY26
Guidance and Aspirations
FY30 Exit Rate
Aspirations
Revenue
$179m-184m
Originally $176-182m
Upgraded
EBITDA margin
18-20%
Up from 17.2% in 2025
33-37%
No change
ARR
$315m+
Includes $15m from
Vista Payments
FCF2H26: Neutral
$75m
No change

Key takeaways
FY26 objectives already being delivered, with Underlying FCF progression validating the acceleration plan
25
First half progress enhances visibility towards 2030 aspirations
Marquee clients sign to move their circuits to Vista Cloud
Contracted Enterprise Market Share increases from 46% to 48%
Upgraded 2026 revenue guidance to $179m-184m
25

Questions
26

Appendix
27

28
Vista Group: The global leader in providing tech and data solutions to the film industry

Our deeply embedded
software and payments
workflows power ticketing,
scheduling, concessions,
and guest experience at scale
across the world’s leading
exhibitors and distributors.
29
Vista Group provides
the mission-critical
commerce and operations
infrastructure for cinema
and film distribution.
29

Our AI-enhanced platform
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
30
AI PRODUCT EXAMPLES

NZ$m(Unaudited)1H232H231H242H241H252H251H26
2H26
Implied
Net movement in cash held(9.2)(8.0)(8.7)1.40.8(2.0)23.6
Adjust for loan movements-(0.4)(0.8)0.90.70.3(30.0)
Adjust for Exceptional Items-5.00.50.3(0.5)(0.2)(0.4)
Adjust for acquisitions / earn-outs1.3-0.5----
Free Cash Flow(7.9)(3.4)(8.5)2.61.0(1.9)(6.8)-
Deferred implementation costs0.40.40.70.93.33.94.2
Capitalised development10.88.79.28.48.711.812.2
Long-term BAU capitalised
development ($8m p.a.)
(4.0)(4.0)(4.0)(4.0)(4.0)(4.0)(4.0)
Incremental Costs7.25.15.95.38.011.712.412.4
Underlying FCF(0.7)1.7(2.6)7.99.09.85.612.4
31
2030 EXIT RATE FCF BRIDGE:
Free Cash Flow and Underlying FCF Bridge
Workings that support the free cash flow metrics on slide 19
2030 EXIT RATE FCF CALCULATIONSNZ$m
Recurring Revenue315
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%
31
Exceptional Items – The cash inflow or outflow relating to transactions classified as “other and gains and losses” (see section 2.3 of the 2026 Interim 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 2026 Interim 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 Costs are not expected to be incurred at full platform adoption.
Implied 2H26 FCF
assumptions:
•2H26 expected to
be FCF neutral
•1H26 incremental
costs used as a
proxy for 2H26

Adjusted Free Cash Flow Bridge
Workings that support the adjusted free cash flow metrics on slide 18
Year on year movement: NZ$m (Unaudited)
1H261H25Data Source / Additional Information
Revenue
86.3 77.0
1H26 Interim Report: Income Statement
Direct cost of sales (excl. hardware and personnel)
(13.9)(10.9)
1H26 Interim Report: Section 2.3
Hardware cost of sales
(0.6)(0.9)
1H26 Interim Report: Section 2.3
Computer equipment and software
(5.1)(4.1)
1H26 Interim Report: Section 2.3
Revenue (net of variable CTS)5.6
66.761.1
Sum of above
1H26 remuneration review (six months at 2.5%)(1.2)
Remuneration review effective 1 Jan 2026
2026 VistaCon client conference (two yearly)(0.6)
Costs not included in 1H25, as occurs every other year
Other costs(0.5)
Capitalised development costs(3.5)
(12.2)(8.7)
1H26 Interim Report: Statement of Cash Flows
Deferred implementation costs(0.9)
(4.2)(3.3)
1H26 Interim Report: Section 2.3
Year on year FCF movement adjusted for working capital(1.1)
32
NZ$m(Unaudited)1H261H25
Adjusted FCF
Movement
FCF(6.8)1.0
Working capital benefit(0.1)(6.8)
Adjusted FCF for working capital benefit(6.9)(5.8)(1.1)

Operating 28%
CTS 37%
EBITDA 35%
2030 Exit Rate Aspiration
G&A 18%
R&D 19%
S&M 7%
CTS 42%
EBITDA (ex FX) 14%
1H26 Actual
33
2030 Exit Rate Aspirations
Unchanged, with operational leverage expected to drive EBITDA margin to 33-37%
MARGIN OBSERVATIONS:
•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 – ~23% labour scales
with cloud delivery and wage
inflation, ~19% variable 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

US$ 545mUS$ 480mUS$ 398mUS$ 875mUS$ 968mUS$ 831mUS$ 620mUS$ 487mUS$ 627mUS$ 843m
US$ 1,063mUS$ 1,064m
JanFebMarAprMayJun
20252026
Domestic Box Office trading update
US box office forecasts continue to strengthen, supporting Vista Group's FY26 guidance assumption of US$9.75b,
with year-to-date trading up 14.8% at 30 June 2026
Domestic Box Office Trading to 30 June 2026 – per Box Office Mojo.
Forecast Sources – publicly available information compiled internally or via Solomon Partners, July 2026.
+13.8%
-3.7%
+57.6%
+1.3%
+9.9%
2026 forecast by US-based analyst (US$b)
Averaging US$9.8b, in line with Vista Group’s guidance assumption
2027 forecast by US-based analyst (US$b)
Averaging US$10.3b
Domestic Box Office – monthly
2026 vs 2025: +14.8% year-to-date through 30 June 2026
+14.8%
Domestic Box Office vs prior year, to 30 June 2026
US$9.75b
FY26 guidance assumption (+13% on FY25)
US$9.8b
2026 US-based analyst average
(+$0.1b from Apr26 forecast)
US$10.3b
2027 US-based analyst average
(+$0.1b from Apr26 forecast)
34
+28.1%
9.6
9.6
9.6
9.7
9.8
9.8
9.8
10.1
10.2
Wells Fargo
Omdia
Cinelytic
JP Morgan
Gower Street
Wedbush
Deutsche Bank
The Numbers
Morgan Stanley
10.4
10.0
9.8
9.9
10.7
Wells Fargo
Omdia
JP Morgan
Wedbush
Morgan Stanley

First Half Domestic Box Office
Up +15% on 1H25, providing confidence and an underpinning factor that
contributes to an upgrade to full year revenue guidance
•The domestic box office of US$4.7b is
up 15% on 1H25: with full year forecast
of US$9.75b on track (key FY26 revenue
guidance assumption)
•Super Mario Galaxy Movie becomes
one of the top five animated openings
of all time globally: and the fifth
biggest for any Universal film
•Michael becomes the highest
grossing biopic of all time: surpassing
both Bohemian Rhapsody and
Oppenheimer
•Toy Story 5 recorded the second
biggest animated opening weekend
ever: and the biggest opening weekend
of 2026 and in Toy Story franchise
history
35
Sources: Box Office Mojo, Variety, Animation Magazine, Screen Rant and Cartoon Brew
Worldwide Box Office:
US$1.0b
Worldwide Box Office:
US$1.0b
Worldwide Box Office:
US$1.0b

Glossary
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.
Data Empowerment – The initial Vista Cloud capability which includes access to the
Horizon data warehouse, and the Oneview app / AI podcast.
Defined Terms:
ARR – Annualised Recurring Revenue, which is a non-GAAP measure calculated as trailing
3 month Recurring Revenue multiplied by four.
Contracted 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 30 June 2026.
Contribution – 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
2026 Interim 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.
Defined Terms:
Exceptional Items – The cash inflow or outflow relating to transactions classified as
“other gains and losses” (see section 2.3 of the 2026 Interim Report).
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 2026 Interim 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.
36

---

For immediate release

Vista Group raises revenue guidance as market share expands
Auckland, New Zealand, 3 August 2026 – Vista Group International Limited (NZX & ASX: VGL) today announced
its half year results for the six months ending 30 June 2026, delivering another strong performance marked by
growing market share, accelerating cloud adoption, and upgraded full-year revenue guidance.
Vista Group increased its Contracted Enterprise Market Share from 46% to 48% during the period, reinforcing its
global leadership position. Key client agreements during the half included Vista Cloud agreements for Cinépolis
Mexico, Cineworld, and Cineplexx. Cinemex also returned to Vista Group, contributing more than 300 net new
sites across a combination of Vista Classic and Data Empowerment solutions.
The results continue to reflect Vista Group’s ability to execute its strategy at scale, with key metrics expanding
and capital actively deployed to support its cloud transition growth strategy. Strong performance in the first half,
combined with favourable macro conditions including foreign exchange, has led to an upgrade to 2026 revenue
guidance of $179m-184m (originally $176m-182m).
Stuart Dickinson, Vista Group CEO, said: “It’s a very exciting time for the business. Momentum in Vista Cloud
continues to build, and the investments we have made to expand our delivery capacity mean we are now
converting our cloud pipeline at pace.
“We’ve also now had our embedded payments solution, Vista Payments, live for long enough to see clear
benefits for both the company and our clients, reinforcing the value of our platform strategy. At the same time,
we continue to focus on AI as a key driver, strengthening the mission-critical role our platform plays in our
clients’ operations and workflows.
“Combined with a positive box office environment and a strong upcoming film slate, this gives us confidence in
both the outlook for the industry and Vista Group’s continued growth.”
Financial overview
Vista Group delivered a strong financial performance in 1H26, reflecting continued momentum in cloud
adoption and improved operating leverage:
• Total revenue of $86.3m (up 12% on 1H25), with Recurring Revenue of $80.1m (up 14% on 1H25) and SaaS
Revenue of $43.5m (up 38% on 1H25)
• ARR of $170.1m (up 17% on 30 June 2025)
• EBITDA of $12.4m (up 24% on 1H25), with EBITDA margin after adjusting for foreign exchange of 13.8% (up
+1.9pts on 11.9% at 1H25).
Outlook
• Revenue guidance raised to $179m-184m (previously $176m-182m)
• EBITDA margin remains on track at 18%-20% for FY26
• Free Cash Flow expected to be neutral in 2H26, supporting continued balance sheet discipline.

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

Operational overview
• Contracted Enterprise Market Share expanded to 48% (+2%) following the return of Cinemex's 312 sites
from a competing solution
• Major customer wins reinforce demand for Vista Cloud, including Cinépolis Mexico (504 sites), Cineworld
UK (88 sites) and Cineplexx Europe (59 sites)
• Cinépolis Mexico's 504-site commitment substantially de-risks achievement of the FY26 Operational
Excellence target
• Cloud adoption continues to build, with 37% of sites contracted to Operational Excellence and 44% to the
Vista Cloud Platform
• Vista Payments now estimated to have more than $2m of contracted ARR, with 11 clients with sites live at
30 June 2026.
Industry overview
• Domestic box office continues to strengthen, with 1H26 up 15% year-on-year and FY26 industry forecasts
approaching US$10b
• Strong industry fundamentals are reflected in domestic admissions growth of approximately 12% year on
year, while investment continues to return to the sector through premiumisation initiatives, capital raises
and strategic M&A activity
• Second half activity is looking strong with six franchise tentpoles whose prior instalments earned a
combined US$3.1b at the Domestic Box Office.
Group results
Vista Group delivered a strong 1H26 result, with revenue increasing 12% to $86.3m. Growth was driven by a
14% increase in Recurring Revenue to $80.1m and a 38% increase in SaaS Revenue to $43.5m, reflecting
continued cloud adoption across the client base. ARR increased 17% to $170.1m, strengthening revenue
visibility and the quality of earnings.
EBITDA increased 24% to $12.4m, with EBITDA margin after adjusting for foreign exchange expanding 190
basis points, reflecting continued operating leverage as the business scales.
Operating cash flow increased 25% to $9.2m, after adjusting for a $6.8m favourable working capital
movement in 1H25. This was achieved while continuing to invest for growth, including an additional $4.4m of
capitalised development and deferred implementation expenditure to accelerate product delivery and
technology capability.
Vista Payments also continued to gain momentum, with more than $2m of contracted ARR secured and 11
clients live and transacting at 30 June 2026. Early commercial traction suggests the opportunity may exceed
the assumptions underpinning the original business case.
Segmental results
Across both segments, Recurring and SaaS Revenues continued to grow faster than total revenue,
demonstrating the ongoing success of Vista Group's strategy. Combined with expanding Contracted Enterprise
Market Share, growing ARR and increasing operating leverage, the business remains well positioned to deliver
on its FY26 guidance and aspirations.
Cinema segment: which accounts for approximately 80% of Vista Group's revenue, delivered total revenue of
$69.7m, up 15% on 1H25. Continued migration to Vista Cloud saw maintenance revenue decline 12%, more
than offset by a 45% increase in SaaS Revenue and a 16% increase in Recurring Revenue. Contribution

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

increased 19% to $20.5m, with Contribution Margin expanding to 29% (1H25: 28%), demonstrating the
operating leverage emerging as cloud adoption scales.
Commercial execution remained a highlight of the half, with Vista Group regaining Cinemex's 312 sites from a
competing provider and securing Vista Cloud agreements with Cinépolis Mexico (504 sites), Cineworld UK (88
sites) and Cineplexx Europe (59 sites). These wins increased Contracted Enterprise Market Share to 48% and
expanded the Operational Excellence delivery pipeline to more than 1,000 sites, substantially de-risking Vista
Group's short-term cloud migration aspirations.
Film segment: which accounts for approximately 20% of Vista Group’s revenue, delivered total revenue of
$16.6m, broadly in line with 1H25 despite selected Powster revenue components being weighted to the second
half. Recurring Revenue increased 3% and SaaS Revenue increased 9%. The segment generated Contribution of
$6.3m, representing a Contribution Margin of 38%.
Guidance assumptions
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.
Glossary of terms
ARR – Annualised Recurring Revenue, which is a non-GAAP measure calculated as trailing 3 month Recurring Revenue multiplied by four.
Box Office Statistics – Box Office Mojo.
Contracted 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 30 June 2026.
Data Empowerment – The initial Vista Cloud capability which includes access to the Horizon data warehouse, and the Oneview app / AI podcast.
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.
Enterprise Client – Cinema Exhibition Companies with 20+ screens. Enterprise client sites are recognised from the date that the production environment
is available for use.
Operational Excellence – The final Vista Cloud capability, marking the completion of an exhibitor’s cloud journey.
Recurring Revenue, Non-Recurring Revenue, SaaS Revenue, Contribution, EBITDA, and Free Cash Flow – each of these non-GAAP financial
measures are defined in section 1 of the 2026 Interim Report.
Vista Cloud Platform – An aggregation of all clients using a Vista Cloud capability, including Digital Enablement, Moviegoer Engagement or Operational
Excellence.

ENDS
For further information please contact:

Media Contact:

Kate Ford
Senior Communications Manager
kate.ford@vista.co
+64 9 984 4570

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

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 2026
Previous Reporting Period 6 months to 30 June 2025
Currency New Zealand Dollars
Amount (000s) Percentage change
Revenue from continuing
operations
$86,300 12.1%
Total Revenue $86,300 12.1%
Net profit/(loss) from
continuing operations
($1,500) (25.0%)
Total net profit/(loss) ($1,500) (25.0%)
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
($0.03050708) ($0.01716671)
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 2026
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 3 August 2026

Unaudited interim financial statements accompany this announcement.