CG 46th Annual Growth Conference Investor Presentation

Canaccord Genuity 46th Annual Growth Conference:
Investor Presentation
11August 2026

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

Agenda
01
Vista Group Overview
021H26 Financial Results
03Appendix
3

Vista Group Overview
4

5
Vista Group is the global leader in providing tech and data solutions to the film industry

6
Key Points
80+
countries
~48%
Contracted Enterprise
Market Share
Our Vista Cloud clients include:
6
4 of top 5
clients with territories
live on Vista Cloud
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 solutions
Our solutions power ~48% of the global enterprise cinema market

Operational Priorities
SaaS Platform
Transformation
—
Transitioning our existing on-premise
enterprise clients to the Vista Cloud
Platform
Operational
Efficiency
—
Expand EBITDA margins
Build Free Cash Flow
+13%
Revenue
CAGR
Platform Aspirations
Upgraded FY26 Guidance*
—
Revenue: $179m-184m
EBITDA margin: 18%-20%
Revenue and EBITDA (NZ$m)
2030 Exit Rate
—
ARR: $315m+
EBITDA margin: 33%-37%
* 2026 ASSUMPTIONS:
Domestic box office: US$9.75b
USD currency: US$0.59 (~$2.0m headwind to US$0.58 in FY25)
7
Vista Group’s growth
Driven by its cloud-based platform offerings
-13%
7%
8%
9%
14%
17%
19%
-15%
-5%
5%
15%
25%
35%
-20
0
20
40
60
80
100
120
140
160
180
200
2020202120222023202420252026
guidance
mid-point
EBITDARevenueEBITDA Margin

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
8
AI PRODUCT EXAMPLES

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
9

Contracted backlog provides strong forward visibility
Growing Operational Excellence adoption and market share gains have
strengthened revenue visibility through FY27
10
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 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

Other potential growth vectors for Vista Group
A clear roadmap of identified expansion opportunities
Ecosystem and adjacent expansion opportunities
FY25 ARR $163m
2030 Exit Rate Aspiration
ARR $315m
Platform Breadth
Time
Identified adjacencies:
•Family Entertainment Centres
•Film Distribution
*Indicative scale
Growth opportunities:
•Increased market share
•Data innovation
•New product development (power up modules)
•Enhanced payments / financial products
12

(11.3)
(5.9)
(0.9)
75.0
1.0
5.3
18.8
2023202420252030
Exit Rate Aspiration
NZ$m
Incremental Costs
75.0
Free Cash Flow (FCF) – A non-GAAP measure calculated using the net movement in cash held, less cash applied to business acquisitions / earn outs, movements in
borrowings, and cash used to settle exceptional items included within “other gains and losses” (see section 2.3 of the 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 cash costs are not expected to be incurred at full platform adoption.
2025 REPRESENTS FCF OF -$0.9M WITH UNDERLYING FCF OF +$18.8M
FCF
Underlying FCF
+299%
•Underlying FCF removes cloud
transition costs: revealing improving
core cash performance
•2030 exit-rate aspirations imply ~$75m
FCF: quadruple the 2025 underlying base
13
2030 EXIT RATE FCF CALCULATIONSNZ$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%
Underlying Free Cash Flows
The underlying operations generated ~$19m in FY25, but we are targeting
~$75m by the end of 2030

14
2030 exit rate aspirations
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.

1H26 Financial Results
15

Key takeaways from the 1H26 financial results
16
Acceleration plan already strengthening growth visibility
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 provide the confidence to increase 2026 revenue guidance
to $179m-184m (previously $176m-182m)
16

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%
17
$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 of the 1H26
Results Investor Presentation.

The cinema industry continues to grow
With the Domestic Box Office being driven by higher admissions, while investment returns to the film industry
18
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
18

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
19
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
20
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

Appendix
21

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
22
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

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 ($8m p.a.)
(4.0)(4.0)(4.0)(4.0)(4.0)(4.0)(4.0)
Incremental Costs7.25.15.95.38.011.712.412.4
Underlying FCF(0.7)1.7(2.6)7.99.09.85.612.4
23
2030 EXIT RATE FCF BRIDGE:
Free Cash Flow and Underlying FCF Bridge
Workings that support the free cash flow metrics on slide 13
2030 EXIT RATE FCF CALCULATIONSNZ$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%
23
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

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)
24
+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

Glossary
25
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.
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.
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 (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.
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.