NZX Governance Explorer

How Vista Group International Limited makes money

Where VGL’s revenue went in FY2025: operating costs, depreciation, interest and tax, and what was left as net profit. Built from the income statement in the filed annual report, and drawn only when the figures reconcile with each other. VGL company profile

How Vista Group International Limited makes money — FY2025

Revenue $164.3m · EBITDA $28.2m (17.2% of revenue) · Net profit $2.6m (1.6% of revenue) · Financial year ending December (from the issuer record)

Vista Group International Limited (VGL) FY2025: where revenue of $164.3m wentRevenue → EBITDA: $28.2mRevenue → Operating costs (net of other income): $136.1mEBITDA → EBIT: $6.7mEBITDA → Depreciation & amortisation: $21.5mEBIT → Net profit: $2.6mEBIT → Interest, tax and other items (net cost): $4.1mRevenue: $164.3mRevenue$164.3mEBITDA: $28.2mEBITDA$28.2mOperating costs (net of other income): $136.1m (derived)Operating costs (net ofother income)$136.1m · derivedEBIT: $6.7mEBIT$6.7mDepreciation & amortisation: $21.5mDepreciation &amortisation$21.5mNet profit: $2.6mNet profit$2.6mInterest, tax and other items (net cost): $4.1m (balancing item)Interest, tax and otheritems (net cost)$4.1m · balancing

Band widths are proportional to NZD amounts. Dashed outlines mark derived figures; the hatched node is a balancing item (net profit less every line above it).

Vista Group International Limited FY2025 figures used in the chart
FY2025AmountStatusNote
Revenue$164.3mReported
Operating costs (net of other income)−$136.1mDerived *
EBITDA$28.2mReported
Depreciation & amortisation−$21.5mReported
EBIT$6.7mReported
Interest—Not reportedIncluded in the balancing item.
Income tax—Not reportedIncluded in the balancing item.
Interest, tax and other items (net cost)−$4.1mBalancing item *Net profit less the lines above; covers fair-value movements, impairments, associates and anything else not itemised.
Net profit$2.6mReported
  • * operating costs: $136.1m = Revenue − EBITDA
Checks run on these figures (6)
  • Passed: Revenue is within the scale of a column stored in thousands.
  • Passed: Revenue in the income statement ($164.3m) vs the summary table ($164.3m): agree within 2%.
  • Passed: EBITDA − D&A = $6.7m vs reported EBIT $6.7m: reconciles.
  • Not met: Operating expenses not recorded; costs derived as revenue minus operating profit.
  • Passed: Balancing item -$4.1m is 2.5% of revenue (limit 25%).
  • Not met: No operating segments recorded for this year.

Figures extracted automatically from the annual report; check against the report. NZD thousands as stored, shown in millions. Source: annual_report_pdf · method: claude_haiku_pdf · extracted 7 March 2026.

Annual report: Vista Group International Limited Annual Report (PDF, NZX)

EBITDA bridge, FY2024 → FY2025

What moved EBITDA between the two years: the change in revenue, less the change in operating costs (revenue less EBITDA, net of other income; not a reported line). The costs are one net figure; no split by type is held, so none is shown.

VGL EBITDA bridge FY2024 to FY2025FY2024 EBITDA: $21.6m$21.6mFY2024 EBITDARevenue change: +$14.3m+$14.3mRevenue changeCost change (derived): −$7.7m−$7.7mCost change (derived)FY2025 EBITDA: $28.2m$28.2mFY2025 EBITDA
VGL EBITDA bridge FY2024 to FY2025: figures
StepFY2024FY2025Effect on EBITDAStatus
FY2024 EBITDA$21.6m$21.6mAs charted
Revenue$150.0m$164.3m+$14.3mReported
Operating costs (net, derived)$128.4m$136.1m−$7.7mDerived: revenue − EBITDA
FY2025 EBITDA$28.2m$28.2mAs charted

$21.6m +$14.3m −$7.7m = $28.2m, which equals FY2025 EBITDA of $28.2m. EBITDA is the figure stored from each statement; companies that headline an adjusted measure (EBITDAF, underlying EBITDA) can report a different number.

What changed from FY2024 to FY2025

MeasureFY2024FY2025ChangeChange %
Revenue$150.0m$164.3m+$14.3m+9.5%
EBITDA$21.6m$28.2m+$6.6m+30.6%
Net profit-$600k$2.6m+$3.2mn/m
EBITDA margin14.4%17.2%+2.8 pts—
Net margin-0.4%1.6%+2.0 pts—

Both years passed the same checks. Margins are shares of revenue; their change is in percentage points. n/m = not meaningful (prior-year figure at or below zero). Each year holds the figures from its own annual report; restated comparatives are not applied.

Margins over time

EBITDA, EBIT and net profit as a share of revenue for each year whose figures passed the checks (6 of 9 years from FY2017). The shaded line is the median of 6 other listed Information Technology operating companies, using each one’s same financial year where it passed the checks; the number of companies in each median is in the table. Gaps are years that were not charted.

EBITDA margin
VGL ebitda margin by financial year, with peer median-20%5%30%FY17FY18FY20FY22FY24FY25FY2017: VGL 23.4%; peer median — (1)FY2018: VGL 22.3%; peer median — (1)FY2019: VGL 21.5%; peer median — (1)FY2020: not charted — operating lossFY2021: not charted — operating lossFY2022: VGL 7.8%; peer median — (0)FY2023: not charted — operating lossFY2024: VGL 14.4%; peer median 12.5% (2)FY2025: VGL 17.2%; peer median 13.6% (2)
EBIT margin
VGL ebit margin by financial year, with peer median-20%5%30%FY17FY18FY20FY22FY24FY25FY2017: VGL 20.1%; peer median — (1)FY2018: VGL 18.9%; peer median — (1)FY2019: VGL 14.7%; peer median — (1)FY2020: not charted — operating lossFY2021: not charted — operating lossFY2022: VGL 1.6%; peer median — (0)FY2023: not charted — operating lossFY2024: VGL 1.2%; peer median 6.2% (2)FY2025: VGL 4.1%; peer median 6.9% (2)
Net margin
VGL net margin by financial year, with peer median-20%5%30%FY17FY18FY20FY22FY24FY25FY2017: VGL 9.4%; peer median — (1)FY2018: VGL 10.0%; peer median — (1)FY2019: VGL 8.9%; peer median — (1)FY2020: not charted — operating lossFY2021: not charted — operating lossFY2022: VGL -15.5%; peer median — (0)FY2023: not charted — operating lossFY2024: VGL -0.4%; peer median 10.4% (2)FY2025: VGL 1.6%; peer median 8.3% (2)

VGL   peer median   below the axis: year not charted (reason in the table). All panels share one scale.

VGL margins by year with peer medians
YearEBITDA margin: VGL · peer median (n)EBIT margin: VGL · peer median (n)Net margin: VGL · peer median (n)Note
FY201723.4%— (1)20.1%— (1)9.4%— (1)
FY201822.3%— (1)18.9%— (1)10.0%— (1)
FY201921.5%— (1)14.7%— (1)8.9%— (1)
FY2020—— (1)—— (1)—— (1)Not charted: operating loss
FY2021—— (1)—— (1)—— (1)Not charted: operating loss
FY20227.8%— (0)1.6%— (0)-15.5%— (0)
FY2023—— (0)—— (0)—— (0)Not charted: operating loss
FY202414.4%12.5% (2)1.2%6.2% (2)-0.4%10.4% (2)
FY202517.2%13.6% (2)4.1%6.9% (2)1.6%8.3% (2)

Peer medians use only peer-years that passed the same checks; a median of fewer than two companies is not shown. Years are grouped by financial-year label, and year-end months differ between companies.

Not yet available: where the cash goes (operating cash flow to capex, dividends and debt) and underlying versus reported earnings. The figures they need are not yet validated.

Years not charted

These years are on file but their figures did not pass the checks, so no chart is drawn for them.

  • FY2023: EBIT is -$9.9m. This layout does not draw an operating loss.
  • FY2021: EBIT is -$7.4m. This layout does not draw an operating loss.
  • FY2020: EBITDA is -$11.4m. This layout draws revenue flowing into profit and does not draw an operating loss.
  • FY2016: After placing every reported line, $39.3m (44% of revenue) is left unexplained between EBIT and net profit. A residual that large usually means a line was mis-extracted, so the chart is not drawn.

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Data sourced from NZX company annual reports (income statements). Our datasets may not be complete. Automated analysis can produce errors. If you believe any data on this page is incorrect, please contact us at hello@nzxplorer.co.nz.

For informational purposes only. Not investment advice.

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