Vista Group International Ltd · NZX:VGL

Vista Group International — H1 2025 Earnings Presentation

42 slides from Vista Group International's earnings presentation, Aug 14, 2025

Slide 1: 2025 Half Year Results
2025 Half Year Results 14 August 2025
Slide 2: Important Notice
Important Notice This presentation has been prepared by Vista Group International Limited and • although Vista Group’s management may indicate and believe its related companies (collectively referred to as Vista Group). This notice the assumptions underlying the forward-looking statements are applie
Slide 3: Agenda
Agenda 01 Highlights Stuart Dickinson | Chief Executive Officer 02 Financial Results Matt Thompson | Chief Financial Officer 03 Cloud Migration Stuart Dickinson | Chief Executive Officer 04 Growth Opportunities Matt Thompson | Chief Financial Officer 05 Outlook Stuart Dickinson | Chief Executive Off
Slide 4: Vista Group's solutions sit at the heart of a connected film industry
Vista Group’s solutions sit at the heart of a connected film industry and enable exceptional cinematic experiences 4
Slide 6: Strong momentum continues, as operating leverage and EBITDA margins improve
Strong momentum continues, as operating leverage and EBITDA margins improve 1H25 $77.0m Total Revenue $77.0m 11% 1H24 $69.6m 1H23 $69.7m • Strong growth across all key 1H25 $70.4m Recurring Revenue $70.4m 11% 1H24 $63.4m metrics 1H23 $60.5m 1H25 $31.6m • Operating leverage expands, SaaS Revenue $31.
Slide 7: Key contracted signings reinforce ongoing client confidence in Vista Cloud
Key contracted signings reinforce ongoing client confidence in Vista Cloud • 309 sites across UK, Ireland and continental Europe • Signed to Operational Excellence, with a multi-year roll out (Finland 17 sites in 2H25, UK and Ireland 117 sites in 2026, continental Europe 175 sites to be confirmed) •
Slide 8: First half box office rebounded in second quarter, setting new records
First half box office rebounded in second quarter, setting new records • A soft first quarter to the Domestic Box Office of US$1.4b1 • Second quarter Domestic Box Office of US$2.7m1 anchored by significantly more movie content • Lilo & Stitch sets a record US$183m Memorial Day Weekend record, surpas
Slide 10: Income statement: Strong revenue growth and improved operating leverage
Income statement: Strong revenue growth and improved operating leverage NZ$m (Six month – Unaudited) 1H25 1H24 % Change • SaaS Revenue up 24% Total revenue 77.0 69.6 +11% Total segmental expenditure (53.1) (47.0) -13% • Recurring Revenue up 11% Contribution margin 23.9 22.6 +6% • ARR of $145.8m up 1
Slide 11: SaaS P&L: Revenue and margins all improving on prior comparative period
SaaS P&L: Revenue and margins all improving on • Continued solid cost management prior comparative period • Operating leverage keeps improving, with annual pay review NZ$m (Six months – Unaudited) 1H23 2H23 1H24 2H24 1H25 effective 1 Jan 25 SaaS revenue 21.1 24.8 25.4 30.3 31.6 Non-SaaS revenue 39.4
Slide 12: Seasonality of Revenue: Strong first half growth
Seasonality of Revenue: Strong first half growth 180 160 7.3% CAGR 20.0% First half seasonality drivers: 90.0 140 80.4 • Project completion: Work focused 73.3 72.7 17.0% 120 15.0% on delivering key client projects to 15.5% 100 go live in the second half NZ$m 80 10.0% • Box Office: Northern hemispher
Slide 13: Segments: All parts of the business are succeeding
Segments: All parts of the business are succeeding Cinema • SaaS Revenue up 29%, supporting Cinema Segment – NZ$m (Unaudited) 1H23 2H23 1H24 2H24 1H25 overall 11% Recurring Revenue SaaS revenue 16.2 19.3 19.5 24.1 25.1 growth on 1H24 Non-SaaS revenue 32.6 31.7 31.4 33.1 31.2 Recurring revenue 48.8 5
Slide 14: Cashflow: Resourcing scaled to meet client demand
Cashflow: Resourcing scaled to meet client demand Highlights include: NZ$m (Six months – Unaudited) 1H25 1H24 % Change Receipts from clients 81.9 75.3 +9% • Operating cash up 370%, or 289% Payments to suppliers & employees (66.9) (70.4) -5% excluding exceptional items Exceptional items1 0.5 (0.5) Ta
Slide 15: Financial Position: A stable balance sheet
Financial Position: A stable balance sheet NZ$m (Unaudited) Jun 2025 Dec 2024 % Change • Net Cash Position up $2.0m Cash 21.9 21.8 n/c Borrowings – Bank (18.5) (19.7) • Additional bank facilities of $23.5m Borrowings – Related Parties + RDTI (0.3) (1.0) available Net Cash Position 3.1 1.1 +182% Trad
Slide 17: Vista Cloud strategy progressing toward 36% client adoption by end of 2025
Vista Cloud strategy progressing toward 36% client adoption of the platform by the end of 2025 2023 2024 2025 Proving product-market fit Proving delivery at scale Accelerating delivery at scale, at pace 36% of client sites live on the platform by the end of 2025 17
Slide 18: Unlocking meaningful value: Vista Cloud is transforming operations
Unlocking meaningful value: Vista Cloud is transforming operations, maximising the power of data, and enabling our clients to focus on their success Increase admit Optimise revenue Reduction in Protecting spend and drive performance cost to serve our clients attendance Moviegoer Accelerated Business
Slide 19: Clients are recognising the meaningful benefits of Vista Cloud
Clients are recognising the meaningful benefits of Vista Cloud "We have been using [Assisted Scheduling] for more than half a year now and comparing manually dragging sessions into the schedule with what we're doing now ... we have saved 50% of that time." Pathé Netherlands “Over the years I have se
Slide 20: 2025 is on track, with work focused on delivering key client projects in the second half
Sites live is second half weighted, 2025 is on track, with work focused on delivering key demonstrating progress is not linear client projects in the second half Live Live Live Target 30 Jun 31 Dec 30 Jun 31 Dec 2024 2024 2024 2025 Vista Cloud 59 358 424 ~700 (OE) Digital Solutions 107 325 323 ~900
Slide 21: Demand for Vista Cloud currently exceeds our onboarding capacity
Demand for Vista Cloud currently exceeds our onboarding capacity Enterprise market share1 Live Enterprise Sites Vista Classic Digital Solutions Operational Excellence Total 46% 31 December 2024 3,935 325 358 4,618 Cloud migration (54) (4) 58 - • ~36% client sites are expected on Change in sites (165
Slide 22: We are listening to our clients, and accelerating client onboarding
We are listening to our clients, and accelerating client onboarding Strategic benefits: • Meets client demand • Embeds AI into business, products Capitalised development and and delivery tooling ~$40m deferred implementation costs increasing from ~$25m in 2025 to ~$40m at maximum velocity • Enables
Slide 23: ARR: 100% Platform
This new approach is focused on meeting client demand and delivering our $300m+ ARR aspiration faster 350 12 300 300 142 Film 250 200 NZ$m 150 146 Cinema ARR: 100% Platform 100 ARR: 1H25 50 0 23
Slide 25: Embedded Payments
Embedded Payments 1 2 3 Good for our exhibition clients Good for Vista Group Our aspirations by 100% Platform • Lower payment processing costs • Expands TAM of Vista Classic, Vista • Implied GTV at 100% Platform1: Cloud and Veezi ~US$22.0b • A tightly integrated solution significantly improving exhi
Slide 26: Embedded Payments Go-To-Market Strategy
Embedded Payments Go-To-Market Strategy • Select white-label payments supplier: A world leading global provider • Build initial interface: Expected in 2H25 to support pilot clients • Initial development: ~$2m from existing resources • Wider roll-out: From 2026 • Medium to long-term: Leverage payment
Slide 27: Embedded Payments is an exciting opportunity, expanding TAM through existing clients
Embedded Payments is an exciting opportunity, expanding TAM through existing clients ~US$2.2b Annualised GTV1 for the Vista Cloud Platform in the first half of 2025 … ~US$22.0b Implied GTV at 100% Platform for the Vista Cloud Platform and Veezi2 1. Management’s estimate of the annualised GTV process
Slide 28: ARR: 100% Platform + Embedded Payments
Embedded Payments upgrades our 100% Platform ARR aspiration 350 15 315 12 300 300 142 Embedded Film Payments 250 ARR: 100% Platform + Embedded Payments • Embedded Payments increases 200 our existing ARR aspiration by NZ$m ~$15m at 100% Platform 150 146 Cinema ARR: 100% Platform 100 ARR: 1H25 50 0 28
Slide 29: Progress on expansion opportunities has accelerated
Progress on expansion opportunities has accelerated, with Embedded Payments now underway Ecosystem and adjacent expansion opportunities Identified adjacencies include: • Family Entertainment Centres • Film Distribution Embedded Payments ARR aspiration $15m 100% Platform ARR aspiration now $315m Embe
Slide 30: Operating Leverage: No change to our 100% Platform EBITDA aspiration
Operating Leverage: No change to our 100% Platform EBITDA aspiration • 100% Platform EBITDA margin of 100% Medium-term cost 33-37% remains unchanged EBITDA (ex FX), 12% 90% drivers • Operational leverage progress EBITDA, 35% 80% CTS – ~25% labour scales expected to stagger with large 70% with cloud
Slide 31: Vista Group: A proven leader delivering growth, scale, and strategic focus
Vista Group: A proven leader delivering growth, scale, and strategic focus Competitive advantage through Increasing total addressable market 46% global market share1 in the as cloud transition brings a greater enterprise cinema market share of client technology spend Strong ARR with $315m+ at 100% I
Slide 33: Movie slate confidence is expected to drive sustained box office momentum
Movie slate confidence is expected to drive sustained • FY25 Domestic Box Office revised to box office momentum in the years ahead US$9.4b1 due to softer 1Q25 (FY25 revenue guidance US$9.7m) • Strong movie slate forecast for 2H25 2026/2027 • Growth will track with Domestic Box Office and F&B inflati
Slide 34: Outlook: FY25 guidance and aspirations
Outlook: FY25 guidance and aspirations Guidance Headwinds to revenue:  2025 total revenue guidance of $167m-$173m, likely to be at the lower end of the range • Domestic box office: modelled on  2025 EBITDA margin of 16-18% US$9.7b, Omdia now forecasting US$9.4b (+8% on FY24) Aspirations • Currency
Slide 35: Guidance / Aspiration: Executing on our cloud transition strategy
Guidance / Aspiration: Executing on our cloud transition strategy, and upgrading our 100% Platform aspirations FY25 FY25 100% Platform Guidance Aspirations Aspirations Revenue $167.0m-173.0m Likely to be at the lower end EBITDA margin 16-18% 33-37% 1,600+ Sites on Vista Cloud Significant proportion
Slide 36: Key takeaways
Key takeaways 1 Strong first half result with all key metrics improving 2 Accelerating to meet client demand for the Vista Cloud Platform 3 Embedded Payments is now underway 4 ARR aspiration upgraded to $315m at 100% Platform 36 36
Slide 39: Vista Group is the global leader in providing tech & data solutions to the film industry
Vista Group is the global leader in providing tech & data solutions to the film industry 39
Slide 40: Free Cash Flow: Executing our commitment to FCF positive for the second successive half
Free Cash Flow: Executing our commitment to FCF positive for the second successive half • Positive FCF continues into 1H25 NZ$m (Unaudited) 1H23 2H23 1H24 2H24 1H25 Net movement in cash held (9.2) (8.0) (8.7) 1.4 0.8 • First half seasonality includes Jan Adjust for loan movements - (0.4) (0.8) 0.9 0
Slide 41: Glossary
Glossary Defined Terms: 100% Platform – 6,000 sites on Operational Excellence (Vista Cloud). ARR – Annualised Recurring Revenue, which is a non-GAAP measure calculated as trailing 3 month Recurring Revenue multiplied by four. Aspirations for 2025 ARR assume no delays in key cloud transition projects

Vista Group International — H1 2025 Earnings Presentation on 6ix

Vista Group International — H1 2025 Earnings Presentation

Slide 1: 2025 Half Year Results

Slide 2: Important Notice

Slide 3: Agenda

Slide 4: Vista Group's solutions sit at the heart of a connected film industry

Slide 5: Highlights

Slide 6: Strong momentum continues, as operating leverage and EBITDA margins improve

Slide 7: Key contracted signings reinforce ongoing client confidence in Vista Cloud

Slide 8: First half box office rebounded in second quarter, setting new records

Slide 9: Financial Results

Slide 10: Income statement: Strong revenue growth and improved operating leverage

Slide 11: SaaS P&L: Revenue and margins all improving on prior comparative period

Slide 12: Seasonality of Revenue: Strong first half growth

Slide 13: Segments: All parts of the business are succeeding

Slide 14: Cashflow: Resourcing scaled to meet client demand

Slide 15: Financial Position: A stable balance sheet

Slide 16: Cloud Migration

Slide 17: Vista Cloud strategy progressing toward 36% client adoption by end of 2025

Slide 18: Unlocking meaningful value: Vista Cloud is transforming operations

Slide 19: Clients are recognising the meaningful benefits of Vista Cloud

Slide 20: 2025 is on track, with work focused on delivering key client projects in the second half

Slide 21: Demand for Vista Cloud currently exceeds our onboarding capacity

Slide 22: We are listening to our clients, and accelerating client onboarding

Slide 23: ARR: 100% Platform

Slide 24: Growth Opportunities

Slide 25: Embedded Payments

Slide 26: Embedded Payments Go-To-Market Strategy

Slide 27: Embedded Payments is an exciting opportunity, expanding TAM through existing clients

Slide 28: ARR: 100% Platform + Embedded Payments

Slide 29: Progress on expansion opportunities has accelerated

Slide 30: Operating Leverage: No change to our 100% Platform EBITDA aspiration

Slide 31: Vista Group: A proven leader delivering growth, scale, and strategic focus

Slide 32: Outlook

Slide 33: Movie slate confidence is expected to drive sustained box office momentum

Slide 34: Outlook: FY25 guidance and aspirations

Slide 35: Guidance / Aspiration: Executing on our cloud transition strategy

Slide 36: Key takeaways

Slide 37: Questions

Slide 38: Appendix

Slide 39: Vista Group is the global leader in providing tech & data solutions to the film industry

Slide 40: Free Cash Flow: Executing our commitment to FCF positive for the second successive half

Slide 41: Glossary

Slide 42: Thank you