Vista Group International Ltd · NZX:VGL
Vista Group International — FY2025 Earnings Presentation
47 slides from Vista Group International's earnings presentation, Feb 27, 2026
Slide 1: 2025 Full Year Results
2025 Full Year Results 27 February 2026
Slide 2: Vista Group Promotional Video
Vista Group Promotional Video 2
Slide 3: 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 4: Agenda
Agenda 01 Highlights and strategic progress Stuart Dickinson | Chief Executive Officer 02 Financial results Matt Thompson | Chief Financial Officer 03 Vista Group and AI Stuart Dickinson | Chief Executive Officer 04 Outlook Stuart Dickinson | Chief Executive Officer 05 Questions 4
Slide 5: Highlights and strategic progress
Highlights and strategic process
Slide 6: Vista Group provides the mission-critical commerce and operations infrastructure for cinema and film distribution
Vista Group provides the mission-critical commerce and operations infrastructure for cinema and film distribution. Our deeply embedded software and payments workflows power ticketing, scheduling, concessions, and guest experience at scale across the world’s leading exhibitors and distributors. 6
Slide 7: Key takeaways
Key takeaways 1 Accelerating the execution of our strategy Another strong result, with all key metrics expanding and cloud transition gaining pace 2 Balancing short-term performance with sustainable growth Strong client demand, with 35% of client sites now on the Vista Cloud Platform 3 Adding growth
Slide 8: A strong financial result: all key metrics expanding, and a new all-time record revenue
A strong financial result: all key metrics expanding, and a new all-time record revenue performance 2025 $164.3m Total Revenue $164.3m 10% 2024 $150.0m 2023 $143.0m • ALL-TIME RECORD REVENUE RESULT: 2025 $147.2m All key metrics expanding, revenue up Recurring Revenue $147.2m 9% 2024 $134.6m 10% (202
Slide 9: Movie industry growth continues: four movies grossing >US$1b
Movie industry growth continues: four movies grossing • WORLDWIDE BOX OFFICE: >US$1b, with the worldwide box office up 12% on 2024 US$33.6b is up 12% on 2024 • DOMESTIC BOX OFFICE: US$8.7b is up 1.0% on 2024, with 2H25 up 11.2% on 1H25 • ZOOTOPIA 2 & AVATAR: FIRE AND ASH: finish the year strong, wit
Slide 10: Number of client sites
We are meeting client demand: ~29% of sites to SITE COUNT PROGRESS: Operational Excellence by the end of 2026 Live 31 Dec Live 31 Dec Aspiration 31 Dec 2024 2025 2026 2,000 35% Vista Cloud 358 724 ~1,300 (OE) 1,800 ~45% of existing 30% Digital Solutions clients on the 325 833 ~700 1,600 700 (DE/ME)
Slide 11: Our focus in 2026: growing market share
Our focus in 2026: growing market share ENTERPRISE MARKET SHARE:1 Live Enterprise Sites Vista Classic Digital Solutions Operational Excellence Total 46% 30 June 2025 3,716 323 424 4,463 Cloud migration / change in sites (788) 510 300 22 • 35% of Enterprise Client sites are now on 31 December 2025 2,
Slide 12: Our AI-enhanced platform
Our AI-enhanced platform: is continuously improving client revenue performance, forecasting accuracy and operational efficiency Increase admit Optimise revenue Reduction in Protecting spend and drive performance cost to serve our clients attendance Moviegoer Accelerated Business Operational Security
Slide 13: Clients are recognising the meaningful benefits of Vista Cloud
Clients are recognising the meaningful benefits of Vista Cloud … “I return home both "illuminated" and affirmed that Wallis Entertainment is on the right technological path to continue our growth and customer service success.” Ben Huxtable | CEO, Wallis Entertainment "With Vista, I love everything b
Slide 14: Growth levers are being added: Vista Payments is now operational
Growth levers are being added: Vista Payments is now operational • Adyen selected as our white-label payments supplier • Four pilot clients signed with go-lives commenced in Jan 2026, with two clients transacting in Feb 2026 • Market response is tracking above expectation, if this continues ARR of $
Slide 15: Vista Payments ARR potential: annualised GTV through the Vista Cloud Platform
Vista Payments ARR potential: enhanced by the annualised GTV flowing through the Vista Cloud Platform VISTA PAYMENTS OPPORTUNITIES: • Market response continuing to track above expectations Annualised GTV1 for the Vista Cloud Platform in 4Q25 … ~US$3.3b • Taking on more of the merchant providers resp
Slide 16: Expansion opportunities: a clear roadmap of identified opportunities
Expansion opportunities: a clear roadmap of identified opportunities Ecosystem and adjacent expansion opportunities Identified adjacencies: • Family Entertainment Centres • Film Distribution 2030 Exit Rate Aspiration ARR $315m Growth opportunities: Time • Increased market share • Data innovation FY2
Slide 17: Financial Results
Financial Results
Slide 18: Income statement: An all-time record revenue performance with improved operating leverage
Income statement: An all-time record revenue performance with improved operating leverage NZ$m 2025 2024 % Change • SaaS Revenue up 25% Total revenue 164.3 150.0 +10% Total segmental expenditure (105.5) (97.8) +8% • Recurring Revenue up 9% Contribution 58.8 52.2 +13% • ARR of $163.0m up 12% Contribu
Slide 19: SaaS P&L: Revenue and EBITDA margins expand
SaaS P&L: Revenue and EBITDA margins expand KEY OBSERVATIONS: • Operating leverage expands NZ$m (Six months – Unaudited) 1H23 2H23 1H24 2H24 1H25 2H25 • 2H25 EBITDA Margin of 21%, up from SaaS revenue 21.1 24.8 25.4 30.3 31.6 38.1 13% in 1H25 and 18% in 2H24 Non-SaaS revenue 39.4 38.7 38.0 40.9 38.8
Slide 20: Reporting segments: All parts of the business are succeeding through scale
Reporting segments: All parts of the business are succeeding through scale CINEMA OBSERVATIONS: • SaaS Revenue up 29% on 2H24 driven by Cinema Segment – NZ$m (Unaudited) 1H23 2H23 1H24 2H24 1H25 2H25 35% of clients now using the Vista Cloud SaaS revenue 16.2 19.3 19.5 24.1 25.1 31.2 Platform Non-Saa
Slide 21: Cash Flow: We have preserved cash resources while scaling to meet client demand
Cash Flow: We have preserved cash resources while scaling to meet client demand • Continued strong client collections, 103% of revenue NZ$m 2025 2024 % Change Receipts from clients 169.7 150.0 +13% Payments to suppliers & employees (140.2) (130.1) +8% • Operating cash up 65%, or 54% Exceptional item
Slide 22: Financial position: Net cash remains stable
Financial position: Net cash remains stable NZ$m 2025 2024 % Change Cash 20.0 21.8 -8% • Net Cash Position of $0.7m: largely Borrowings – Bank (19.3) (19.7) unchanged on 2024, despite $8.5m of Borrowings – Related Parties + RDTI - (1.0) increased investment into capitalised Net Cash Position 0.7 1.1
Slide 23: Underlying Free Cash: targeting ~$75m by the end of 2030
Underlying Free Cash: The core business is currently generating ~$18.8m, targeting ~$75m by the end of 2030 • Underlying FCF demonstrates the 2025: FCF of -$0.9m with Underlying FCF of +$18.8m improving cash performance of the core 75.0 business, by removing cloud transition 75.0 incremental costs +
Slide 24: A self-funding strategy: incremental costs repaid from the FCF ramp
A self-funding strategy: Incremental Costs from 2026 are expected to be repaid from the FCF ramp 2030 Exit Rate Aspirations Implied FCF by the end of 2030 ARR $315m NZ$m • Incremental costs from 2026: the EBITDA margin 33-37% Recurring Revenue 315 additional onboarding capacity and Non-Recurring Rev
Slide 25: Capital allocation: flexibility while accelerating to meet client demand
Capital allocation: we retain flexibility while deliberately choosing to accelerate to meet strong client demand CAPITAL ALLOCATION PROFILE: • 2026 Using Small Levels of Debt: Client demand is strong with • Client satisfaction 1 several marquee signings expected • • Maximise shareholder returns Deep
Slide 26: Compelling 2030 Exit Rate Aspirations
Compelling 2030 Exit Rate Aspirations: in five years we expect to approximately double ARR and EBITDA Margin, and triple Underlying FCF ARR EBITDA Margin Underlying FCF 35.0% 75.0 315.0 +93% +103% +300% % of revenue NZ$m NZ$m 163.0 17.2% 18.8 2025 2030 2025 2030 2025 2030 Exit Rate Aspiration Exit R
Slide 27: Vista Group and AI
Vista Group is not a generic, seat-based software business. Embedded software and payments workflows power ticketing, scheduling, concessions, and guest experiences, using market specific data that AI cannot access or replicate. Vista Group and AI
Slide 28: Why Vista Group is best placed to be an AI winner
Why Vista Group is best placed to be an AI winner 1 Vista Group has eight structural advantages that will make it win in an AI-driven world While providing the mission-critical infrastructure that makes it difficult to be displaced 2 Vista Group is a tech leader in embedding and integrating AI into
Slide 29: Vista Group’s advantage: strong competitive advantage across eight dimensions
Vista Group’s advantage: we have a strong competitive advantage across eight dimensions The interface The user experience (AI/UI) Client Embeddedness High Trust Requirements Dominant Market Position Data & Network Effects Extensive Integrations Regulatory Barriers Vertical Provider Pricing Model 29
Slide 30: Vista Group's competitive advantage in detail
Vista Group's competitive advantage in detail: to facilitate further discussion 1. Client Embeddedness 2. High Trust Requirements 3. Dominant Market 4. Data & Network Effects Mission-critical, integrated system of Deployed in secure, regulated Position Aggregated data creating winner- record, high s
Slide 31: Examples of AI solutions already in our product
Examples of AI solutions already in our product: powered by proprietary, industry data to create efficiency, effectiveness and exceptional guest experiences Solutions powered by Vista Group’s proprietary data moat & insights: AI solutions powered by vertical software workflows: Increase admit spend
Slide 32: Examples of AI solutions in active discovery / development
Examples of AI solutions in active discovery / development: shaped by direct client feedback through product advisory counsels, and at VistaCon earlier this month Ongoing focus on developing solutions that leverage proprietary data and workflow: Increase admit spend, drive attendance and maximise op
Slide 33: AI is embedded within Vista Group
AI is embedded within Vista Group: Examples across engineering, product & operations Already in place … Underway ... Enterprise Grade Embedded into Product and Platform Modernisation and Scaling the advantage Governance Engineering at Scale Differentiation Efficiency in 2026 AI adoption built on AI
Slide 34: Outlook
Outlook
Slide 35: Movie slate confidence: expected to drive sustained box office momentum through 2026
Movie slate confidence: expected to drive sustained DOMESTIC BOX OFFICE FORECAST1 box office momentum through 2026 14.0 12.0 11.4 10.7 11.0 10.3 9.6 10.0 10.0 9.0 8.7 8.7 US$ billions 8.0 7.4 6.0 4.5 4.0 2.2 2.0 0.0 • 2026 Domestic Box Office of US$9.6b to US$9.9b forecasted by Omdia and Gower Stree
Slide 36: Outlook: guidance and aspirations
Outlook: guidance and aspirations FY26 2030 Exit Rate 2026 ASSUMPTIONS: Guidance Aspirations $176m-182m • Domestic box office: US$9.75b Revenue 7-11% growth on 2025, or 10-13% on a constant currency basis (midpoint of Omdia and Gower Street Analytics forecasts) EBITDA margin 18-20% 33-37% Up from 17
Slide 37: Four key messages: Our business is winning and durable
Four key messages: Our business is winning and durable 1 Accelerating the execution of our strategy Another strong result, with all key metrics expanding and cloud transition gaining pace 2 Balancing short-term performance with sustainable growth Strong client demand, with 35% of client sites now on
Slide 38: Questions
Questions
Slide 39: Thank you
Thank you
Slide 40: Appendix
Appendix
Slide 41: Vista Group: the global leader in providing tech and data solutions to the film industry
Vista Group: the global leader in providing tech and data solutions to the film industry Film studio & distributor Cinema – head office Cinema – F+B Cinema – back office Cinema – front of house Cinema – theatre Moviegoer Movie marketing Reporting & analytics Kitchen operations Cinema management Poin
Slide 42: Vista Group: A proven leader delivering growth, scale, and strategic focus
Vista Group: A proven leader delivering growth, scale, and strategic focus Our platform is built for an AI world Competitive advantage through with many fundamental, structural 46% global market share1 in the advantages that only Vista Group can enterprise cinema market combine in the cinema industr
Slide 43: 2030 Exit Rate Aspirations: unchanged, with operational leverage to 33-37%
2030 Exit Rate Aspirations: unchanged, with operational leverage to 33-37% MARGIN OBSERVATIONS: EBITDA, 17% Medium-term cost drivers • Operational leverage progress not EBITDA, 35% expected to be linear due to large client CTS – ~25% labour scales onboarding with cloud delivery and wage inflation, ~
Slide 44: Free Cash Flow and Underlying FCF
Free Cash Flow and Underlying FCF NZ$m (Unaudited) 1H23 2H23 1H24 2H24 1H25 2H25 Net movement in cash held (9.2) (8.0) (8.7) 1.4 0.8 (2.0) Adjust for loan movements - (0.4) (0.8) 0.9 0.7 0.3 Adjust for Exceptional Items - 5.0 0.5 0.3 (0.5) (0.2) Adjust for acquisitions / earn-outs 1.3 - 0.5 - - - Fr
Slide 45: Vista Payments value proposition
Vista Payments value proposition 1 2 3 Good for our exhibition clients Good for Vista Group Our aspirations by the end of 2030 • Lower payment processing costs • Expands TAM of Vista Classic, Vista • Implied GTV: ~US$22.0b Cloud and Veezi • A tightly integrated solution significantly • ARR: >$15m (n
Slide 46: Glossary
Glossary Defined Terms: Annualised GTV – Management’s estimate of the annualised GTV processed through Operational Excellence, Digital Enablement and Moviegoer Engagement in 4Q25 using data from Vista Group’s Horizon data warehouse solution. To normalise for box office seasonality, the fourth quarte
Slide 47: Glossary (continued)
Glossary (continued) 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 ar
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