Slides
Page 1
2025 Full Year Results 27 February 2026
Page 2
Vista Group Promotional Video 2
Page 3
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. Information in this presentation: • is provided for general information purposes only, does not purport to be complete or comprehensive, and is not an offer or invitation or subscription or purchase of, or solicitation of an offer to buy or subscribe for, financial products in Vista Group; • does not constitute a recommendation or investment or any other type of advice and may not be relied upon in connection with any purchase or 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’s financial statements, market releases and information available on Vista Group’s website (vistagroup.co.nz) and on NZX Limited’s market announcement platform (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 and subjective judgements which are inherently subject to risks, uncertainties and contingencies outside of Vista Group’s control; • although Vista Group’s management may indicate and believe the assumptions underlying the forward-looking statements are reasonable, any assumptions could prove inaccurate or incorrect and, therefore, there can 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 to the past performance of Vista Group, which are not, and should not be regarded as, a reliable indicator of future 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 errors or omissions. Neither Vista Group or any of its respective directors, employees, agents or advisers makes any representation or warranty, express or implied, 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. Capitalised terms not defined in the body of this presentation have the meanings give to those terms in the glossary provided in the appendix or in the 2025 Annual Report. Unless otherwise stated, all information in this presentation is expressed at the date of this presentation and all currency amounts are in NZ dollars. 3
Page 4
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
Page 5
Highlights and strategic process
Page 6
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
Page 7
Key takeaways 7 Adding growth levers Vista Payments is live, with a market response ahead of original expectations Balancing short-term performance with sustainable growth Strong client demand, with 35% of client sites now on the Vista Cloud Platform Accelerating the execution of our strategy Another strong result, with all key metrics expanding and cloud transition gaining pace1 2 3 Vista Group is well positioned to be an AI winner Leveraging our deeply integrated platform — systems, data, and tools working as one — to turn our data moat and vertical AI into differentiated value for our clients4
Page 8
A strong financial result: all key metrics expanding, and a new all-time record revenue performance • ALL-TIME RECORD REVENUE RESULT: All key metrics expanding, revenue up 10% (2024: 5%) • ENHANCED OPERATING LEVERAGE: Momentum continues with EBITDA margin of 17.2% (2024: 14.4%) • PROFITABILITY ACROSS ALL METRICS: A return to profit after tax of $2.6m • ELEVATED OPERATING CASH FLOW: Operating cash grows 65% to $27.8m $164.3mT otal Revenue $164.3m $150.0m 2025 2024 2023 $143.0m $147.2mRecurring Revenue 2025 2024 2023 9% $147.2m $134.6m $124.0m $69.7mSaaS Revenue 2025 2024 2023 25% $69.7m $55.7m $45.9m $163.0mARR 2025 2024 2023 12% $163.0m $145.6m $126.3m $28.2mEBITDA 2025 2024 2023 31% $28.2m $21.6m $2.6mProfit After Tax 2025 2024 2023 533% 10% $27.8mOperating Cash Flow 65% $27.8m $9.0m 2025 2024 2023 ($0.6m) ($13.6m) $13.3m $16.8m $2.6m 8
Page 9
Movie industry growth continues: four movies grossing >US$1b, with the worldwide box office up 12% on 2024 • WORLDWIDE BOX OFFICE: 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, with both titles exceeding US$1.0b • BILLION DOLLAR FRANCHISES: 2025 included four movies grossing greater than US$1.0b, and the 2026 movie slate includes seven movie franchises which previously achieved greater than US$1.0b 9Sources: Box Office Mojo and Gower Street Analytics Worldwide Box Office: US$2.3b Worldwide Box Office: US$1.7b Worldwide Box Office: US$1.2b Worldwide Box Office: US$1.0b
Page 10
44 358 724 1,300 77 325 833 700 0% 5% 10% 15% 20% 25% 30% 35% 0 200 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000 Dec 23 Dec 24 Dec 25 Dec 26 Aspiration Number of client Sites +366 sites added to OE +314 sites added to OE We are meeting client demand: ~29% of sites to Operational Excellence by the end of 2026 10 Live 31 Dec 2024 Live 31 Dec 2025 Aspiration 31 Dec 2026 Vista Cloud (OE) 358 724 ~1,300 Digital Solutions (DE/ME) 325 833 ~700 Vista Cloud Platform (Total) 683 1,557 ~2,000 Operational Excellence Operational Excellence Vista Cloud Digital Enablement Moviegoer Engagement Moviegoer Engagement Digital Solutions SITE COUNT PROGRESS: • 1,557 Enterprise Client sites are now on Vista Cloud Platform • Four of our top five clients by site count are now either fully live on the Vista Cloud Platform or have territory pilots live • Strong second half illustrates that site count growth is not linear • Accelerating delivery to Operational Excellence maximises revenue growth, and we are targeting to deliver 57% more sites in 2025 ~29% of existing clients on Operational Excellence ~45% of existing clients on the Vista Cloud Platform +576 sites added to OE +57%
Page 11
Our focus in 2026: growing market share 11 1. Management’s estimate of the Cinema segment percentage of the world market for Cinema Exhibition Companies with 20+ screens as at 31 December 2025, excluding Russia, India and China. Live Enterprise Sites Vista Classic Digital Solutions Operational Excellence Total 30 June 2025 3,716 323 424 4,463 Cloud migration / change in sites (788) 510 300 22 31 December 2025 2,928 833 724 4,485 % of total sites live 65% 19% 16% Sites contracted not currently live on a Vista solution 141 Contracted sites at 27 February 2026 4,626 46% ENTERPRISE MARKET SHARE:1 • 35% of Enterprise Client sites are now on the Vista Cloud Platform • In addition to migrating existing clients, we expect to add net new client sites in 2026
Page 12
Our AI-enhanced platform: is 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 12 AI PRODUCT EXAMPLES
Page 13
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 behind the idea of technology bringing cinema to the guests in a way that is compelling and makes them want to be involved and immersed. " Carly Young | GM, Sales & Partnerships,Village Entertainment 13
Page 14
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 $15m (net of processing costs) may prove to be conservative 14
Page 15
Vista Payments ARR potential: enhanced by the annualised GTV flowing through the Vista Cloud Platform 15 ~US$3.3b 1. 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 quarter GTV is assumed to be 25.3% of FY25 GTV, which is based on a proportion of the FY25 Domestic Box Office (4Q25 and FY25 Actuals: US$2.2b and US$8.7b, respectively per Box Office Mojo). 2. Implied GTV by the end of 2030 assumes all Vista Cloud Enterprise Client sites and modest Veezi site growth, with GTV assumed to grow in line with Domestic box office forecasts reported by Omdia. Annualised GTV1 for the Vista Cloud Platform in 4Q25 … Implied GTV by the end of 2030 for the Vista Cloud Platform and Veezi2 ~US$22.0b VISTA PAYMENTS OPPORTUNITIES: • Market response continuing to track above expectations • Taking on more of the merchant providers responsibilities • Enhance offerings including financial products • Attaching other adjacent industry opportunities to our payment platform
Page 16
Expansion opportunities: a clear roadmap of identified 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 16
Page 17
Financial Results
Page 18
Income statement: An all-time record revenue performance with improved operating leverage • SaaS Revenue up 25% • Recurring Revenue up 9% • ARR of $163.0m up 12% • Contribution and EBITDA margins continue to expand • A return to profit after tax • Excluding one-off items, NPAT up $5.6m 18 NZ$m 2025 2024 % Change Total revenue 164.3 150.0 +10% Total segmental expenditure (105.5) (97.8) +8% Contribution 58.8 52.2 +13% Contribution Margin 35.8% 34.8% +1.0% General and administrative expenses (30.5) (28.9) +6% Foreign exchange gains / (losses) (0.1) (1.7) EBITDA 28.2 21.6 +31% EBITDA Margin EBITDA Margin (excluding exchange) 17.2% 17.2% 14.4% 15.5% +2.8% +1.7% Depreciation and amortisation (21.5) (19.8) Net finance costs (2.3) (2.4) Other gains and losses - 2.4 Profit before tax 4.4 1.8 +144% Profit after tax 2.6 (0.6) +533%
Page 19
SaaS P&L: Revenue and EBITDA margins expand KEY OBSERVATIONS: • Operating leverage expands • 2H25 EBITDA Margin of 21%, up from 13% in 1H25 and 18% in 2H24 • SaaS revenue climbs substantially • Non-SaaS revenue stable, despite client conversions to Vista Cloud NZ$m (Six months – Unaudited) 1H23 2H23 1H24 2H24 1H25 2H25 SaaS revenue 21.1 24.8 25.4 30.3 31.6 38.1 Non-SaaS revenue 39.4 38.7 38.0 40.9 38.8 38.7 Recurring revenue 60.5 63.5 63.4 71.2 70.4 76.8 Non-recurring revenue 9.2 9.8 6.2 9.2 6.6 10.5 Total revenue 69.7 73.3 69.6 80.4 77.0 87.3 Cost to serve 25.3 25.4 28.4 30.6 32.1 35.1 Hardware cost of sales 1.1 1.5 0.5 0.8 0.9 0.9 Gross profit 43.3 46.4 40.7 49.0 44.0 51.3 Gross Margin 62% 63% 58% 61% 57% 59% Sales and marketing 7.7 7.6 4.9 4.9 5.6 4.7 Research and development 14.6 13.8 13.2 14.5 14.5 11.7 Contribution 21.0 25.0 22.6 29.6 23.9 34.9 Contribution Margin 30% 34% 32% 37% 31% 40% General and administration 17.6 15.2 14.6 14.3 14.7 15.8 EBITDA (excluding exchange) 3.4 9.8 8.0 15.3 9.2 19.1 EBITDA Margin (excluding exchange) 5% 13% 11% 19% 12% 22% Foreign exchange losses / (gains) 0.9 (1.0) 0.8 0.9 (0.8) 0.9 EBITDA 2.5 10.8 7.2 14.4 10.0 18.2 EBITDA Margin 4% 15% 10% 18% 13% 21% 19 69.7 69.6 77.0 73.3 80.4 87.3 0 20 40 60 80 100 120 140 160 180 2023 2024 2025 Total Revenue (NZ$m) 1H 2H REVENUE SEASONALITY: • Revenue continues to be weighted toward the second half box office
Page 20
Reporting segments: All parts of the business are succeeding through scale CINEMA OBSERVATIONS: • SaaS Revenue up 29% on 2H24 driven by 35% of clients now using the Vista Cloud Platform • Total Revenue up 9% on 2H24 and 16% up on 1H25, demonstrating both progress and seasonality • Contribution margin expands to 39% FILM OBSERVATIONS: • SaaS Revenue up 11%, supporting overall 11% Recurring Revenue growth on 2H24 • Contribution margin expands to 44% 20 Cinema Segment – NZ$m (Unaudited) 1H23 2H23 1H24 2H24 1H25 2H25 SaaS revenue 16.2 19.3 19.5 24.1 25.1 31.2 Non-SaaS revenue 32.6 31.7 31.4 33.1 31.3 30.0 Recurring revenue 48.8 51.0 50.9 57.2 56.4 61.2 Non-recurring revenue 6.7 7.7 4.5 7.2 4.1 8.9 Total revenue 55.5 58.7 55.4 64.4 60.5 70.1 Contribution 16.5 19.8 17.1 23.1 17.2 27.3 Contribution Margin 30% 34% 31% 36% 28% 39% Film Segment – NZ$m (Unaudited) 1H23 2H23 1H24 2H24 1H25 2H25 SaaS revenue 4.9 5.5 5.9 6.2 6.5 6.9 Non-SaaS revenue 6.8 7.0 6.6 7.8 7.5 8.7 Recurring revenue 11.7 12.5 12.5 14.0 14.0 15.6 Non-recurring revenue 2.5 2.1 1.7 2.0 2.5 1.6 Total revenue 14.2 14.6 14.2 16.0 16.5 17.2 Contribution 4.5 5.2 5.5 6.5 6.7 7.6 Contribution Margin 32% 36% 39% 41% 41% 44%
Page 21
Cash Flow: We have preserved cash resources while scaling to meet client demand • Continued strong client collections, 103% of revenue • Operating cash up 65%, or 54% excluding exceptional items • Operating cash converts to 99% of EBITDA • Net movement in cash improved 84% on 2024 • Closing cash excluding exchange reduces $0.6m, despite accelerating $8.5m of implementation and capitalised development costs 21 NZ$m 2025 2024 % Change Receipts from clients 169.7 150.0 +13% Payments to suppliers & employees (140.2) (130.1) +8% Exceptional items 0.7 (0.8) Tax & interest (2.4) (2.3) Operating cash flow 27.8 16.8 +65% Capitalised development (net of RDTI) (20.5) (17.6) +16% Lease payments (6.5) (6.0) Loan (repayments) / drawdowns (1.0) (0.1) Other (1.0) (0.4) Net movement in cash held (1.2) (7.3) +84% Opening cash 21.8 28.5 Foreign exchange differences (0.6) 0.6 Closing cash 20.0 21.8 -8%
Page 22
Financial position: Net cash remains stable • Net Cash Position of $0.7m: largely unchanged on 2024, despite $8.5m of increased investment into capitalised development and our onboarding capacity • Strong banking partner support: facilities extended to $62.0m until 2029, meaning cash runway including facilities is now $62.7m 22 NZ$m 2025 2024 % Change Cash 20.0 21.8 -8% Borrowings – Bank (19.3) (19.7) Borrowings – Related Parties + RDTI - (1.0) Net Cash Position 0.7 1.1 Trade receivables 30.0 31.2 -4% Other current assets 18.7 17.4 Other non-current assets 172.2 153.9 +12% Other current liabilities (62.0) (55.0) -13% Other non-current liabilities (9.9) (2.7) Net assets / total equity 149.7 145.9 +3%
Page 23
Underlying Free Cash: The core business is currently generating ~$18.8m, targeting ~$75m by the end of 2030 • Underlying FCF demonstrates the improving cash performance of the core business, by removing cloud transition incremental costs • The core business is currently generating ~$18.8m of cash • Our 2030 ARR and EBITDA margin exit rate aspirations imply FCF of ~$75m (300% uplift on the 2025 Underlying FCF) • See appendix for calculations relating to FCF and Underlying FCF 23 (11.3) (5.9) (0.9) 75.0 1.0 5.3 18.8 2023 2024 2025 2030 Exit Rate Aspiration NZDm 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 2025 Annual 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: FCF of -$0.9m with Underlying FCF of +$18.8m +300% FCF Underlying FCF
Page 24
A self-funding strategy: Incremental Costs from 2026 are expected to be repaid from the FCF ramp 24 • Incremental costs from 2026: the additional onboarding capacity and development costs will be funded entirely from FCF ramp by the end of 2030 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. ARR $315m EBITDA margin 33-37% 2030 Exit Rate Aspirations NZ$m Recurring Revenue 315 Non-Recurring Revenue 15 Total Revenue (2030 exit rate) 330 EBITDA (~35% margin) 116 Capitalised Development (8) Leases & Other (7) Taxation (26) FCF (2030 exit rate) ~75 Implied FCF by the end of 2030
Page 25
Capital allocation: we retain flexibility while deliberately choosing to accelerate to meet strong client demand 25 1 2 3 4 • Client satisfaction • Maximise shareholder returns • Deeply integrated client base Our bankers are supportive, extending the facility limit and term in Dec 2025 • Facility limit extended to $62.0m and term to Jan 2029 • Significant headroom for extraordinary external events We are confident in our ability to fund this strategy from existing debt facilities • Any drawdown expected to be small and transitional • Debt repaid and net cash position reestablished in 2028 We retain flexibility with levers to pull • We will adjust our delivery pace and funding based on client demand and return thresholds CAPITAL ALLOCATION PROFILE: • 2026 Using Small Levels of Debt: Accelerating onboarding to meet demand, expanding investment in delivery and technology • 2027 Neutral FCF: We forecast increased operational cashflow as more clients transition to Cloud, which will be used to fund continued acceleration • 2028 Net Cash Positive (Peak Velocity): We expect to be generating strong FCF , enabling debt repayment and reestablishing a net cash position Client demand is strong with several marquee signings expected
Page 26
26 Compelling 2030 Exit Rate Aspirations: in five years we expect to approximately double ARR and EBITDA Margin, and triple Underlying FCF 163.0 315.0 2025 2030 Exit Rate Aspiration NZ$m ARR 18.8 75.0 2025 2030 Exit Rate Aspiration NZ$m Underlying FCF +300% 17.2% 35.0% 2025 2030 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.
Page 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.
Page 28
Why Vista Group is best placed to be an AI winner 28 AI is embedded operationally Across the Group to accelerate delivery, enhance expertise and strengthen execution Vista Group is a tech leader in embedding and integrating AI into its product suite With a long-standing focus on innovation, and a published roadmap shaped directly by client input 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 displaced1 2 3
Page 29
Vista Group’s advantage: we have a strong competitive advantage across eight dimensions 29 Client Embeddedness High Trust Requirements Dominant Market Position Data & Network Effects Extensive Integrations Regulatory Barriers Vertical Provider Pricing Model The interface The user experience (AI/UI)
Page 30
Vista Group's competitive advantage in detail: to facilitate further discussion 30 1. Client Embeddedness Mission-critical, integrated system of record, high switching costs • Authoritative system of record for exhibitor to studio revenue flows • Embedded synergistic workflows across ticketing, scheduling, F&B, guest experience, marketing, memberships, payments etc. • AI trained on mission-critical workflow data 2. High Trust Requirements Deployed in secure, regulated infrastructure, platform clients trust • Near-perfect uptime and accuracy • Downtime results in no revenue being generated • Regulated markets with personal and identifiable data • Proven track record with 30 years of operational resilience 3. Dominant Market Position Industries with high concentration and limited competition benefits • Global leader in cinema and film distribution infrastructure • 46% enterprise market share outside China, India, and Russia • Limited competition in a specialised market 7. Vertical Provider Deep domain expertise across the industry's expanding dimension • End-to-end cinema operating platform • 30 years of data being leveraged by AI for intelligence • Client-led innovation roadmap delivered at pace • Strong underlying client demand 6. Regulatory Barriers Compliance with the most stringent industry specific regulations • Box office reporting for revenue share and local regulations • Certified localisation and homologation • Cybersecurity and GDPR • SOC2 and PCI compliance 5. Extensive Integrations Industries that require extensive integration with external systems • Broad integrations across payments, finance, hardware, and industry platforms • Market-specific, certified regulatory and box office connections • 30 years of embedded integration logic and data 4. Data & Network Effects Aggregated data creating winner- takes-most dynamics • End-to-end, industry-specific data generated inside mission-critical cinema and film workflows • Aggregated at global scale, creating network effects • Data scientists already using rich and trusted data, built on decades of operational logic 8. Pricing Model Outcome and usage-based pricing resistant to seat erosion • Large components of revenue linked to usage / client GTV • No seat-based pricing • Analysts estimate the cost of our offering to be less than 1% of client revenue
Page 31
Examples of AI solutions already in our product: powered by proprietary, industry data to create efficiency, effectiveness and exceptional guest experiences Audience similarity proprietary algorithm identifying movies based on outsized similarity of audience composition Moviegoer propensity proprietary algorithm that scores moviegoers based on their likelihood to enjoy a specific movie Moviegoer personas LLM-identified audience segments showing key motivations and requirements for watching a movie Customer Lifetime Value and Churn forecasts predicted member spending and churn risk in the coming quarter, unlocking deeper member insights and targeting opportunities First draft automatically generates newsletter copy in each exhibitor’s tone of voice, enabling personalised 1:1 marketing at scale React summaries insights from guest satisfaction surveys, surfacing issues and trends to improve service delivery Assisted scheduling AI and rules-based assistance to help optimise movie schedules far quicker and on a per site/per day basis Box office forecasting for individual movie performance with results supporting assisted movie scheduling and operational labour scheduling Audience Segmentation identifies movie specific segments as part of the forecasting process, and suggests copy and offers to boost visitation Dynamic content surfaces the ideal selection and ordering of movies based on each recipient’s preference, creating tens of thousands of permutations Solutions powered by Vista Group’s proprietary data moat & insights: Increase admit spend & drive attendance … AI solutions powered by vertical software workflows: Improves cinema operational efficiency … 31
Page 32
32 Concessions recommender AI and rules-based F&B suggestions, with the ability to promote them to moviegoers close to their arrival and showtime Smart pricing harnessing moviegoer propensity, CLV and churn as well as box office forecasting and other factors to support pricing decisions Agentic commerce (transactions) using AI assistants to complete end-to-end cinema transactions within defined rules and safeguards Agentic commerce (discovery) AI assistants to help moviegoers find the best cinema experiences for them In reference to the Oneview podcast which was launched in September 2023 “Vista Group is ahead of the curve. They’re using leading-edge tools like agents, which have really only been around as a concept for less than a year. ” Daniel Scott-Raynsford Partner Technology Strategist, Microsoft New Zealand Ongoing focus on developing solutions that leverage proprietary data and workflow: Increase admit spend, drive attendance and maximise operational efficiency … Examples of AI solutions in active discovery / development: shaped by direct client feedback through product advisory counsels, and at VistaCon earlier this month
Page 33
Modernisation and Efficiency AI is creating structural cost and speed advantage • Agentic AI code generation modernising at scale; improving speed and efficiency • Model Context Protocol (MCP) enabling scalable code discovery and automation • MCP-enabled discoverability unlocking future agentic development and faster incident resolution • Statistical and ML models in place for anomaly detection and predictive monitoring • Agentic AI-enhanced security automation across detection, response and governance Enterprise Grade Governance AI adoption built on disciplined control and risk management • Scaled adoption while protecting client and guest data • Secure experimentation embedded within Software Development Life Cycle (SDLC) controls • Clear data rights and classification standards enforced • Employees trained on responsible and ethical AI usage Product and Platform Differentiation AI enhancing reliability, usability and speed to market • Improved reliability and uptime from AI-enabled anomaly detection • AI generated test coverage reducing defects and improving quality • AI-enhanced interfaces leveraging proprietary Vista data to deliver differentiated customer insight • Continuous exploration of high-value AI use cases across the portfolio • Unified proprietary data enables scalable AI deployment Vista wide Embedded into Engineering at Scale AI is accelerating innovation cycles and lowering development cost per feature • >70% of core engineering using agent assisted AI development daily • >50% of core engineering leveraging agentic capabilities within the SDLC • Structured AI-fluency program strengthening long term capability • Evidence of improved cycle time and code quality Scaling the advantage in 2026 We are not standing still, we are embracing change • AI deployment moving from adoption to measurable financial impact • Organisation-wide rollout of productivity AI tools • 3–5 lighthouse automations live in support functions, delivering quantifiable cost, cycle-time and quality improvements • Agentic AI modernisation scaled further across codebase • Expanded AI capability across people systems and procurement workflows AI is embedded within Vista Group: Examples across engineering, product & operations Already in place … Underway ... 33 With these examples and ongoing opportunities, we will continue to look at ways to further accelerate and reduce the investment required to achieve our 2030 Exit Rate Aspirations
Page 34
Outlook
Page 35
Movie slate confidence: expected to drive sustained box office momentum through 2026 • 2026 Domestic Box Office of US$9.6b to US$9.9b forecasted by Omdia and Gower Street Analytics • Strong movie slate forecast for 2026, with seven titles from franchises previously grossing greater than US$1.0b 35 DOMESTIC BOX OFFICE FORECAST1 1. Forecast as reported by Omdia in February 2026. 11.4 2.2 4.5 7.4 9.0 8.7 8.7 9.6 10.0 10.3 10.7 11.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0US$ billions
Page 36
Outlook: guidance and aspirations 2026 ASSUMPTIONS: • Domestic box office: US$9.75b (midpoint of Omdia and Gower Street Analytics forecasts) • USD currency: assumed at US$0.60 creating ~$4.0m headwind to the 2025 average/spot rate (US$0.58) 36 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 2030 Exit Rate Aspirations Revenue $176m-182m 7-11% growth on 2025, or 10-13% on a constant currency basis EBITDA margin 18-20% Up from 17.2% in 2025 33-37% No change ARR $315m+ Includes $15m from Vista Payments
Page 37
Four key messages: Our business is winning and durable 37 Adding growth levers Vista Payments is live, with a market response ahead of original expectations Balancing short-term performance with sustainable growth Strong client demand, with 35% of client sites now on the Vista Cloud Platform Accelerating the execution of our strategy Another strong result, with all key metrics expanding and cloud transition gaining pace1 2 3 Vista Group is well positioned to be an AI winner Leveraging our deeply integrated platform — systems, data, and tools working as one — to turn our data moat and vertical AI into differentiated value for our clients4
Page 38
Questions
Page 39
Thank you
Page 40
Appendix
Page 41
Film studio & distributor Movie marketing Film booking & sales Reporting & analytics Invoicing & settlement Content management Release date planning Cinema – head office Reporting & analytics Film scheduling Marketing Digital movie media Circuit management Cinema – F+B Kitchen operations Bar & restaurant Stock management Cinema – back office Cinema management Corporate bookings Cinema – front of house Point of sale Ticket + F&B kiosk Queue busting & remote sales Ticket validation Digital signage Cinema – theatre Scan-to-order In-seat dining service Moviegoer Websites & apps Loyalty & subscriptions Personalised communication Guest services Cinema & streaming guide Vista Group: the global leader in providing tech and data solutions to the film industry 41
Page 42
Strong ARR with $315m+ by the end of 2030, representing sustained growth as clients move to Vista Cloud Growing FCF and EBITDA as we aspire to deliver a ‘Rule of 40’ Competitive advantage through 46% global market share1 in the enterprise cinema market Increasing total addressable market as cloud transition brings a greater share of client technology spend Expansion opportunities within the film industry and adjacent entertainment industry Our platform is built for an AI world with many fundamental, structural advantages that only Vista Group can combine in the cinema industry Vista Group: A proven leader delivering growth, scale, and strategic focus 1. Management’s estimate of the Cinema segment percentage of the world market for Cinema Exhibition Companies with 20+ screens with a signed contract, excluding Russia, India and China at 31 December 2025. 42
Page 43
43 2030 Exit Rate Aspirations: unchanged, with operational leverage to 33-37% G&A, 19% R&D, 16% S&M, 6% CTS, 42% EBITDA, 17% 2025 Actual 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 – ~25% labour scales with cloud delivery and wage inflation, ~17% grows 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 Operating, 28% CTS, 37% EBITDA, 35% 2030 Exit Rate Aspiration
Page 44
44 Free Cash Flow and Underlying FCF Exceptional Items – The cash inflow or outflow relating to transactions classified as “other and gains and losses” (see section 2.3 of the 2025 Annual 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 2025 Annual 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 $8.0m per annum). These normalised incremental cash costs are not expected to be incurred at full platform adoption. NZ$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 - - - Free Cash Flow (7.9) (3.4) (8.5) 2.6 1.0 (1.9) Deferred implementation costs 0.4 0.4 0.7 0.9 3.3 3.9 Capitalised development 10.8 8.7 9.2 8.4 8.7 11.8 Long-term BAU capitalised development ($8m p.a.) (4.0) (4.0) (4.0) (4.0) (4.0) (4.0) Total incremental costs 7.2 5.1 5.9 5.3 8.0 11.7 Underlying FCF (0.7) 1.7 (2.6) 7.9 9.0 9.8
Page 45
Vista Payments value proposition • Lower payment processing costs • A tightly integrated solution significantly improving exhibitor efficiency • Cutting edge payment tech not normally available to smaller exhibitors • Improves cash flow (faster settlements) • Expands TAM of Vista Classic, Vista Cloud and Veezi • Client retention / stickiness • Risk managed through payment supplier • Largest opportunity is through smaller exhibitors (<50 sites) • Implied GTV: ~US$22.0b • ARR: >$15m (net of processing costs) • Cost base: Payment team of ~20 people, plus other GTM costs 1. Implied GTV by the end of 2030 assumes all Vista Cloud Enterprise Client sites and modest Veezi site growth, with GTV assumed to grow in line with Domestic box office forecasts reported by Omdia. Good for our exhibition clients 1 Good for Vista Group 2 Our aspirations by the end of 2030 3 45
Page 46
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 quarter GTV is assumed to be 25.3% of FY25 GTV, which is based on a proportion of the FY25 Domestic Box Office (4Q25 and FY25 Actuals: US$2.2b and US$8.7b, respectively per Box Office Mojo). ARR – Annualised Recurring Revenue, which is a non-GAAP measure calculated as trailing 3 month Recurring Revenue multiplied by four. Contribution Margin – 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 2025 Annual 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. 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 31 December 2025. Exceptional Items – The cash inflow or outflow relating to transactions classified as “other and gains and losses” (see section 2.3 of the 2025 A nnual Report). Free Cash Flow (FCF) and Cash Usage – 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 2025 Annual 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 unt il the service is cancelled. Unlike Non-Recurring Revenues, these revenues are predictable, stable and can be expected to occur at regu lar 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 provide d 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 Bo x Offices. 46
Page 47
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 are marke ted 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 Operation al Excellence. 47