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2026 Half Year Results 3 August 2026
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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 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 typeof 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, 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 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 2026 Interim 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. 2 Information in this presentation:
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Agenda 01 Highlights Stuart Dickinson | Chief Executive Officer 02 Financial Results Matt Thompson | Chief Financial Officer 03 Outlook Stuart Dickinson | Chief Executive Officer 04 Questions 3
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Highlights 4
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Key takeaways 5 First half progress enhances visibility towards 2030 aspirations 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 including foreign exchange provide the confidence to increase 2026 revenue guidance to $179m-184m (previously $176m-182m) 5
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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 Revenue 14% 1H26 1H25 1H24 $43.5mSaaS Revenue 38% 1H26 1H25 1H24 $170.1mARR 17% 1H26 1H25 1H24 $12.4mEBITDA 24% $86.3mT otal Revenue 12% 6 $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 exchange1 1. EBITDA margin adjusted for foreign exchange – Calculation available on Detailed Profit and Loss on slide 14.
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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 7
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Contracted backlog provides strong forward visibility Growing Operational Excellence adoption and market share gains have strengthened revenue visibility through FY27 8 Enterprise Sites Vista Classic Digital Solutions Operational Excellence Total Sites live at 31 December 2025 2,928 833 724 4,485 Cloud migration / change in sites (89) 63 26 - Sites live at 30 June 2026 2,839 896 750 4,485 % of total sites live 63% 20% 17% Contracted sites at 31 December 2025 2,598 792 1,236 4,626 Net change during 1H26 146 (425) 572 293 Contracted sites at 30 June 2026 2,744 367 1,808 4,919 % of total contracted sites 56% 7% 37% Cloud Site Count Progress Live 31 Dec 2025 Live 30 Jun 2026 Aspiration 31 Dec 2026 Digital Solutions (DE/ME) 833 896 ~700 Operational Excellence 724 750 ~1,300 Vista Cloud Platform 1,557 1,646 ~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.
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Vista Group’s intelligence layer is woven throughout the platform Automation, data and embedded AI are driving efficiency, effectiveness and exceptional guest experiences 9 • AI is embedded across core cinema and film workflows, not standalone features • Enhancing decision support for clients across pricing, scheduling, operations and guest engagement • Leveraging proprietary cinema data across ticketing, loyalty, marketing and payments • Delivering automation, optimisation and real-time insights at scale • Extending the platform’s role in day-to-day client operations Audience similarity Moviegoer propensity Moviegoer personas Customer lifetime value and churn First draft Guest feedback summaries Assisted scheduling Box office forecasting Audience segmentation Dynamic content See more at vista.co/roadmap Natural language dashboards
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10 AI strengthens Vista’s economics and strategic position Enhancing long-term margins, growth and defensibility Raises switching costs via deeper workflow integration and data dependency Supports margin expansion through productivity and operating leverage Increases revenue opportunity via higher value solutions and optimisation capability Amplifies data advantage across the global Vista platform Reinforces infrastructure positioning compared with commoditised SaaS Positions Vista to benefit from AI adoption, not AI disruption Key benefits include: Improved engineering productivity and scalable organisational knowledge. Avo, built on a Vista proprietary model harness, consolidates knowledge across 45+ product repositories, helping teams resolve issues faster, scale expertise across the organisation and accelerate software development through engineering automation. Meet AVO: Vista Group’s 3rd generation engineering AI Agent 10
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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
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Financial Results 12
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Income statement A strong revenue performance with improved operating leverage • SaaS Revenue of $43.5m up 38% • Recurring Revenue of $80.1m up 14% • ARR of $170.1m up 17% • EBITDA margins expand 1.9% to 13.8%, after adjusting for exchange HIGH LEVEL SUMMARY: • SaaS Revenue of $43.5m up 38% • Recurring Revenue of $80.1m up 14% • ARR of $170.1m up 17% • Continued disciplined cost management while investing for growth • EBITDA margins expand 1.9 percentage points to 13.8%, after adjusting for foreign exchange 13 NZ$m 1H26 1H25 % Change Total revenue 86.3 77.0 +12% Total segmental expenditure (59.5) (53.1) +12% Contribution 26.8 23.9 +12% Contribution Margin 31.1% 31.0% General and administrative expenses (14.9) (14.7) +1% Foreign exchange gains 0.5 0.8 EBITDA 12.4 10.0 +24% EBITDA Margin EBITDA Margin (excl. foreign exchange gains) 14.4% 13.8% 13.0% 11.9% +1.4pts +1.9pts Depreciation and amortisation (13.1) (10.2) Net finance costs (1.4) (1.1) Loss before tax (2.1) (1.3) Tax expense 0.6 0.1 Loss after tax (1.5) (1.2)
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SEASONALITY: • Revenue remains second-half weighted: reflecting box office seasonality and ongoing cloud migrations • EBITDA margin progression reflects historical seasonality: enhanced by operational leverage from revenue growth, with 1H26 tracking to ~34% of FY26 69.6 77.0 86.3 80.4 87.3 95.2 2024 2025 2026 (guidance mid-point) Total revenue (NZ$m) 1H 2H NZ$m (Six months – Unaudited) 1H24 2H24 1H25 2H25 1H26 SaaS revenue 25.4 30.3 31.6 38.1 43.5 Non-SaaS revenue 38.0 40.9 38.8 38.7 36.6 Recurring revenue 63.4 71.2 70.4 76.8 80.1 Non-recurring revenue 6.2 9.2 6.6 10.5 6.2 Total revenue 69.6 80.4 77.0 87.3 86.3 Revenue growth on PCP -0.1% 9.7% 10.6% 8.6% 12.1% Cost to serve 28.4 30.6 32.1 35.1 35.7 % of revenue 41% 38% 42% 40% 41% Hardware cost of sales 0.5 0.8 0.9 0.9 0.6 Gross profit 40.7 49.0 44.0 51.3 50.0 Gross margin 58.5% 60.9% 57.1% 58.8% 57.9% Sales and marketing 4.9 4.9 5.6 4.7 6.4 % of revenue 7% 6% 7% 5% 7% Research and development 13.2 14.5 14.5 11.7 16.8 % of revenue 19% 18% 19% 13% 19% Contribution 22.6 29.6 23.9 34.9 26.8 Contribution margin 32.5% 36.8% 31.0% 40.0% 31.1% General and administration 14.6 14.3 14.7 15.8 14.9 % of revenue 21% 18% 19% 18% 17% EBITDA (excl. foreign exchange) 8.0 15.3 9.2 19.1 11.9 EBITDA margin (excl. foreign exchange) 11.5% 19.0% 11.9% 21.9% 13.8% Foreign exchange losses / (gains) 0.8 0.9 (0.8) 0.9 (0.5) EBITDA 7.2 14.4 10.0 18.2 12.4 EBITDA margin 10.3% 17.9% 13.0% 20.8% 14.4% Detailed profit & loss Revenue and EBITDA margins expand, and seasonality is evident 46% 47% 48% 8.0 9.2 11.9 15.3 19.1 22.6 2024 2025 2026 (guidance mid-point) EBITDA margin excl. foreign exchange (NZ$m) 1H 2H 34% 34%33% 14
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Reporting segments Revenue compounds as scale builds CINEMA OBSERVATIONS: • SaaS Revenue up 45% on 1H25 driven by 37% of client sites now on the Vista Cloud Platform • Total Revenue up 15% on 1H25, despite non-recurring growth trending to second half FILM OBSERVATIONS: • SaaS Revenue up 9%, and Recurring Revenue up 3% on 1H25 • Components of Powster revenue weighted to the second half 15 Cinema Segment – NZ$m (Unaudited) 1H24 2H24 1H25 2H25 1H26 SaaS revenue 19.5 24.1 25.1 31.2 36.4 Non-SaaS revenue 31.4 33.1 31.3 30.0 29.3 Recurring revenue 50.9 57.2 56.4 61.2 65.7 Non-recurring revenue 4.5 7.2 4.1 8.9 4.0 Total revenue 55.4 64.4 60.5 70.1 69.7 Contribution 17.1 23.1 17.2 27.3 20.5 Contribution Margin 31% 36% 28% 39% 29% Film Segment – NZ$m (Unaudited) 1H24 2H24 1H25 2H25 1H26 SaaS revenue 5.9 6.2 6.5 6.9 7.1 Non-SaaS revenue 6.6 7.8 7.5 8.7 7.3 Recurring revenue 12.5 14.0 14.0 15.6 14.4 Non-recurring revenue 1.7 2.0 2.5 1.6 2.2 Total revenue 14.2 16.0 16.5 17.2 16.6 Contribution 5.5 6.5 6.7 7.6 6.3 Contribution Margin 39% 41% 41% 44% 38%
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Financial position We have sufficient resources available to accelerate our strategy • Net Debt Position of $5.8m: tracking in line with expectations • Strong banking partner support: $62.0m facility available until 2029 meaning cash runway including facilities is now $56.2m • Cash is tracking to plan: • 1H26 used $6.8m of Free Cash • 2H26 and 2027 is on track to be FCF neutral • 2028 FCF positive and overall net cash positive 16 NZ$m (Unaudited) Jun 2026 Dec 2025 % Change Cash 43.9 20.0 Borrowings (49.7) (19.3) Net (debt) / cash position (5.8) 0.7 Trade receivables 32.0 30.0 +7% Other current assets 22.8 18.7 Other non-current assets 179.3 172.2 Current liabilities (64.9) (62.0) -5% Non-current liabilities (13.8) (9.9) Net assets / total equity 149.6 149.7 Calculations and non-GAAP definitions are available in the appendix
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Cash flow statement Deployment of cash in line with expectations, 2H26 expected to be FCF neutral • $30m debt drawn: held on deposit to maintain liquidity and financial flexibility amid ongoing macroeconomic uncertainty (incremental net interest cost less than 2.0%) • Client collections: 98% of revenue, a touch lower than prior years • Operating cash of $9.2m1: up 25% after adjusting for $6.8m favourable movement in 1H25 working capital • 1H26 FCF of -$6.8m2: cash invested to meet client demand • Second half FCF expected to be neutral 17 NZ$m (Unaudited) 1H26 1H25 % Change Receipts from clients 84.6 81.9 +3% Payments to suppliers & employees (73.1) (66.9) -9% Exceptional items 0.4 0.5 Tax & interest (2.7) (1.4) Operating cash flow 9.2 14.1 -35% Capitalised development (net of RDTI) (12.2) (8.7) -40% Lease payments (3.2) (3.3) Loan drawdowns / (repayments) 30.0 (0.7) Other (0.2) (0.6) Net movement in cash held 23.6 0.8 Opening cash 20.0 21.8 Foreign exchange differences 0.3 (0.7) Closing cash 43.9 21.9 1. Movements in working capital: 1H25 favorable movement of $6.8m and 1H26 favourable movement of $0.1m are reconciled in section 3.1 of the 2026 Interim Report. 2. FCF: is defined and reconciled in the appendix to this presentation.
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18 Adjusted Free Cash Flow Bridge 1H26 cash flow reflects operating leverage and an acceleration to meet client demand FCF BRIDGE OBSERVATIONS: • 1H25 benefited from one-off $6.8m working capital tailwind1 • 1H26 operating leverage evident with $3.3m incremental cash flows • Capitalised development and implementation accelerated $4.4m to meet client demand NZ$m (Unaudited) 1H26 1H25 Adjusted FCF Movement FCF (6.8) 1.0 Working capital benefit (0.1) (6.8) Adjusted FCF for working capital benefit (6.9) (5.8) (1.1) 5.6 (1.2) (0.6) (0.5) (3.5) (0.9) (1.1) Calculations and non-GAAP definitions are available in the appendix (slide 32) Revenue (net of variable CTS) 1H26 annual remuneration review (2.5% p.a.) 2026 VistCon client conference (two yearly) Other costs Capitalised development Deferred Implementation Adjusted FCF Movement $3.3m 1H26 incremental cash flows $4.4m cloud acceleration strategy 1. Movements in working capital: 1H25 favorable movement of $6.8m and 1H26 favourable movement of $0.1m are reconciled in section 3.1 of the 2026 Interim Report.
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FY23 75.0 75.0 Underlying Free Cash Flows Cash is tracking to plan and reinvested into enduring growth UNDERLYING FCF OBSERVATIONS: • Underlying FCF removes cloud transition costs, revealing improving core cash performance • 1H25 includes $6.8m working capital benefit • 2H26 expected to grow by $2.6m on the prior period • 2030 exit rate aspirations imply FCF of ~$75m 19 +299% Underlying FCF FCF 1.0 5.3 18.8 18.0 (6.8) (0.9) (5.9) (11.3) Calculations and non-GAAP definitions are available in the appendix (slide 31) FY24 FY25 FY26 Implied 2030 Exit Rate Aspiration First half investment delivers immediate second half Underlying FCF benefits (2.6) 7.9 9.0 9.8 5.6 12.4 1H24 1H25 1H26 2H24 2H25 2H26 Implied First Half Underlying FCF Second Half Underlying FCF +2.6m First half investment meets client demand with minimal impact on FY26 Underlying FCF NZ$m
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20 2030 exit rate aspirations We reaffirm that in just under five years we expect to approximately double ARR and EBITDA Margin, and quadruple 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 +299% 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 de velopment costs (long-term BAU levels assumed to be $8.0m per annum). These normalised incremental cash costs are not expected to be incurred at full platform adoption.
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Outlook 21
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The cinema industry continues to grow With the Domestic Box Office being driven by higher admissions, while investment returns to the film industry 22 703 361 400 447 1H19 1H24 1H25 1H26 Est. Admissions (millions) +11% +12% Source: Vista Group estimate, calculated by dividing reported US Domestic Box Office revenue by Cinemark's disclosed average ticket price for the relevant period (Cinemark quarterly SEC filings). Domestic Box Office growth is being driven by 12% year on year admission increase 5,662 3,556 4,097 4,704 1H19 1H24 1H25 1H26 Domestic Box Office (US$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 22
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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 23 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)
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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 24 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 FCF 2H26: Neutral $75m No change
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Key takeaways FY26 objectives already being delivered, with Underlying FCF progression validating the acceleration plan 25 First half progress enhances visibility towards 2030 aspirations Marquee clients sign to move their circuits to Vista Cloud Contracted Enterprise Market Share increases from 46% to 48% Upgraded 2026 revenue guidance to $179m-184m 25
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Questions 26
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Appendix 27
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28 Vista Group: The global leader in providing tech and data solutions to the film industry
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Our deeply embedded software and payments workflows power ticketing, scheduling, concessions, and guest experience at scale across the world’s leading exhibitors and distributors. 29 Vista Group provides the mission-critical commerce and operations infrastructure for cinema and film distribution. 29
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Our AI-enhanced platform Continuously improving client revenue performance, forecasting accuracy and operational efficiency Agentic AI Enhanced Security Automation Assisted Scheduling AI Anomaly Detection Moviegoer Propensity Customer Lifetime Value & Churn Accelerated innovation Business continuity Operational efficiency Moviegoer experience Security & compliance Increase admit spend and drive attendance Reduction in cost to serve Optimise revenue performance Protecting our clients 30 AI PRODUCT EXAMPLES
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NZ$m (Unaudited) 1H23 2H23 1H24 2H24 1H25 2H25 1H26 2H26 Implied Net movement in cash held (9.2) (8.0) (8.7) 1.4 0.8 (2.0) 23.6 Adjust for loan movements - (0.4) (0.8) 0.9 0.7 0.3 (30.0) Adjust for Exceptional Items - 5.0 0.5 0.3 (0.5) (0.2) (0.4) Adjust for acquisitions / earn-outs 1.3 - 0.5 - - - - Free Cash Flow (7.9) (3.4) (8.5) 2.6 1.0 (1.9) (6.8) - Deferred implementation costs 0.4 0.4 0.7 0.9 3.3 3.9 4.2 Capitalised development 10.8 8.7 9.2 8.4 8.7 11.8 12.2 Long-term BAU capitalised development ($8m p.a.) (4.0) (4.0) (4.0) (4.0) (4.0) (4.0) (4.0) Incremental Costs 7.2 5.1 5.9 5.3 8.0 11.7 12.4 12.4 Underlying FCF (0.7) 1.7 (2.6) 7.9 9.0 9.8 5.6 12.4 31 2030 EXIT RATE FCF BRIDGE: Free Cash Flow and Underlying FCF Bridge Workings that support the free cash flow metrics on slide 19 2030 EXIT RATE FCF CALCULATIONS NZ$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 2030 EXIT RATE ASPIRATIONS ARR $315m EBITDA margin 33-37% 31 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 $8.0m per annum). These normalised Incremental Costs are not expected to be incurred at full platform adoption. Implied 2H26 FCF assumptions: • 2H26 expected to be FCF neutral • 1H26 incremental costs used as a proxy for 2H26
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Adjusted Free Cash Flow Bridge Workings that support the adjusted free cash flow metrics on slide 18 Year on year movement: NZ$m (Unaudited) 1H26 1H25 Data Source / Additional Information Revenue 86.3 77.0 1H26 Interim Report: Income Statement Direct cost of sales (excl. hardware and personnel) (13.9) (10.9) 1H26 Interim Report: Section 2.3 Hardware cost of sales (0.6) (0.9) 1H26 Interim Report: Section 2.3 Computer equipment and software (5.1) (4.1) 1H26 Interim Report: Section 2.3 Revenue (net of variable CTS) 5.6 66.7 61.1 Sum of above 1H26 remuneration review (six months at 2.5%) (1.2) Remuneration review effective 1 Jan 2026 2026 VistaCon client conference (two yearly) (0.6) Costs not included in 1H25, as occurs every other year Other costs (0.5) Capitalised development costs (3.5) (12.2) (8.7) 1H26 Interim Report: Statement of Cash Flows Deferred implementation costs (0.9) (4.2) (3.3) 1H26 Interim Report: Section 2.3 Year on year FCF movement adjusted for working capital (1.1) 32 NZ$m (Unaudited) 1H26 1H25 Adjusted FCF Movement FCF (6.8) 1.0 Working capital benefit (0.1) (6.8) Adjusted FCF for working capital benefit (6.9) (5.8) (1.1)
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Operating 28% CTS 37% EBITDA 35% 2030 Exit Rate Aspiration G&A 18% R&D 19% S&M 7% CTS 42% EBITDA (ex FX) 14% 1H26 Actual 33 2030 Exit Rate Aspirations Unchanged, with operational leverage expected to drive EBITDA margin to 33-37% MARGIN OBSERVATIONS: • Operational leverage progress not expected to be linear due to large client onboarding • Deferred implementation costs create a cash drag beyond 2030, margins will be better on a cash basis • Significant proportion of delivery and tech teams diverted to adjacent opportunities closer to full adoption Medium-term cost drivers CTS – ~23% labour scales with cloud delivery and wage inflation, ~19% variable with revenue S&M – right sized for full transition, wage inflation R&D – labour scales initially with tech / AI adoption and wage inflation G&A – right sized for full transition, wage inflation
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US$ 545m US$ 480m US$ 398m US$ 875m US$ 968m US$ 831m US$ 620m US$ 487m US$ 627m US$ 843m US$ 1,063m US$ 1,064m Jan Feb Mar Apr May Jun 2025 2026 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) 34 +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
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First Half Domestic Box Office Up +15% on 1H25, providing confidence and an underpinning factor that contributes to an upgrade to full year revenue guidance • The domestic box office of US$4.7b is up 15% on 1H25: with full year forecast of US$9.75b on track (key FY26 revenue guidance assumption) • Super Mario Galaxy Movie becomes one of the top five animated openings of all time globally: and the fifth biggest for any Universal film • Michael becomes the highest grossing biopic of all time: surpassing both Bohemian Rhapsody and Oppenheimer • Toy Story 5 recorded the second biggest animated opening weekend ever: and the biggest opening weekend of 2026 and in Toy Story franchise history 35Sources: Box Office Mojo, Variety, Animation Magazine, Screen Rant and Cartoon Brew Worldwide Box Office: US$1.0b Worldwide Box Office: US$1.0b Worldwide Box Office: US$1.0b
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Glossary 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 at 30 June 2026. Contribution – 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 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. Defined Terms: Exceptional Items – The cash inflow or outflow relating to transactions classified as “other 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. SaaS and Non-SaaS Revenues – SaaS Revenues are those derived from subscription- based cloud-hosted software, with the software located on externally provided 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 Box Offices. 36