VGL upgrades aspirations, accelerates to meet client demand

Thursday 14th August 2025

Vista Group International Limited (NZX & ASX: VGL) today announced its half year results for the six months ending 30 June 2025, showcasing strong revenue growth, expanding margins, and continued momentum in client signings. The results reflect Vista Group’s strategic focus on scaling Vista Cloud as the company expands its efforts to accelerate progress across its growth adjacencies.

Vista Group reported improved operating leverage and EBITDA1 margins, driven by sustained and growing demand for Vista Cloud. The company also achieved its second consecutive half of being Free Cash Flow2 positive, and is significantly increasing its resourcing in technology and delivery capabilities to meet client needs and fast-track its 100% Platform3 ambitions.

The half year saw strong signing momentum with multiple clients committing to Vista Cloud. Among those announced are Odeon Cinemas Group and Village Cinemas Australia who signed to Vista Cloud’s Operational Excellence capability4. With key client transitions expected to go live in the second half of the year, Vista Group is well-positioned to capitalise on a robust film slate and positive box office outlook.

In addition to core platform growth, Vista Group accelerated progress across its strategic adjacencies. Notably, Embedded Payments launches with select clients in 2H25.

Financial overview

Vista Group delivered a strong financial performance in 1H25, reflecting continued momentum in cloud adoption and improved operating leverage:

• Total revenue of $77.0m (up 11% on 1H24), with Recurring Revenue5 of $70.4m (up 11% on 1H24) and SaaS Revenue5 of $31.6m (up 24% on 1H24)

• ARR6 of $145.8m (up 13% on 30 June 2024)

• EBITDA1 of $10.0m (up 39% on 1H24), with EBITDA1 margin of 13% up from 10% at 1H24

• Loss before tax of $1.3m (a 64% improvement on 1H24)

• Operating cashflow of $14.1m (up $11.1m on 1H24).

Strategic update

• Embedded Payments pilot expected to launch with select clients in 2H25, targeting $15.0m ARR6 at full deployment

• Accelerating adoption of technology (enhancing scalability and performance), AI tooling (driving automation and smarter solutions) and expanding delivery capacity (meeting excess client demand and speeding up 100% Platform3)

• Free Cash Flow2 positive remains in focus, but we will prioritise meeting client demand.

Outlook

• 100% Platform3 aspirations upgraded: $315.0m ARR6 and 33-37% EBITDA1 margin

• On track to achieve full year revenue guidance at $167.0m and EBITDA1 margin of between 16-18%

• Good progress towards 1,600+ sites on the Vista Cloud Platform7 by year’s end, however a significant proportion of sites from one key client could be delayed to 2026

• ARR6 of $175.0m+ now expected in 2026.

Operational overview

• Strong client demand with Odeon Cinemas Group (309 sites) and Village Cinemas Australia (20 sites) committing to Operational Excellence4 this year

• 747 sites live on the Vista Cloud Platform7 at 30 June 2025, with the second half expected to land at 1,600 with work focused on delivering key client projects

• An estimated ~US$2.2b of Annualised GTV processed through the Vista Cloud Platform8 in 1H25.

Industry overview

• Lilo & Stitch and Mission: Impossible – The Final Reckoning set an all-time record Memorial Day Weekend, previously held by Top Gun: Maverick9

• 1H25 domestic box office of US$4.1b, with the full year now projected by Omdia to be US$9.4b9

• 2H25 box office is supported by more tentpole titles, including Avatar: Fire and Ash, Wicked: For Good, Jurassic World: Rebirth, F1: The Movie, Superman, The Naked Gun and Zootopia 2.

Please refer to the following attachments for full details of the results:

• 2025 Interim Report

• 2025 Half Year Result Investor Presentation

• 2025 Half Year Result Media Announcement

• 2025 Half Year NZX Results Announcement.

To assist investors in understanding Vista Group’s historical performance, an excel data sheet with values to 1 January 2020 has been included in Vista Group’s Investor Centre: vistagroup.co.nz/investor-centre. Also included in this data sheet are other previously reported financial metrics and site count information.

Guidance and aspirations

Vista Group’s 2025 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.

Footnotes

1 EBITDA is defined in section 1 of the 2025 Interim Report.

2 Free Cash Flow is defined in section 1 of the 2025 Interim Report.

3 100% Platform – 6,000 sites on Operational Excellence (aka “Vista Cloud”).

4 Operational Excellence (aka “Vista Cloud”) – The final Vista Cloud capability, marking the completion of an exhibitor’s cloud journey.

5 Recurring Revenue, SaaS Revenue and Non-Recurring Revenue are defined in section 1 of the 2025 Interim Report.

6 ARR – Annualised Recurring Revenue, which is a non-GAAP measure calculated as trailing 3 month Recurring Revenue multiplied by four.

7 Vista Cloud Platform – An aggregation of all clients using a Vista Cloud capability, including Digital Enablement, Moviegoer Engagement or Operational Excellence.

8 Annualised GTV processed through the Vista Cloud Platform – Management’s estimate of the annualised GTV processed through Operational Excellence, Digital Enablement and Moviegoer Engagement in 1H25 using data from Vista Group’s Horizon data warehouse solution. To normalise for box office seasonality, the first half GTV is assumed to be 43.1% of FY25 GTV, which is based on a proportion of the FY25 Domestic box office (1H25 Actual: US$4.1b per boxofficemojo, FY25 Forecast: US$9.4b per Omdia).

9 Box Office Sources – Box Office Pro, Variety.

ENDS

For further information please contact:

Stuart Dickinson

Chief Executive Officer

Vista Group International Limited

Contact: +64 9 984 4570

Matt Thompson

Chief Financial Officer

Vista Group International Limited

Contact: +64 9 984 4570

About Vista Group

Vista Group International Ltd (Vista Group) is a public company, founded in New Zealand in 1996 and listed on both the New Zealand and Australian stock exchanges in 2014 (NZX & ASX: VGL). Vista Group is a global leader in providing tech solutions to the international film industry. With brands including Vista, Veezi, Movio, Numero, Maccs, Flicks and Powster, Vista Group’s expertise covers cinema management software; loyalty, moviegoer engagement and marketing; film distribution software; box office reporting; creative studio solutions; and the Flicks movie, cinema and streaming website and app.

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