Barrenjoey Emerging Growth Conference Presentation

VISTA GROUP INTERNATIONAL LTD, SHED 12, CITY WORKS DEPOT, 90 WELLESLEY STREET WEST, AUCKLAND 1010, NZ

MARKET ANNOUNCEMENT
25 November 2025, Vista Group International Ltd, Auckland, New Zealand

Barrenjoey Emerging Growth Conference Presentation
Vista Group International Limited (NZX/ASX: VGL) provides a copy of the presentation that Stuart Dickinson
(CEO) and Matt Thompson (CFO) will be providing today at Barrenjoey’s Emerging Growth Conference in
Sydney.
The presentation includes an update on Vista Group’s progress in launching its embedded payments
offering, along with confirmation that Vista Group remains on track for its aspiration to have ~1,600
exhibition client sites on the Vista Cloud Platform by the end of 2025.
For further information please contact:

Matt Thompson
Chief Financial Officer
Vista Group International Limited
Contact: +64 9 984 4570





About Vista Group
Vista Group International Limited is a global leader in providing technology 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.

---

Vista Group Overview – Barrenjoey Emerging Growth Conference

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
becomplete or comprehensive, and is not an offer or invitation or subscriptionor
purchase of, or solicitation of an offer to buy or subscribe for, financialproducts
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 purchaseor 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’sfinancial
statements, market releases and information available on Vista Group’s website
(vistagroup.co.nz) and on NZX Limited’s website (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 andsubjective judgements which are inherently subject to risks,
uncertaintiesand contingencies outside of Vista Group’s control;
•although VistaGroup’smanagement may indicate and believe theassumptions
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 tothepast performanceofVista Group,
whichare not, andshould not be regarded as,a reliable indicatoroffuture
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 errorsor omissions. Neither Vista Group or any of its
respective directors, employees, agents or advisers makes any representation or
warranty, express orimplied, 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.
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

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 is the global leader in providing tech and data solutions
to the film industry
3

4
Key Points
~US$2.2b
1H25 GTV
80+
countries
~720
employees
46%
Global Market Share
Our Vista Cloud clients include:
Our solutions power 46% of the Global Market Share of enterprise cinemas
outside of Russia, China and India
4

Vista Group’s growth is being driven by its new cloud-based platform offerings
-20
0
20
40
60
80
100
120
140
160
180
202020212022202320242025
guidance
EBITDARevenue
Operational Priorities
To sell and accelerate transitioning our
existing on-premise enterprise clients (with
20+ screens) to the Vista Cloud Platform
SaaS Platform
Transformation
Operational
Efficiency
Expand EBITDA margins
Build Free Cash Flow
Deliver a ‘Rule of 40’
+14%
CAGR
Platform Ambitions
100% Platform
ARR: $315m+
EBITDA margin: 33-37%
Increase market share to 6,000+ sites
Revenue and EBITDA in NZDm
5

Vista Cloud is maximising the power of data, and enabling our clients to focus on
theirsuccess
Minimise risk of
data breaches and
ransomware while
reducing compliance
overhead across
circuits
Focus on maximising
the value creation of
technology – not our
clients running it.
Enhance productivity
and streamline
operations
Scalability,
responsiveness
and uptime during
peak periods for
uninterrupted
revenue flow
Leverage tools
tocapture
everyrevenue
opportunity
Create memorable
experiences that boost
audience loyalty and
engagement, and
driveincremental
spend
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
6

And it is not just us saying it, our clients are recognising the meaningful
benefits of Vista Cloud
"We have been using [Assisted Scheduling] for more than half a year
now and comparing manually dragging sessions into the schedule
with what we're doing now ... we have saved 50% of that time."
Pathé Netherlands
“Over the years I have seen all the innovations,
and Cloud is the next-gen product we need.”
Cinergy
“Guests expect to have a seamless experience...
and with Lumos they’re able to get that.”
FatCats
7
7

“We’re finding more and
more that customers like
the self-sufficiency we can
offer them with Vista.”
Then
•No F&B integration in online booking flow
•Looking to empower moviegoers with
greater self-service
Now
•Revitalised digital channels (web, mobile
app, kiosks)
•F&B directly integrated with their online
booking
•Ability to freely and easily test/trial new
features and changes
•Self-service freeing staff to focus on F&B
delivery
Location
Australia
Capability
Digital Enablement
Cinebar Case Study: With Vista Cloud, Cinebar
boosts spend, loyalty, and operational flow through
self-service
David Taylor, Owner

2025 Progress: On track with our aspiration for ~1,600 exhibition client sites on
the Vista Cloud Platform by the end of 2025
9
Exhibition Client Sites on the Vista Cloud Platform
3%
4%
15%
17%
36%
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
Dec 23Jun 24Dec 24Jun 25Dec 25
Operational Excellence
Digital Enablement and Moviegoer Engagement
% of Total Exhibition Clients
30 Jun
2024
31 Dec
2024
30 Jun
2024
Aspiration
31 Dec
2025
Vista Cloud
(Operational Excellence)
59358424~700
Digital Solutions
(Digital Enablement /
Moviegoer Engagement)
107325323~900
Vista Cloud Platform
(Total: Vista Cloud + Digital Solutions)
166683747~1,600
Accelerated Vista Cloud Adoption

Embedded Payments has upgraded our 100% Platform ARR aspiration to $315m,
pilot clients are expected by the end of 2025
FY24 Revenue
$150m
100% Platform ARR
aspiration now $315m
Platform Breadth
Time
*Indicative scale
Embedded Payments ARR aspiration $15m
10
Embedded Payments expands platform breadthAdyen signed as ‘white label’ solution global supplier

Other adjacent expansion opportunities have been identified to augment
the Vista Cloud Platform
Ecosystem and adjacent expansion opportunities
FY24 Revenue
$150m
100% Platform ARR
aspiration now $315m
Platform Breadth
Time
Identified adjacencies:
•Family Entertainment Centres
•Film Distribution
*Indicative scale
Embedded Payments ARR aspiration $15m
11
Platform growth levers:
•Site growth beyond 6,000 sites
•New products / powerups
•Data innovation
•Expansion in payments

We are now accelerating to meet client demand, with Free Cash Flows being
deployed to accelerate the cloud platform transition
12
Free Cash Flows are normalised for incremental cash costs incurred to onboard clients to Vista Cloud, and for escalated capitalised development costs
(long-term BAU levels assumed to be $7.0m per annum). These normalised incremental cash costs are not expected to be incurred at 100% Platform.
(11.3)
(5.9)
2.0
~75.0
2.0
6.3
20.0
(20.0)
(10.0)
0.0
10.0
20.0
30.0
40.0
50.0
60.0
70.0
80.0
202320241H25
Annualised
100% Platform
NZ$m
FCFNormalised for Cloud Platform Investment
~30%
CAGR
NZ$m
Recurring Revenue
315
Non-Recurring Revenue15
Total Revenue at 100% Platform~330
EBITDA (35% aspiration mid-point)116
Capitalised Development(7)
Leases & Other(7)
Ta xat i o n(27)
Free Cash Flows at 100% Platform
~75
Free Cash Flows at 100% Platform
Vista Group’s core operations are expected to generate ~$20m of normalised
Free Cash Flows for FY2025, and to grow to ~$75m at 100% Platform
Normalised for
incremental costs
relating to the cloud
platform transition

Strong ARR with $315m+ at 100%
Platform, representing sustained
growthas clients move to Vista Cloud
Growing Underlying FCFand EBITDA
as we aspire to deliver a ‘Rule of 40’
Competitive advantagethrough
46% Global MarketShare in the
enterprisecinema market
Increasing total addressablemarket
as cloud transitionbrings a greater
shareof client technologyspend
Expansion opportunitieswithin the
film industry andadjacent
entertainmentindustry
Increasing industry demand for
technology solutions to drive growth
and operating efficiency
Vista Group: A proven leader delivering growth, scale, and strategic focus
13

Appendix

Glossary
15
Defined Terms:
100% Platform – 6,000 sites on Operational Excellence (Vista Cloud).
ARR – Annualised Recurring Revenue, which is a non-GAAP measure calculated as trailing 3 month Recurring Revenue multiplied by four.
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 Interim Report).
Enterprise Client – Cinema Exhibition Companies with 20+ screens.
Free Cash Flow – a non-GAAP measure and is 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 Interim Report).
GTV – is managements estimate of the gross total value of transactions through Digital Enablement, Moviegoer Engagement and Operational Excellence
adjusted to account for seasonality in the Domestic Box Office forecasts (based on data sourced from Omdia and boxofficemojo).
Global Market Share – 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.
Underlying FCF – Free Cash Flows normalised for incremental cash costs incurred to onboard clients to Vista Cloud, and for escalated capitalised
development costs (long-term BAU levels assumed to be $7.0m per annum). These normalised incremental cash costs are not expected to be incurred at
100% Platform.
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.

16
No changes to our 100% Platform EBITDA aspiration
G&A, 19%
R&D, 19%
S&M, 7%
CTS, 43%
EBITDA (ex FX), 12%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
1H25 Actual
•100% Platform EBITDA margin of
33-37% remains unchanged
•Operational leverage progress
expected to stagger with large
client onboarding
•Deferral of implementation costs
means approx. 3-5 year cash drag
•Significant proportion of delivery
and tech teams diverted to
adjacent opportunities near 100%
Platform
Medium-term cost
drivers
CTS – ~25% labour scales
with cloud delivery and wage
inflation, ~18% 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, 30%
CTS, 35%
EBITDA, 35%
100% Platform

Free Cash Flow and Underlying FCF Calculations
17
NZ$m1H232H231H242H241H25
Net movement in cash held(9.2)(8.0)(8.7)1.40.8
Adjust for loan movements-(0.4)(0.8)0.90.7
Adjust for exceptional items-5.00.50.3(0.5)
Adjust for acquisitions / earn-outs1.3-0.5--
Free Cash Flow(7.9)(3.4)(8.5)2.61.0
Deferred implementation0.4 0.4 0.7 0.9 3.3
Capitalised development10.8 8.7 9.2 8.4 8.7
Long-term BAU capitalised development ($7m pa)(3.5)(3.5)(3.5)(3.5)(3.5)
Underlying FCF(0.2)2.2 (2.1)8.4 9.5
Exceptional items – the cash outflow relating to transactions classified as “other and gains and losses” (see section 2.3 of the 2025 Interim Report).
Free Cash Flow – a non-GAAP measure and is 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 Interim Report).
Underlying FCF – Free Cash Flows normalised for incremental cash costs incurred to onboard clients to Vista Cloud, and for escalated capitalised development
costs (long-term BAU levels assumed to be $7.0m per annum). These normalised incremental cash costs are not expected to be incurred at 100% Platform.