Auckland, New Zealand, 14 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 EBITDA margins, driven by sustained and growing demand for Vista Cloud. The company also achieved its second consecutive half of being Free Cash Flow positive, and is significantly increasing its resourcing in technology and delivery capabilities to meet client needs and fast-track its 100% Platform ambitions.

“Demand for Vista Cloud continues to grow, reflecting strong market appetite for our cloud solutions,” said Stuart Dickinson, Chief Executive of Vista Group. “With demand now exceeding our delivery capacity, we're responding decisively to prioritise our clients by scaling the capacity of our technology and delivery teams, who are already operating at peak efficiency. This will accelerate client onboarding and unlock the full potential of our pipeline.”

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 capability. 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.

“We’ve shipped over 42 new features to clients so far this year,” Dickinson added. “Our innovation continues to deliver measurable outcomes for our clients, improve operational efficiency, and enhance the moviegoer experience.”

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

“We remain focused on delivering long-term value to clients and shareholders,” said Dickinson. “The traction we’re seeing across Vista Cloud and our growth adjacencies reinforces our confidence in the strategy and the opportunity ahead. We are also excited to release details of our Embedded Payments strategy, which has enabled us to upgrade our ARR aspiration at 100% Platform to $315.0m.”

‍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 Revenue of $70.4m (up 11% on 1H24) and SaaS Revenue of $31.6m (up 24% on 1H24)
• ARR of $145.8m (up 13% on 30 June 2024)
• EBITDA of $10.0m (up 39% on 1H24), with EBITDA 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 ARR 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% Platform)
• Free Cash Flow positive remains in focus, but we will prioritise meeting client demand.

Outlook

• 100% Platform aspirations upgraded: $315.0m ARR5 and 33-37% EBITDA margin
• On track to achieve full year revenue guidance at $167.0m and EBITDA margin of between 16-18%
• Good progress towards 1,600+ sites on the Vista Cloud Platform by year’s end, however a significant proportion of sites from one key client could be delayed to 2026
• ARR5 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 Excellence this year
• 747 sites live on the Vista Cloud Platform 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 Platform 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: Maverick
• 1H25 domestic box office of US$4.1b, with the full year now projected by Omdia to be US$9.4b
• 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.

Group results

Vista Group reported a strong financial performance for the half year ended 30 June 2025, with total revenue reaching $77.0m, an increase of 11% on 1H24. This growth was driven by a solid 11% rise in Recurring Revenue and a 24% increase in SaaS Revenue. EBITDA rose 39% to $10.0m, with EBITDA margin improving to 13%, up from 10% in the prior period. Vista Group continues to invest significantly in accelerating the conversion of clients to Vista Cloud, as the company responds to strong client demand and delivers its second successive half of Free Cash Flow positive.

In addition to its financial results, Vista Group has unveiled its Embedded Payments strategy, which is designed to deliver substantial benefits to clients already using Vista Cloud, Vista Classic, and Veezi platforms. This strategic initiative enables Vista Group’s ARR ambition at 100% Platform to be upgraded to $315.0m.

Segmental results

Cinema segment: which accounts for approximately 80% of Vista Group’s revenue, reported total revenue of $60.5m, up 9% on 1H24. Within this segment, Recurring Revenue increased by 11% and SaaS Revenue surged by 29%, while Non-SaaS Revenue kept at the same level year on year. The segment’s contribution margin remained steady at $17.2m, as efforts continue to focus on transitioning clients to Vista Cloud.

Recent client signings from Odeon Cinemas Group and Village Cinemas Australia underscore the growing demand for Vista Cloud’s Operational Excellence capability. To meet this growing demand, Vista Group is accelerating its adoption of technology, AI tooling, and expanding its delivery capacity, enabling progress toward its upgraded ARR aspiration of $315.0m.

Film segment: which accounts for approximately 20% of Vista Group’s revenue, reported total revenue of $16.5m, up 16% on 1H24. Within this segment, Recurring Revenue rose by 12%, and SaaS Revenue grew by 11%. The segment’s contribution margin also saw strong growth, up 22% to $6.7m.

Vista Group’s Powster creative studio business, which had previously been impacted by content delays stemming from the 2023 writers’ and actors’ strikes, experienced a notable rebound with revenue up 52% on 1H24. Meanwhile, Vista Group’s box office reporting and film distribution products – including Maccs, Numero, and Movio Research – continued to perform well, with revenue increasing 6% year-on-year. This growth was primarily driven by the ongoing geographic expansion of the Numero platform.

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.