New Zealand Professional Investment Services Firm, Forsyth Barr

Forsyth Barr

New Zealand Professional Investment Services Firm

We are proud to be a New Zealand owned firm, with 21 offices throughout the country and over 300 employees. We assist personal, institutional and corporate clients providing a full range of investment services.

Forsyth Barr is a foundation New Zealand Exchange firm (NZX) and accredited market participant. We have been confirmed by the Financial Markets Authority as a Qualifying Financial Entity (QFE).

Research is the cornerstone of our advice. We have one of New Zealand's leading teams of analysts. Our global affiliations ensure comprehensive research coverage of all major investment markets.

Equity Bottom-Up

Vista Group International / Equity Bottom-Up

<ul><li>US domestic box office revenues in May 2026 were solid, rising +10% versus an already strong 2025 comparable period to ~US$1.1bln.</li><li>Cumulative calendar year-to-date revenue is now tracking +13% up on the same period in 2025, consistent with the ~13% year-on-year uplift implied within management's FY26 guidance (US domestic box office take of US$9.75bln).</li><li>Our FY26 revenue forecast for VGL is NZ$179.2m, +9% on FY25 and near the midpoint of management's NZ$176m–NZ$182m revenue guidance range.</li></ul>

US domestic box office revenues in May 2026 were solid, rising +10% versus an already strong 2025 comparable period to ~US$1.1bln.Cumulative calendar year-to-date revenue is now tracking +13% up on the same period in 2025, consistent with the ~13% year-on-year uplift implied within management's FY26 guidance (US domestic box office take of US$9.75bln).Our FY26 revenue forecast for VGL is NZ$179.2m, +9% on FY25 and near the midpoint of management's NZ$176m–NZ$182m revenue guidance range.

Vista (VGL)—Solid May 2026 US Domestic Box Office

<ul><li>Vista Group (VGL) has this morning announced that existing client Cinépolis has signed an agreement to transition its 504-site Mexican circuit to Vista Cloud Operational Excellence, representing VGL’s largest cloud agreement to date by site count.</li><li>Earlier this month, Vista also announced the addition of 88 Cineworld-branded sites in the UK to its Digital Enablement tier (14 May 2026 announcement).</li><li>VGL remains our preferred sector pick, with an OUTPERFORM rating and NZ$3.28 target price (+64% upside to yesterday NZ$1.995 closing share price).</li></ul>

Vista Group (VGL) has this morning announced that existing client Cinépolis has signed an agreement to transition its 504-site Mexican circuit to Vista Cloud Operational Excellence, representing VGL’s largest cloud agreement to date by site count.Earlier this month, Vista also announced the addition of 88 Cineworld-branded sites in the UK to its Digital Enablement tier (14 May 2026 announcement).VGL remains our preferred sector pick, with an OUTPERFORM rating and NZ$3.28 target price (+64% upside to yesterday NZ$1.995 closing share price).

Vista (VGL) - Signs The Largest Site Transition Deal To Date

<ul><li>Vista Group’s (VGL) trading update for the four months to April 2026 was in line with expectations, with relatively little new information provided.</li><li>Management used the update to: (1) provide a year-to-date US domestic box office update, highlighting a solid start to the year; and (2) reiterate FY26 guidance, underpinned by momentum across key client projects, box office strength, a supportive release slate, and modest currency tailwinds.</li><li>Our target price lifts +12% to NZ$3.28, on earnings and higher peer multiples. OUTPERFORM.</li></ul>

Vista Group’s (VGL) trading update for the four months to April 2026 was in line with expectations, with relatively little new information provided.Management used the update to: (1) provide a year-to-date US domestic box office update, highlighting a solid start to the year; and (2) reiterate FY26 guidance, underpinned by momentum across key client projects, box office strength, a supportive release slate, and modest currency tailwinds.Our target price lifts +12% to NZ$3.28, on earnings and higher peer multiples. OUTPERFORM.

Vista Group FY26 Trading Update Sticking to the Script

<ul><li>US domestic box office trends have started 2026 on a firmer footing, providing some support following a weak end to FY25.</li><li>For Vista Group (VGL), where a meaningful one quarter of revenue is linked to gross transactional value (GTV), this shift from drag to potential tailwind is modestly supportive.</li><li>Against this backdrop, VGL has de-rated materially alongside global tech and SaaS.</li></ul>

US domestic box office trends have started 2026 on a firmer footing, providing some support following a weak end to FY25.For Vista Group (VGL), where a meaningful one quarter of revenue is linked to gross transactional value (GTV), this shift from drag to potential tailwind is modestly supportive.Against this backdrop, VGL has de-rated materially alongside global tech and SaaS.

VISTA GROUP FY26 Looking Like A Better Act

<ul><li>Vista Group (VGL) delivered its FY25 result, providing the market with relief following a period of uncertainty surrounding key guidance metrics.</li><li>Revenue was below both guidance and consensus, driven by a soft 2025 box office and delays to client conversions, and FY26 revenue guidance missed expectations due to 2H26-weighted conversion timing and FX headwinds.</li><li>Continued progress was made on Vista Payments, with pilot clients now live and early demand appearing constructive.</li></ul>

Vista Group (VGL) delivered its FY25 result, providing the market with relief following a period of uncertainty surrounding key guidance metrics.Revenue was below both guidance and consensus, driven by a soft 2025 box office and delays to client conversions, and FY26 revenue guidance missed expectations due to 2H26-weighted conversion timing and FX headwinds.Continued progress was made on Vista Payments, with pilot clients now live and early demand appearing constructive.

Vista Group FY25 Revenue Soft, Stronger Acts Ahead

New Zealand

Vista Group International Limited provides film industry software. The Company offers cinema, distribution and data analytical software to the global film industry.

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Vista Group International (VGL NZ)

Vista (VGL)—Solid May 2026 US Domestic Box Office

US domestic box office revenues in May 2026 were solid, rising +10% versus an already strong 2025 comparable period to ~US$1.1bln. Cumulative...

Forsyth Barr

Vista (VGL) - Signs The Largest Site Transition Deal To Date

Vista Group (VGL) has this morning announced that existing client Cinépolis has signed an agreement to transition its 504-site Mexican circuit to...

Forsyth Barr

Vista Group FY26 Trading Update Sticking to the Script

Vista Group’s (VGL) trading update for the four months to April 2026 was in line with expectations, with relatively little new information...

Forsyth Barr

VISTA GROUP FY26 Looking Like A Better Act

US domestic box office trends have started 2026 on a firmer footing, providing some support following a weak end to FY25. For Vista Group (VGL),...

Forsyth Barr

Vista Group FY25 Revenue Soft, Stronger Acts Ahead

Vista Group (VGL) delivered its FY25 result, providing the market with relief following a period of uncertainty surrounding key guidance metrics.

Forsyth Barr

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