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>The September 2025 quarter was another busy period for New Zealand’s listed technology sector, with several companies releasing earnings and trading updates.</li><li>VGL was the only large-cap NZ tech stock under coverage to report during the September 2025 quarter.</li><li>Despite earnings downgrades, Vista Group (VGL) is now our preferred large-cap pick.</li></ul>

The September 2025 quarter was another busy period for New Zealand’s listed technology sector, with several companies releasing earnings and trading updates.VGL was the only large-cap NZ tech stock under coverage to report during the September 2025 quarter.Despite earnings downgrades, Vista Group (VGL) is now our preferred large-cap pick.

Forsyth Barr Technology Digest Edition 12—Payments To Take The Stage

<ul><li>September’s soft US box office data highlights the challenge of the film industry reaching VGL’s US$9.4bn estimate in FY25, with the +10% growth assumption now unlikely to be achieved given the current slate of upcoming films and the US economy.</li><li>VGL has called out a major contract that will be needed to meet FY25 expectations, and we have yet to receive notification of this signing.</li><li>We consider an announcement of the choice of a global payments supplier, or even a pilot programme, as imminent.</li></ul>

September’s soft US box office data highlights the challenge of the film industry reaching VGL’s US$9.4bn estimate in FY25, with the +10% growth assumption now unlikely to be achieved given the current slate of upcoming films and the US economy.VGL has called out a major contract that will be needed to meet FY25 expectations, and we have yet to receive notification of this signing.We consider an announcement of the choice of a global payments supplier, or even a pilot programme, as imminent.

Vista Group Box Office Data Fades as Payments Near Debut

<ul><li>Vista Group’s (VGL) 1H25 result was broadly in line with our expectations.</li><li>Revenue rose +11% to NZ$77m, underpinned by increased Vista Cloud adoption, stronger client GTV, and a modest FX tailwind.</li><li>VGL also provided a substantive update on embedded payments—confirming client validation work and a preferred unnamed global processor, with launch targeted for early FY26.</li></ul>

Vista Group’s (VGL) 1H25 result was broadly in line with our expectations.Revenue rose +11% to NZ$77m, underpinned by increased Vista Cloud adoption, stronger client GTV, and a modest FX tailwind.VGL also provided a substantive update on embedded payments—confirming client validation work and a preferred unnamed global processor, with launch targeted for early FY26.

Vista Group 1H25—Costs Recut, Payments In Production

<ul><li>Vista Group (VGL) will report its 1H25 result on 14 August 2025.</li><li>We see a growing tension between these goals, which will likely need to be addressed at some stage.</li><li>Channel check feedback suggests solid Vista Cloud demand, albeit we suspect VGL's onboarding capability is restraining conversion.</li></ul>

Vista Group (VGL) will report its 1H25 result on 14 August 2025.We see a growing tension between these goals, which will likely need to be addressed at some stage.Channel check feedback suggests solid Vista Cloud demand, albeit we suspect VGL's onboarding capability is restraining conversion.

Vista Group 1H25 Preview Could Payments Shift The Plot?

<ul><li>We lift our Vista Group (VGL) rating to OUTPERFORM, expecting a significant uplift in EBITDA by FY30 due to the introduction of payments.</li><li>The integration of payment solutions is anticipated to capture a share of payment fees across Vista's global enterprise cinemas, potentially delivering a +13% uplift to projected group EBITDA.</li><li>Key watch points include timing and partner structure announcement, attainable net take rates, and the pace of exhibitor adoption over the next six months.</li></ul>

We lift our Vista Group (VGL) rating to OUTPERFORM, expecting a significant uplift in EBITDA by FY30 due to the introduction of payments.The integration of payment solutions is anticipated to capture a share of payment fees across Vista's global enterprise cinemas, potentially delivering a +13% uplift to projected group EBITDA.Key watch points include timing and partner structure announcement, attainable net take rates, and the pace of exhibitor adoption over the next six months.

Vista Group Payments to Premiere—Up to OUTPERFORM

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)

Forsyth Barr Technology Digest Edition 12—Payments To Take The Stage

The September 2025 quarter was another busy period for New Zealand’s listed technology sector, with several companies releasing earnings and...

Forsyth Barr

Vista Group Box Office Data Fades as Payments Near Debut

VGL has called out a major contract that will be needed to meet FY25 expectations, and we have yet to receive notification of this signing.

Forsyth Barr

Vista Group 1H25—Costs Recut, Payments In Production

VGL also provided a substantive update on embedded payments—confirming client validation work and a preferred unnamed global processor, with launch...

Forsyth Barr

Vista Group 1H25 Preview Could Payments Shift The Plot?

Vista Group (VGL) will report its 1H25 result on 14 August 2025. We see a growing tension between these goals, which will likely need to be...

Forsyth Barr

Vista Group Payments to Premiere—Up to OUTPERFORM

We lift our Vista Group (VGL) rating to OUTPERFORM, expecting a significant uplift in EBITDA by FY30 due to the introduction of payments.

Forsyth Barr

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