New Zealand Professional Investment Services Firm

Forsyth Barr

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.

New Zealand Professional Investment Services Firm, Forsyth Barr

Equity Bottom-Up

Vista Group International / Equity Bottom-Up

<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