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 (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