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) expects c.NZ$12m of EBITDA from its end-2030 Payments annual recurring revenue (ARR) aspiration, supporting our positive view of the opportunity.</li><li>At the NZX Tech Day 2026, management gave an EBITDA aspiration implying a c.80% margin, marginally ahead of our 75% estimate, clarifying the earnings potential of Payments.</li><li>Our NZ$18.6m FY30 Payments revenue forecast already exceeds management’s aspiration.</li></ul>

Vista Group (VGL) expects c.NZ$12m of EBITDA from its end-2030 Payments annual recurring revenue (ARR) aspiration, supporting our positive view of the opportunity.At the NZX Tech Day 2026, management gave an EBITDA aspiration implying a c.80% margin, marginally ahead of our 75% estimate, clarifying the earnings potential of Payments.Our NZ$18.6m FY30 Payments revenue forecast already exceeds management’s aspiration.

Vista Group International

Vista Group Payments Gets Firmer Billing