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>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