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) 1H26 results were broadly in line with our expectations, albeit with a modest +1.4% (or +NZ$2.5m) upgrade to FY26 revenue guidance at the midpoint to NZ$179m to NZ$184m (FB estimate NZ$179.2m).</li><li>FY26 EBITDA margin guidance for 18%–20% remained unchanged (FB estimate 18.7%) and management maintained its ~2.0k sites live target for Vista Digital/Cloud by the end of FY26.</li><li>VGL achieved estimated contracted Payments ARR of >NZ$2.0m as 30 June 2026, relative to our NZ$1.5m net revenue forecast for FY26.</li></ul>

Vista Group’s (VGL) 1H26 results were broadly in line with our expectations, albeit with a modest +1.4% (or +NZ$2.5m) upgrade to FY26 revenue guidance at the midpoint to NZ$179m to NZ$184m (FB estimate NZ$179.2m).FY26 EBITDA margin guidance for 18%–20% remained unchanged (FB estimate 18.7%) and management maintained its ~2.0k sites live target for Vista Digital/Cloud by the end of FY26.VGL achieved estimated contracted Payments ARR of >NZ$2.0m as 30 June 2026, relative to our NZ$1.5m net revenue forecast for FY26.

Vista Group (VGL) 1H26 Initial Impressions – Solid but Broadly in Line