Vista Group lifts 2026 revenue guidance as market share climbs to 48%
Vista Group International (NZX & ASX: VGL) released its half year results for the six months ending 30 June 2026, upgrading full-year revenue guidance and expanding its market share on the back of accelerating cloud adoption.
The company raised its 2026 revenue guidance to $179m–184m (from $176m–182m) and lifted its Contracted Enterprise Market Share from 46% to 48%. The result reflects a completed reporting period in which Vista delivered double-digit revenue growth and improved operating leverage.
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1H26 financial performance shows accelerating momentum
Vista Group recorded another strong half, with growth concentrated in its recurring and subscription revenue streams. Total revenue rose 12% year-on-year, while the standout metric was SaaS Revenue climbing 38%, reflecting the ongoing transition of clients to the cloud.
The shift toward recurring income continued to reshape the revenue base. Recurring Revenue reached $80.1m, representing the majority of total revenue.
| Metric | 1H26 | Change vs 1H25 |
|---|---|---|
| Total Revenue | $86.3m | Up 12% |
| Recurring Revenue | $80.1m | Up 14% |
| SaaS Revenue | $43.5m | Up 38% |
| ARR | $170.1m | Up 17% (vs 30 June 2025) |
| EBITDA | $12.4m | Up 24% |
| EBITDA margin (FX-adjusted) | 13.8% | Up 1.9pts (from 11.9%) |
Market share expands as major cinema chains commit to Vista Cloud
The 2% gain in Contracted Enterprise Market Share was driven by the return of Cinemex’s 312 sites from a competing solution.
The Cinemex five-year deal, which spans 289 sites and more than 2,800 screens across Mexico, was structured with an initial on-premises deployment alongside Vista Cloud’s Data Empowerment capability and a defined pathway toward full Operational Excellence.
Several major exhibitors committed to Vista Cloud during the half, reinforcing demand for the platform:
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Cinépolis Mexico — 504 sites (Vista Cloud)
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Cineworld UK — 88 sites
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Cineplexx Europe — 59 sites
According to the company, Cinépolis Mexico’s 504-site commitment substantially de-risks achievement of the FY26 Operational Excellence target, a key marker in Vista’s cloud roadmap.
Understanding Vista’s cloud transition
Vista Group provides software to cinema exhibitors, covering cinema management, loyalty and moviegoer engagement, film distribution, and box office reporting. The company is transitioning clients from its “Vista Classic” software to the subscription-based Vista Cloud Platform.
A central metric for investors is ARR (Annualised Recurring Revenue), a non-GAAP measure calculated as trailing three-month Recurring Revenue multiplied by four.
Cloud adoption continued to build across the client base. At period end, 37% of sites were contracted to Operational Excellence, the final Vista Cloud capability marking the completion of an exhibitor’s cloud journey, while 44% were contracted to the broader Vista Cloud Platform.
An emerging growth lever is Vista Payments, now estimated to have more than $2m of contracted ARR, with 11 clients holding sites live at 30 June 2026.
Management commentary
Vista Group noted that the results continue to reflect its ability to execute its strategy at scale, with key metrics expanding and capital actively deployed to support its cloud transition growth strategy.
Industry tailwinds support the outlook
The broader sector backdrop reinforced Vista’s growth during the half, with box office and admissions both trending higher:
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Domestic box office up 15% year-on-year in 1H26, with FY26 industry forecasts approaching US$10b
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Domestic admissions growth of approximately 12% year-on-year
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Investment returning to the sector through premiumisation initiatives, capital raises and strategic M&A activity
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Six franchise tentpoles scheduled for the second half, whose prior instalments earned a combined US$3.1b at the Domestic Box Office
Upgraded guidance and outlook for FY26
Vista Group raised its full-year revenue guidance to $179m–184m, up from the previous range of $176m–182m. The company attributed the upgrade to strong first-half performance combined with favourable macro conditions, including foreign exchange.
Management confirmed the FY26 EBITDA margin remains on track at 18%–20%, while Free Cash Flow is expected to be neutral in 2H26, supporting continued balance sheet discipline.
The guidance is based on a number of assumptions, including box office performance, foreign exchange, and the timing of key client signings and transitions. It also assumes no material adverse macro-economic or market condition impacts, no major accounting adjustments, and no future acquisitions or divestments.
For investors, the combination of a guidance upgrade, expanding market share, and improving margins positions Vista as a scaling global software provider to the cinema industry, with a revenue base increasingly weighted toward predictable recurring income.
Investors exploring the long-term revenue trajectory behind the current guidance upgrade can find our full explainer on Vista Group’s $315M ARR target, which maps the 2030 exit rate aspirations including EBITDA margin expansion to 33-37% and underlying free cash flow of approximately $75 million.
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