Vista Group International (VGL) H1 2026 earnings summary

Executive summary

• Contracted Enterprise Market Share increased from 46% to 48%, driven by marquee client wins and cloud migrations, including Cinemex, Cinépolis Mexico, Cineworld, and Cineplexx.

• SaaS revenue surged 38% to $43.5m, now representing more than half of total revenue and supporting recurring revenue growth.

• Total revenue for 1H26 rose 12% year-over-year to $86.3m, with EBITDA up 24% to $12.4m, demonstrating operating leverage.

• Upgraded FY26 revenue guidance to $179m–$184m, reflecting strong execution, favorable macro conditions, and robust operational momentum.

• Vista Payments and AI initiatives are delivering benefits, reinforcing platform value and margin expansion.

Financial highlights

• SaaS revenue up 38% to $43.5m; total revenue up 12% to $86.3m; recurring revenue up 14% to $80.1m; ARR increased 17% to $170.1m.

• EBITDA increased 24% to $12.4m, with margin (FX adjusted) up 1.9pts to 13.8%.

• Cinema segment SaaS revenue up 45% year-over-year; total cinema revenue up 15%.

• Film segment SaaS revenue up 9%, recurring revenue up 3%; Powster revenue weighted to second half.

• Operating cash flow of $9.2m, up 25% after adjusting for prior period one-off; free cash flow was -$6.8m due to accelerated investment.

Outlook and guidance

• FY26 revenue guidance upgraded to $179m–$184m (from $176m–$182m); EBITDA margin guidance at 18–20%.

• Free Cash Flow expected to be neutral in 2H26 and FY27, returning to positive in 2028.

• FY30 aspirations reaffirmed: ARR $315m+, EBITDA margin 33–37%, and underlying FCF $75m.

• Guidance assumes stable macro conditions, no major accounting changes, and no significant M&A.