Vista Group International (VGL) H2 2025 earnings summary

Executive summary

• Achieved all-time record revenue of $164.3m for FY2025, up 10% year-over-year, driven by strong client demand, SaaS growth, and accelerated onboarding to Vista Cloud, with 35% of enterprise client sites now live.

• SaaS revenue grew 25% to $69.7m, recurring revenue up 9% to $147.2m, and ARR increased 12% to $163.0m as of December 31, 2025.

• EBITDA rose 31% to $28.2m, with margin expanding to 17.2%; profit after tax returned to positive at $2.6m, reflecting improved operational efficiency.

• Operating cash flow surged 65% to $27.8m, with strong client collections and improved cash conversion.

• Vista Payments launched, with four pilot clients signed and initial transactions processed in early 2026.

Financial highlights

• Total revenue reached $164.3m, up 10% year-over-year; recurring revenue was $147.2m (+9%), SaaS revenue $69.7m (+25%), and ARR $163.0m (+12%).

• EBITDA margin improved to 17.2% from 14.4% in 2024.

• Profit after tax was $2.6m, a significant turnaround from a $0.6m loss in 2024.

• Operating cash flow was $27.8m, up 65% year-over-year.

• Year-end net cash position of $0.7m, with banking facilities extended to $62.0m until 2029.

Outlook and guidance

• FY2026 revenue guidance is $176m–$182m, representing 7–11% growth (10–13% on constant currency).

• EBITDA margin expected to rise to 18–20% in 2026.

• 2030 exit rate aspirations unchanged: ARR of $315m+, EBITDA margin 33–37%, and underlying FCF of ~$75m.

• Guidance assumes stable macroeconomic conditions and no major adverse events or structural changes.