Historical setup
What HY25 said to watch
From Vista Group EBITDA jumps 38.9% as cloud demand outruns delivery capacity
No formal FY25 guidance is supplied. However, the supplied second-half shape context shows HY24 contributed only 46.4% of FY24 revenue and 33.3% of FY24 EBITDA, so the business is structurally second-half-weighted. Annualising HY25 revenue gives roughly NZ$154m, but a similar H2 weighting would imply meaningfully more — directionally consistent with management's reference to upgraded long-term aspirations and accelerating delivery to meet demand.
What the release does support: continued revenue and margin expansion into H2, and a credible path to a full-year FCF positive print. What it does not support: a quantified FY25 EBITDA margin target, a delivery-capacity timeline, or a clear date for sustained NPAT positivity. The gap matters because the equity story now hinges on H2 follow-through after the H1 margin expansion.