This report does not constitute a rating action. Slower revenue growth: New business expansion in the Americas and a solid Asia-Pacific presence should support Vistra's recurring revenue growth over the next 12 months. Overall growth should slow as economic uncertainties compel clients to reduce spending or internalize more discretionary services. Increased competition and limited product differentiation may hinder price increases. We project topline growth of 3%-4% for 2026-2027, down from 6% in 2025. Cost optimization: Disciplined control of staff expenses and offshoring to lower-cost locations will help reduce costs. Partially offsetting the gains will be an expanding sales force and marketing efforts. EBITDA margins will likely expand to about 30% in 2026-2027 from 28.5% in 2025. Mild leverage improvement: We
