Fitch affirms Vista Global B+ rating as revenues, EBITDAR grow

Vista Global Holding Limited, the parent of VistaJet and XO, increased gross revenues by 8.5% and EBITDAR by 6.2% in 2023, according to the latest report from Fitch Ratings. It forecasts continued gains this year.

The ratings agency says Vista Global’s top line increased from $2.39 billion in 2022 to $2.59 billion last year.

Gross revenue is forecast to hit $2.82 billion in 2024.

Since 2021, Vista Global has expanded its top line by 76.5%, according to the Fitch data.

“The share of contracted Program (jet card) revenues increased to about 46% in 2023 from 39% in 2022, and we forecast it to reach 57% in 2027, driven by the company’s partial shift away from ad hoc business. We anticipate a broadly stable operating cash flow of USD 330 million to USD 430 million per year, mainly supported by revenue from use-it-or-lose-it three-year (on average) Program contracts,” Fitch writes.

VistaJet’s Program members can typically roll over 20% of unused hours in a calendar…